September 23, 2009Credit Suisse Global Steel and Mining Conference in London

Klöckner & Co SE

The

Leading

Independent Multi Metal Distributor

Gisbert Rühl, CFO

2

Disclaimer

This presentation contains forward-looking statements. These statements use words like “believes”, “assumes”, “expects” or similar formulations. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of our company and those either expressed or implied by these statements. These factors include, among other things:

Downturns in the business cycle of the industries in which we compete;

Increases in the prices of our raw materials, especially if we are unable to pass these costs along to customers;

Fluctuation in international currency exchange rates as well as changes in the general economic climate

and other factors identified in this presentation.

In view of these uncertainties, we caution you not to place undue reliance on these forward-looking statements. We assume no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

This presentation is not an offer for sale or a solicitation of an offer to purchase any securities of Klöckner & Co SE or any of its affiliates ("Klöckner & Co").

Securities of Klöckner & Co, including, but not limited to, rights, shares and bonds, may not be offered or sold in the United States or to or for the account or benefit of U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act")) unless registered under the Securities Act or pursuant to an exemption from such registration.

3

Agenda

1. Business Overview

2. Financials

Appendix

4

Distributor in the sweet spot

Local customersGlobal suppliers

Suppliers Sourcing Products and services

Logistics/

Distribution Customers

Global Sourcing in competitive sizesStrategic partnershipsFrame contractsLeverage one supplier against the otherNo speculative trading

One-stop-shop with wide product range of high-quality productsValue added processing services Quality assurance

Efficient inventory managementLocal presenceTailor-made logistics including on-time delivery within 24 hours

~185,000 customersNo customer with more than 1% of salesAverage order size of €2,000Wide range of industries and marketsService more important than price

Purchase volume p.a. of >5 million tonsDiversified set of worldwide approx. 70 suppliers

Klöckner & Co’s value chain

5

Investment considerations

Successful cost base realignment and liquidity management with proven

cash flow generation ability

In the downturn, decisive actions have been taken to bring down costs and working capitalContinued benefits from cost savings also post recovery expectedSelected disposals to generate cash and optimise the portfolioStrong cash generation in downturn of the commodity cycle has been proven

Well positioned to benefit from sector stabilization and growth opportunities

Improving sector outlookMarket share gains driven by market / customer segmentation, product portfolio management and tailored pricing strategyRights issue positions Klöckner & Co for resumption of growth Financial flexibility will allow for continuation of successful M&A track record

Market-leading independent distributor

Largest producer-independent distributor in European and North American markets combinedBroad, diversified customer and supplier baseCutting edge warehouse network

1

2

3

6

Klöckner & Co: From crisis to growth

Acquisition

strategy

Strengthen capital base via rights

issue

Crisis management Managing growth

Organic growth

in market share

Cost cutting

NWC-/Debt-Reduction

Safeguardfinancing

+

Waves 1 and 2

Wave 3

Efficiency programongoing improvement ( )

( )

7

October 08 Summer 09

Wave 1

Wave 2

Approx. half of targeted €100m net savings in 2009 (incl. STAR) already realized¹ Company estimates

€100m net savings targeted in 2009, thereof €35-40m fixed costs¹

1,500 headcount reduction targeted (15% of total workforce) and almost fully achieved²

Safeguard liquidity / net working capital management: net working capital decreased from €1.7bn (Q3/2008) to €779m (Q2/2009)Safeguard financing: €300m syndicated loan and €505m ABS facilities now without performance covenants

Capex cut < €25m, so far €9.9m as of Q2/2009

Acquisitions suspended

Cost cutting: Cost oriented programs implemented1

March 09

Wave 3

² As of July 30, 2009

8

Efficiency program: Ongoing improvement

SalesSourcing Warehousing / Distribution

Centralization of sourcing functionSupplier concentrationThird country sourcing

Warehouse network optimization (incl. site closure)Concentration of stock in single locationsOptimization of internal and external logistics

Customer segmentation by size and tradeProfitability oriented pricing and service offeringReigniting dormant accounts

Product Portfolio / Service Offering

Product portfolio optimization (profitability / capital requirements)Increasing share of value added services

Sharing of products within GroupEliminating slow/no movers

Processes / IT Systems (Enabler)

Standardizing processesIntroduction of standardized SAP suit and data model (article codes, inventory management, etc.)

Shared servicesActivity based costing (ProDacapo)

1

9

Cost cutting: Structural

improvements will be maintained

Sales

NWC as % of sales

100

100

Volume

Net cost

base

European sourcing and distribution optimization expected to lead to sustained lower inventories

Initiated fixed cost savings expected to be maintained

1

Sustainable improvements increase competitiveness in next upturn

10

High cash flow generation in a downturn market1

1 Source: Datastream ² 1999 to 2005 unaudited pro-forma figures, cash flow adjusted for M&A activity

FCF (€m²)

46620165

211

69 112 80147 126 86

147 158

-111999 2000 2001 2002 2003 2004 2005 2006 2007 2008 H1 2008 H2 2008 H1 2009

151 220 150 156 140349

197395 371

600321 279

-163

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 H1 2008 H2 2008 H1 2009Year

HRC Western Europe prices $/ton¹

Sales (€bn²)

EBITDA (€m²)

4.55.3

4.2 4.0 3.8

4.85.0

5.56.3

3.5 3.2

2.1

6.7

0

200

400

600

800

1,000

1,200

1,400

11

Demand through the trough, prices are improving

Prices for carbon and stainless steel products are picking up in the US and Europe

Distribution stocking levels at record lows in the US and in Europe, with demand stabilizing

Utilization rates in the US and Europe are increasing due to a stronger apparent demand

Steel inventories in the US at all time lows and back to H1 2008 levels in terms of months of sales

Source: SBB

Steel prices are recovering

Source: Metals Service Center Institute

6,000

7,000

8,000

9,000

10,000

11,000

Jan-

08

Feb-

08

Apr-

08

Jun-

08

Aug-

08

Sep-

08

Nov

-08

Jan-

09

Mar

-09

May

-09

Jul-0

9

US

stee

l shi

pmen

ts /

inve

ntor

ies

(tons

)1.5

2.0

2.5

3.0

3.5

4.0

Mon

ths

of s

hipm

ents

MonthsInventories

2

200

300

400

500

600

700

800

900

1,000

1,100

1,200

Jan-

06Ap

r-06

Jul-0

6O

ct-0

6Ja

n-07

Apr-

07Ju

l-07

Oct

-07

Jan-

08Ap

r-08

Jul-0

8O

ct-0

8Ja

n-09

Apr-

09Au

g-09

Stee

l pric

e (€

/t)

250

350

450

550

650

750

850

950

1,050

1,150

1,250

Oct

-08

Nov

-08

Jan-

09Ap

r-09

Jun-

09Au

g-09

Steel price (€/t)

Beams–USHRC–EuropeHRC–US Medium sections–Europe

12

Macro data seem to follow expectations2

Source: ISM, Markit

Index

US and European manufacturing survey rebounding

80

85

90

95

100

105

110

115

Aug 00Aug 01Aug 02Aug 03Aug 04Aug 05Aug 06Aug 07Aug 08Aug 09

US IP European area IPIndex

Production showing first signs of recovery

Manufacturing survey recovering to pre crisis levels in the US and Europe

Industrial Production still depressed but through the trough

Source: Global Insight

30

35

40

45

50

55

60

65

Aug 00

Feb 01

Aug 01

Feb 02

Aug 02

Feb 03

Aug 03

Feb 04

Aug 04

Feb 05

Aug 05

Feb 06

Aug 06

Feb 07

Aug 07

Feb 08

Aug 08

Feb 09

Aug 09

US PMI European area PMIIndex

88

89

90

91

92

93

94

Mrz 09

Mai 09

Jul 09

Mar 09

May 09

Jul 0

9

13

Organic growth: Driving market share

Summer 09

Wave 3

Pro-active market initiatives to leverage improved competitive position

Market / customer segmentation- Focus on under-penetrated regions / customer segments

- Leverage existing product / service offering and competitive strength

- Increase share of wallet with current accounts

- Improve / adjust sales force management and incentivation

Product portfolio management- Improve product mix by expanding higher margin business

- Drive value added services

Pricing strategy- Adjust pricing to segment / product approach

2

Wave 2Wave 1

14

Rights issue strengthens capital base for future growth2

Financial structure

Bank debt Securitized debt

Capital markets debt

AcquisitionsNWC

43%

26%

¹ Gearing calculated as net debt to equity ² Due within 1 year as of June 30, 2009

31%

€325mConvertible Bond 2007

€400mBilateral Facilities

€505mABS

€300mSyndicated

Loan

€98m Convertible Bond 2009

Capital base for future growth

€190mRightsIssue

€938mEquity

pre Rights Issue

€190mRightsIssue

€98m Convertible Bond 2009

Recently

issuedcapital

forfuture

growth

€m H1 2009 Rights Issue Pro forma LTM EBITDA 116 116

Equity 938 190 1,128

Net debt 118 -190 -72

Net debt/LTM EBITDA 1.02x -0.62x

Gearing¹ 12.6% -6.4%

€1,128m €288m

15

Successful acquisition-led growth track record 2

€141m

€567m

€231m

€108m

Acquisitions1 Acquired sales1,2

€5mMultitubesJan 2008€226mTemtcoMar 2008

€9mLehner & TonossiSep 2007€231m2 acquisitions2008

€14mInterpipeSep 2007€7mScanSteelSep 2007

€36mMetalsnabAug 2007

€108m4 acquisitions 2006€567m12 acquisitions2007

€35mTournierJan 2007€14mTeulingApr 2007

€360mPrimary SteelApr 2007€17mEdelstahlservice Apr 2007€15mMax CarlApr 2007€11mZweygartApr 2007€23mPremier SteelMay 2007€26mWestokJun 2007

Sales (FY)²Acquired¹ CompanyCountry

¹ As of announcement ² Figures refer to the latest fiscal years, prior to the acquisitions of the companies

2

4

12

2

2005 2006 2007 2008

16

Achieve profitable growth

Strengthen purchasing power vs. suppliers for core group products

Strengthen country specific market positions

Expand footprint outside construction industry

Focus on geographical core markets in EU, NA and EEC to leverage existing network

Western Europe

NAFTA

Steel ProducerSteel Distributor

Steel DistributorTop 6 -20

Top 5

65%17%

18%Others

Top 5

31%

69%

Steel ProducerOthers

Top 5

39%

61%

OthersOthersTop 6 -20

Top 5

18%

32%50%

Klöckner & Co: Acquisition strategy2

Source: Company data, Eurometal, broker research

Consolidation among steel producers is well ahead of highly fragmented distribution sector M&A strategy

Profitability above group average

Strong synergy potential in purchasing, admin and warehousing with low integration risk

EV/EBITDA multiple between 4x and 6x EBITDA

EPS-accretive from year one

Target selection criteria

Track record of 18 successful acquisitions since IPO shows ability to integrate companies and extract synergies

17

Leading producer-independent multi-metal distributor3

Source: Public information Note: Average exchange rate $/€ 2008: 0.6831 Includes complete Steel Solutions and Services 2 Mill-tied distributors

Largest independent multi-metal distributor

Independence provides:- Sourcing flexibility- Ability to obtain steel at market prices, even in tight

markets- Better ability to react to changes in supply and

demand, as products are sourced from a variety of suppliers

- Mill-tied distributors competing against customers of the mills

2008 European competitive landscape

2008 North American competitive landscape

Europe: ~3,000 market participants

Source: Purchasing Magazine (April 2009), global joint book-runners estimates, based on turnover

North America: ~1,200 market participants

Sales 2008A in €bn

Mill-tied distributors

Rank Company Mkt. Share

1 Reliance Steel 5.7%

2 Ryerson Inc 3.5%

3 McJunkin Red Man 3.4%

4 Samuel, Son & Co. 2.1% … 11 Klöckner-Namasco 1.2%

12 Steel Technologies 1.0%

…

Top 15 combined 29.6%

15.8

10.4

6.7 6.03.6 2.9

0

4

8

12

16

AM3S TKM Klöckner& Co

RelianceSteel

Ryerson McJunkinRedman

1,2 2

Mill-tied distributors¹

Other independent distributors²

62%38%

Source: Eurometal (2009), public information, based on turnover in tons 1 Top 3 mill-tied distributors ArcelorMittal / ThyssenKrupp / Corus ² Klöckner & Co is largest independent distributor

Other independent

distributors

Top 15

29.6%

62.3%

8.1%

18

Broad geographic business

Klöckner & Co has an excellent platform to lead further consolidation in Europe and the Americas

3

LocationShaded countries denote Klöckner & Co presence Source: Company information

1 As of June 30, 2009

USA

UK

NL

B

F

G

CH

E

A

CZ

PL

BU

LT

LV

EST

RO

Country headquarters

H

Germany, Austria 24 LocationsFrance, Belgium 77 LocationsSwitzerland 27 LocationsSpain 45 LocationsUnited Kingdom 27 LocationsNetherlands 5 LocationsEastern Europe 13 LocationsUSA 30 LocationsTotal¹

248 Locations

19

Characteristics of Klöckner & Co vs. steel producers

Steel producers

Cash generation through the cycle

Barriers to entryHigh customer loyalty with customers focused on service and supply security

Low start-up costs and regional competition only

High start-up costs of new facilities

Supra-regional competition

Capex requirements Low expansion and maintenance capex High step-function capex costs for growth required

High portion of fixed assets

Stability of demand and cycle leverage

Close proximity to end-users in a large number of different end-markets

Limited inventory held by customers translates into early cycle recovery

Return to normalized distribution margins post inventory re-valuation / limited impact of price level

Typically facing a number of large customers and an associated lump exposure to end-markets

More volatile demand due to restocking and destocking of distributor and end-consumer chain

Break-even steel price determined by raw materials prices

Significant cash release from NWC in a downcyclereduces net debt significantly

Strong track record of positive operational cash flow through the cycle

Fixed cost base more flexible

Higher operating leverage to steel price swings from conversion business

High fixed cost base

Klöckner & Co

3

20

Broad product portfolio*…

Customers active in a large number of different end-markets

Customer base also active in repair / maintenance and niche markets

Long-term relationships translate into high customer loyalty

Diversified end-markets served with a broad product

range

Klöckner & Co serves diversified end-markets*… … reducing impact of regional fluctuations

… provides one-stop shop convenience

Construction industry

Industrial machinery and equipment

On-sellers

Appliances/durable goods manufacturers

Automotive

Other

42%

24%

10%

7%

6%11%

Other

32%

31%10%

12%

9%

Steel-flat

Steel-long

Tubes

Quality/stainless steel

Aluminium6%

Broad product portfolio and specialist sales force create one-stop shopping convenience

Larger size of Klöckner & Co vs peers allows to carry more specialist products attracting attached orders for standard grades in a bundled order

Diversified service offering

3

* Based on sales 2008 w/o KVT and Canada

21

Mainly small and medium sized steel consumers

Average order size currently approx. €1,000, in an improved market environment up to €2,000

No customer accounting for more than 1% of revenues

Customers want to maintain low inventories

Typical customer has limited price sensitivity

Main focus of customer is on availability and fast order fulfillment

Loyal repeat customers who value the one-stop shopping concept of Klöckner & Co

Just-in-time delivery from 248 locations caters to local demand

Efficient order handling backed by standardized processes in IT systems

Centralized purchasing to achieve buying power vs. steel producers

Approximately 185,000 active customers

Klöckner & Co value proposition… … targeted to its diversified customer base

Diversified geographic revenue base

Netherlands23%

21%

13%9%

8%6%

19%Germany/Austria

France/Belgium UK

Spain

Switzerland

Sales 2008 w/o KVT and Canada

USAEastern Europe (1%)

3

22

Volume development expected to remain subdued in H2 2009

Higher prices in Q3 2009 but increasing capacity utilization could be a risk

Strict cost cutting measures on track, headcount reduction nearly completed

H2 2009 results expected to be clearly better than H1 2009 but offset of H1 2009 losses not achievable

Market oriented action plan initiated to step ahead

Outlook 2009

Homework done, now looking ahead!

23

Agenda

1. Business Overview

2. Financials

Appendix

24

Selected income statement data

Years ended December 31 Six months ended June 30 (€m) 2006 2007 2008 2008 H1 2009 H1 Sales 5,532 6,274 6,750 3,582 2,054

Volume (Ttons) 6,127 6,478 5,974 3,475 2,121

Other operating income 94 97 371 21 25

Change in inventory 1 0 4 11 -3 -11

Cost of materials -4,325 -5,058 -5,394 -2,777 -1,804

Personnel expenses -478 -509 -546 -264 -228

Other operating expenses -428 -438 -592 -238 -199

Income from investments 0 1 0 0 0

EBITDA 395 371 600 321 -163

Depreciation, amortisation and impairments -58 -64 -67 -31 -34

EBIT 337 307 533 290 -197

Financial result -64 -97 -70 -33 -31

Income before taxes 273 210 463 257 -228

Income taxes -38 -54 -79 -79 53

Net income2 235 156 384 178 -175

1 Change in inventory represents the difference in amount of work in progress and finished goods at period end compared to the beginning of the period, adjusted for currency effects. Most of our inventory consists of merchandise, changes of which are not reflected in this item, but included in cost of materials

2 Gross of minority interests

25

Organic volume development in North America -37.7%

Includes acquisition-related sales of €8m for Q2/2009 in North America

Comments

Segment performance Q2 2009

(€m) Europe North America

HQ/Consol. Total

Volume

(Ttons)Q2 2009 815 238 - 1,053Q2 2008 1,223 532 - 1,755

Δ

% -33.3 -55.1 - -39.9Sales

Q2 2009 798 161 - 959Q2 2008 1,523 399 - 1,922

Δ

% -47.6 -59.7 - -50.1EBITDA

Q2 2009 3 -25 -8 -31% margin 0.3 -15.8 - -3.2

Q2 2008 150 67 -5 212% margin 9.9 16.7 - 11.0

Δ

% EBITDA -98.3 -138.2 - -114.6

26

690571

322

118

Q3/2008 Q4/2008 Q1/2009 Q2/2009

1.71.4

1.00.8

Q3/2008 Q4/2008 Q1/2009 Q2/2009

Weak operating cash flow in H1 2009 offset by release of working capital

Strong cash flow generation led to fall in net debt to €118m end of June 2009

2006 2007 2008 2008 H1 2009 H1

Operating CF 354 328 386 317 -170

Changes in net working capital -195 -105 -87 -274 639

Others -28 -114 -112 -40 -1

Cash flow from operating activities 132 109 187 3 468

Inflow from disposals of fixed assets/ others

102 38 388 8 6

Outflow from investm ents in fixed assets/ others

-92 -417 -316 -282 -8

Cash flow from investing activities 10 -378 72 -274 -2

Proceeds from capital increase 98 62 0 0 26

Changes in financial liabilities -136 357 -46 296 -149

Net interest paym ents -46 -78 -38 -16 -22

Cash flow from financing activities¹ -90 295 -123 242 -145

Total cash flow 52 25 136 -29 321

Cash flow statement over time (€m)

1 Includes dividend payments

Working capital over time

-18%-29%

€bn

-22%

Net debt over time

-17%

-44%

€m

-63%

27

€43m

€227m

€72m

€325m

€26m

€351m

2009 2010 2011 2012 2013 2014

ABS Syndicated loan Convertible 2007¹ Convertible 2009¹ Drawn amount Facility Committed FY 2008 H1 2009

Bilateral Facilities 400 65 66

ABS 505 213 69

Syndicated Loan 300 298 227

Total Senior Debt 1,205 576 362

Convertible 2007¹ 325 280 289

Convertible 2009¹ 98 0 72

Finance leases 11 12 11

Total Debt 1,639 867 733

Cash 297 616

Total Net debt 571 118

Net debt and liquidity overview

Current maturity profile of drawn amountsOverview of net indebtedness (€m)

Additional flexibility through renegotiated covenants, which are now free of performance measures

1 Drawn amount excludes equity component

28

Agenda

1. Business Overview

2. Financials

Appendix

29

Contact details Investor Relations

Dr. Thilo Theilen, Head of IR

Phone: +49 203 307 2050

Fax: +49 203 307 5025

E-mail: thilo.theilen@kloeckner.de

Internet: www.kloeckner.de

Financial calendar 2009

October 5+6: Capital Market Days

November 13: Q3 Interim Report

Financial calendar 2009 and contact details

30

(€m) Q2 2009

Q1 2009

Q4 2008

Q3

2008

Q22008

Q12008

FY2008

FY2007

FY2006

FY2005*

Volume (Ttons) 1,053 1,068 1,151 1,348 1,755 1,720 5,974 6,478 6,127 5,868Sales 959 1,095 1,394 1.773 1,922 1,660 6,750 6,274 5,532 4,964Gross profit 161 78 173 390 462 340 1,366 1,221 1,208 987% margin 16.8 7.1 12.4 22.0 24.0 20.5 20.2 19.5 21.8 19.9EBITDA -31 -132 -134 413 212 109 600 371 395 197% margin -3.2 -12.0 -9.6 23.3 11.0 6.6 8.9 5.9 7.1 4.0EBIT -48 -149 -152 395 197 93 533 307 337 135Financial result -15 -16 -18 -18 -17 -17 -70 -97 -64 -54Income before taxes -63 -165 -171 378 180 76 463 210 273 81

Income taxes 16 38 29 -30 -55 -24 -79 -54 -39 -29Minority interests -1 -2 -15 -4 3 -2 -14 23 28 16Net income -48 -126 -126 351 122 51 398 133 206 36EPS basic (€) -1.04 -2.70 -2.72 7.56 2.63 1.09 8.56 2.87 4.44 -EPS diluted (€) -0.85 -2.43 -2.44 7.01 2.48 1.06 8.11 2.87 4.44 -

Quarterly results and FY results 2005-2009

* Pro-forma consolidated figures for FY 2005, without release of negative goodwill of €139 million and without transaction costs of €39 million, without restructuring expenses of €17 million (incurred Q4) and without activity disposal of €1.9 million (incurred Q4).

31

Factors impacting EBITDA Q2 2009

Impact Amount (€m) Comments

Windfall losses* -40 to -60

Declining prices affected almost all productsEffect difficult to quantify due to strong dynamics and very limited purchases

Volume losses* -100 to -120 Impact of poor economic environment

Special expense effects* 40 to 50Mainly driven by price related releases of inventory devaluation reserves at quarter end

Acquisitions / divestitures -16 Mainly affected by divestiture of KVT and Canada

One-offs 1 Sale of property in France

Exchange rate effects -2

* Company estimates

32

* Net debt / equity

€1,128m

min €500m

max 150%

Q21

Minimum Equity Covenants Maximum Gearing*

Existing

covenants

on Syndicated

Loan

and European ABS

Non performance related covenants leaves us with lots of headroom

Q21:

1 Pro-forma figures after rights issue

Equity ratio currently at 38% Gearing currently at -6.4%

€0 0%

33

Selected balance sheet data

Years ended December 31 Six months ended June 30 (€m) 2006 2007 2008¹ 2008 H1 2009 H1 Non-current assets 579 735 812 794 775 Intangible assets 32 198 236 227 222 Property, plant, equipment 501 482 479 473 465 Current assets 1,972 2,231 2,272 2,826 1,983 Inventories 841 956 1,001 1,199 604 Trade receivables 933 930 799 1,236 591 Cash and cash equivalent² 130 154 297 124 616 Total assets 2,552 2,966 3,084 3,620 2,759 Non-current liabilities 744 1,152 1,177 1,377 1,108 Provision for pensions and similar obligations 193 188 180 183 183 Other provisions (including deferred tax liabilities) 126 142 124 142 259 Financial liabilities 416 813 813 1,043 626 Current liabilities 1,009 969 826 1,380 713 Other provisions (including deferred tax liabilities) 186 144 285 168 115 Financial liabilities 65 73 48 151 100 Other liabilities 89 92 82 102 74 Trade payables 639 610 392 858 417 Total liabilities 1,752 2,121 2,002 2,757 1,821 Equity (including minority interests) 799 845 1,081 863 938

¹ Comparative amounts for 2008 restated due to initial application of IFRIC 14² Cash and cash equivalents include cash, cash equivalents and marketable securities and, for the year ended December 31, 2008, EUR 3.1m in restricted cash and, for the six months ended June 30,

2009, EUR 0.7m in restricted cash. In 2007, EUR 3.5m of additional cash, and in the six months ended June 30, 2008, EUR 2.1m of additional cash as held in our Canadian subsidiary Namasco Limited (shown separately as assets held for sale). As of June 30, 2008, additional EUR 5.1m cash was held for sale in our Swiss subsidiary KVT

34

Cash flow statement

Years ended December 31 (€m) 2006 2007 2008¹ H1 2008¹ H1 2009 Net income 235 156 384 178 -174 Income taxes (benefit) 38 54 79 79 -54 Financial result 64 97 70 34 31 Depreciation and amortization 57 64 67 31 34 Other non-cash expenses and income -0 -3 63 -1 -4 Gain on disposal of subsidiaries and other non-current assets -40 -40 -277 -3 -4 Operating cash flow 354 328 386 317 -170 Changes in provisions 9 -46 -1 36 -26 Changes in other assets and liabilities

Inventories -160 -71 -6 -224 404 Trade receivables -134 29 143 -297 213 Other assets -1 -18 -43 -73 39 Trade payables 99 -64 -224 247 22 Other liabilities 10 -1 25 38 -24

Income taxes paid -46 -49 -93 -41 10 Cash flow from operating activities 132 109 187 3 468 Proceeds from the sale of non-current assets and assets held for sale 102 38 12 8 6 Proceeds from the disposal of consolidated subsidiaries 0 0 376 0 0 Payments for intangible assets, property, plant and equipment -48 -61 -48 -22 -10 Acquisition of subsidiaries -44 -356 -264 -260 0 Margin deposits for derivative transactions 0 0 -3 0 2 Cash flow from investing activities 10 -378 72 -274 -2 Capital increase 98 62 0 0 26 Dividends 0 -37 -37 -37 0 Minority interest -6 -10 -2 -1 0 Borrowings 222 1,270 425 346 114 Repayment of financial liabilities -358 -913 -471 -50 -263 Interest paid -50 -82 -45 -19 -26 Interest received 4 4 7 3 4 Cash flow from financing activities -90 295 -123 242 -145 Changes in cash and cash equivalents 52 25 136 -29 321

¹ Comparative amounts for 2008 restated due to initial application of IFRIC 14

35

Current shareholder structure

Source: Survey Thomson Financial (as of July 2009)

Identified institutional investors account for 64%

UK based investors dominate (Franklin remains Klöckner biggest investor with 8.91% of the total shares outstanding)

Top 10 shareholdings represent around 29%

Retail shareholders represent 28%

100% free float

CommentsGeographical breakdown of identified institutional investors

Germany27%

United Kingdom32%

US

16%

9%

Rest of Europe

4%Switzerland

France 11%1%

Rest of the World

36

Our symbol

the earsattentive to customer needs

the eyeslooking forward to new developments

the nosesniffing out opportunities to improve performance

the ballsymbolic of our role to fetch and carry for our customers

the legsalways moving fast to keep up with the demands of the customers