September 23, 2009 in London

1. September 23, 2009
Credit Suisse
Global Steel and Mining Conference in London
Klöckner & Co SE
The Leading Independent Multi Metal Distributor
Gisbert Rühl, CFO

2. 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. 3
Agenda
1. Business Overview
2. Financials
Appendix

4. 4
Distributor in the sweet spot
Local customersGlobal suppliers
Suppliers Sourcing
Products
and services
Logistics/
Distribution
Customers
Global Sourcing
in competitive
sizes
Strategic
partnerships
Frame contracts
Leverage one
supplier against
the other
No speculative
trading
One-stop-shop
with wide product
range of high-
quality products
Value added
processing
services
Quality assurance
Efficient inventory
management
Local presence
Tailor-made
logistics including
on-time delivery
within 24 hours
~185,000
customers
No customer with
more than 1% of
sales
Average order
size of €2,000
Wide range of
industries and
markets
Service more
important than
price
Purchase volume
p.a. of >5 million
tons
Diversified set of
worldwide approx.
70 suppliers
Klöckner & Co’s value chain

5. 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 capital
Continued benefits from cost savings also post recovery expected
Selected disposals to generate cash and optimise the portfolio
Strong cash generation in downturn of the commodity cycle has been proven
Well positioned to benefit
from sector stabilization
and growth opportunities
Improving sector outlook
Market share gains driven by market / customer segmentation, product
portfolio management and tailored pricing strategy
Rights 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 combined
Broad, diversified customer and supplier base
Cutting edge warehouse network
1
2
3

6. 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
Safeguard
financing
+
Waves 1 and 2
Wave 3
Efficiency program
ongoing improvement ( )
( )

7. 7
October 08 Summer 09
Wave 1
Wave 2
Approx. half of targeted €100m net savings in 2009 (incl. STAR) already realized
¹ 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. 8
Efficiency program: Ongoing improvement
SalesSourcing Warehousing / Distribution
Centralization of sourcing
function
Supplier concentration
Third country sourcing
Warehouse network
optimization (incl. site closure)
Concentration of stock in
single locations
Optimization of internal and
external logistics
Customer segmentation by
size and trade
Profitability oriented pricing
and service offering
Reigniting dormant accounts
Product Portfolio / Service Offering
Product portfolio optimization (profitability / capital
requirements)
Increasing share of value added services
Sharing of products within Group
Eliminating slow/no movers
Processes / IT Systems (Enabler)
Standardizing processes
Introduction of standardized SAP suit and data
model (article codes, inventory management, etc.)
Shared services
Activity based costing (ProDacapo)
1

9. 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. 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)
466201
65
211
69
112 80
147 126 86
147 158
-11
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 H1 2008 H2 2008 H1 2009
151 220 150 156 140
349
197
395 371
600
321 279
-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)
4.5
5.3
4.2 4.0 3.8
4.8
5.0
5.5
6.3
3.5
3.2
2.1
6.7
0
200
400
600
800
1,000
1,200
1,400

11. 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-09
USsteelshipments/inventories(tons)
1.5
2.0
2.5
3.0
3.5
4.0
Monthsofshipments
MonthsInventories
2
200
300
400
500
600
700
800
900
1,000
1,100
1,200
Jan-06
Apr-06
Jul-06
Oct-06
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Aug-09
Steelprice(€/t)
250
350
450
550
650
750
850
950
1,050
1,150
1,250
Oct-08
Nov-08
Jan-09
Apr-09
Jun-09
Aug-09
Steel price (€/t)
Beams–USHRC–EuropeHRC–US Medium sections–Europe

12. 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
00
Aug
01
Aug
02
Aug
03
Aug
04
Aug
05
Aug
06
Aug
07
Aug
08
Aug
09
US IP European area IP
Index
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
00Feb
01Aug
01Feb
02Aug
02Feb
03Aug
03Feb
04Aug
04Feb
05Aug
05Feb
06Aug
06Feb
07Aug
07Feb
08Aug
08Feb
09Aug
09
US PMI European area PMI
Index
88
89
90
91
92
93
94
Mrz09
Mai09
Jul09
M
ar09
M
ay
09
Jul09

13. 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 2
Wave 1

14. 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%
€325m
Convertible
Bond 2007
€400m
Bilateral
Facilities
€505m
ABS
€300m
Syndicated
Loan
€98m
Convertible
Bond 2009
Capital base for future growth
€190m
Rights
Issue
€938m
Equity
pre Rights Issue
€190m
Rights
Issue
€98m
Convertible
Bond 2009
Recently issued
capital for
future 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. 15
Successful acquisition-led growth track record2
€141m
€567m
€231m
€108m
Acquisitions1
Acquired sales1,2
€5mMultitubesJan 2008
€226mTemtcoMar 2008
€9mLehner & TonossiSep 2007
€231m2 acquisitions2008
€14mInterpipeSep 2007
€7mScanSteelSep 2007
€36mMetalsnabAug 2007
€108m4 acquisitions2006
€567m12 acquisitions2007
€35mTournierJan 2007
€14mTeulingApr 2007
€360mPrimary SteelApr 2007
€17mEdelstahlserviceApr 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. 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 Distributor
Top
6 -20
Top 5
65%17%
18%
Others
Top 5
31%
69%
Steel Producer
Others
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. 17
Leading producer-independent multi-metal distributor3
Source: Public information Note: Average exchange rate $/€ 2008: 0.683
1 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 6.0
3.6 2.9
0
4
8
12
16
AM3S TKM Klöckner
& Co
Reliance
Steel
Ryerson McJunkin
Redman
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. 18
Broad geographic business
Klöckner & Co has an excellent platform to lead further
consolidation in Europe and the Americas
3
Location
Shaded 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 Locations
France, Belgium 77 Locations
Switzerland 27 Locations
Spain 45 Locations
United Kingdom 27 Locations
Netherlands 5 Locations
Eastern Europe 13 Locations
USA 30 Locations
Total¹ 248 Locations

19. 19
Characteristics of Klöckner & Co vs. steel producers
Steel producers
Cash generation
through the cycle
Barriers to entry
High 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 downcycle
reduces 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. 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
Aluminium
6%
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. 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
Netherlands
23%
21%
13%
9%
8%
6%
19%
Germany/Austria
France/Belgium
UK
Spain
Switzerland
Sales 2008 w/o KVT and Canada
USA
Eastern Europe (1%)
3

22. 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. 23
Agenda
1. Business Overview
2. Financials
Appendix

24. 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. 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 - 1,053
Q2 2008 1,223 532 - 1,755
Δ % -33.3 -55.1 - -39.9
Sales
Q2 2009 798 161 - 959
Q2 2008 1,523 399 - 1,922
Δ % -47.6 -59.7 - -50.1
EBITDA
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. 26
690
571
322
118
Q3/2008 Q4/2008 Q1/2009 Q2/2009
1.7
1.4
1.0
0.8
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. 27
€43m
€227m
€72m
€325m
€26m
€351m
2009 2010 2011 2012 2013 2014
ABS Syndicated loan Convertible 2007¹ Convertible 2009¹Drawn 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. 28
Agenda
1. Business Overview
2. Financials
Appendix

29. 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. 30
(€m)
Q2
2009
Q1
2009
Q4
2008
Q3
2008
Q2
2008
Q1
2008
FY
2008
FY
2007
FY
2006
FY
2005*
Volume (Ttons) 1,053 1,068 1,151 1,348 1,755 1,720 5,974 6,478 6,127 5,868
Sales 959 1,095 1,394 1.773 1,922 1,660 6,750 6,274 5,532 4,964
Gross 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 19.9
EBITDA -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 4.0
EBIT -48 -149 -152 395 197 93 533 307 337 135
Financial result -15 -16 -18 -18 -17 -17 -70 -97 -64 -54
Income before
taxes
-63 -165 -171 378 180 76 463 210 273 81
Income taxes 16 38 29 -30 -55 -24 -79 -54 -39 -29
Minority interests -1 -2 -15 -4 3 -2 -14 23 28 16
Net income -48 -126 -126 351 122 51 398 133 206 36
EPS 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. 31
Factors impacting EBITDA Q2 2009
Impact Amount (€m) Comments
Windfall losses* -40 to -60
Declining prices affected almost
all products
Effect 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 50
Mainly 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. 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. 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 14
² 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. 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. 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
Germany
27%
United Kingdom
32%
US
16%
9%
Rest of
Europe
4%
Switzerland
France
11%
1%
Rest of the World

36. 36
Our symbol
the ears
attentive to customer needs
the eyes
looking forward to new developments
the nose
sniffing out opportunities
to improve performance
the ball
symbolic of our role to fetch
and carry for our customers
the legs
always moving fast to keep up with
the demands of the customers