Analysts' and Investors' Conference Call August 10, 2011

1. Klöckner & Co SEKlöckner & Co SE
A Leading Multi Metal Distributor
Q2 2011 resultsGisbert Rühl
CEO/CFO Analysts’ and Investors’ Conference CallCEO/CFO
August 10, 2011

2. Ein- bis zweizeiliger Folientitel00 Disclaimer
This presentation contains forward-looking statements which reflect the current views of the management of
Klöckner & Co SE with respect to future events. They generally are designated by the words “expect”, “assume”,
“presume”, “intend”, “estimate”, “strive for”, “aim for”, “plan”, “will”, “strive”, “outlook” and comparable expressions
and generally contain information that relates to expectations or goals for economic conditions, sales proceeds or
other yardsticks for the success of the enterprise. Forward-looking statements are based on currently valid plans,
estimates and expectations. You therefore should view them with caution. Such statements are subject to risks and
factors of uncertainty, most of which are difficult to assess and which generally are outside of the control of Klöckner
& Co SE. The relevant factors include the effects of significant strategic and operational initiatives, including the
acquisition or disposition of companies. If these or other risks and factors of uncertainty occur or if the assumptions
on which the statements are based turn out to be incorrect, the actual results of Klöckner & Co SE can deviate
significantly from those that are expressed or implied in these statements. Klöckner & Co SE cannot give any
guarantee that the expectations or goals will be attained. Klöckner & Co SE – notwithstanding existing obligations
under laws pertaining to capital markets – rejects any responsibility for updating the forward-looking statements
through taking into consideration new information or future events or other things.
In addition to the key data prepared in accordance with International Financial Reporting Standards, Klöckner & Co
SE is presenting non-GAAP key data such as EBITDA, EBIT, Net Working Capital and net financial liabilities that are
not a component of the accounting regulations. These key data are to be viewed as supplementary to, but not as a
substitute for data prepared in accordance with International Financial Reporting Standards Non-GAAP key datasubstitute for data prepared in accordance with International Financial Reporting Standards. Non-GAAP key data
are not subject to IFRS or any other generally applicable accounting regulations. Other companies may base these
concepts upon other definitions.
2

3. Agenda
01 Recent developments, financials and performance Q2 2011
02 Market environment
03 Outlook
04 Appendix04 Appendix
3

4. 01 Highlights Q2
• Challenging quarter due to unexpectedly strong price pressure in all markets leading to an
EBITDA f €62 (3 3% i ) ti l i t d b ff f €10 (3 8% dj t dEBITDA of €62m (3.3% margin), negatively impacted by one offs of €10m (3.8% adjusted
margin)
• Sales volumes increased organically less than typical seasonally due to prebuying effect in• Sales volumes increased organically less than typical seasonally due to prebuying effect in
Q1 rolling over and a cautious stance of customers in Q2
• Consolidation of Macsteel and Frefer completed• Consolidation of Macsteel and Frefer completed
• Integration of Macsteel and Namasco in the US progressing, synergies higher than initially
expectedexpected
• Principle agreement to terminate the earn-out for Macsteel will lead to reduced purchase
price by USD60m and earlier realization of synergy effectsprice by USD60m and earlier realization of synergy effects
• Capital increase with net proceeds of €517m provides strong backing for
Klöckner & Co 2020
4

5. 01 Steel imports caused pressure in all markets
• Orders to the US were placed during Q1 when the spread
US imports of steel products (in kto/ month)US
3,500
Orders to the US were placed during Q1 when the spread
between domestic and import prices justified it and
domestic prices were still rising
• Imports rose by 26% in Q2 to an average of 2.4m 1,500
2,000
2,500
3,000
to/month compared to 1.9m to/ month in Q1
• HRC price dropped by USD220 per st since peak
• Fewer imports in the coming months expected due to
0
500
1,000
Jul Nov Mar July Nov Mar Jul Nov Mar Jul Nov Mar Jul
lower domestic prices and uncertain economic
environment
EU imports of steel products (in kto/ month)
Europe
07 07 08 08 08 09 09 09 10 10 10 11 11
3,500
• Flat steel import licenses increased by 67% in H1
vs. last year to an average of 1.8m to/ month
reaching the peak in May 2,000
2,500
3,000
g p y
• HRC dropped by €75 per ton since peak
• Eurometal expects imports into EU to grow by
26% in 2011
500
1,000
1,500
5
Source: US Census bureau, Eurostat/ Eurometal
0
Jul
07
Nov
07
Mar
08
July
08
Nov
08
Mar
09
Jul
09
Nov
09
Mar
10
Jul
10
Nov
10
Mar
11
Jul
11

6. 01 Margin squeeze through pricing environment in Q2
H1 comparison of procurement prices, inventory values and selling prices
1 000
1,100
900
1,000
19.4% Gross margin*
11.7% Gross margin*
800
700
Jan Feb Mar Apr May Jun
Procurement prices in €/ to Inventory value in €/ to Selling prices in €/ to
• Inventory values per ton still increased during the quarter whereas selling prices already leveled off and procurement
prices softened
6
* Figures not comparable due to adjustments for Frefer & Macsteel, inventory allowances and mix effects

7. 01 Steel cycles get shorter and more pronounced
HRC price development
150
HRC price changes since 2005
50
100
perton
-50
0
ChangeinUSD
-150
-100
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
C
Q1
05
Q2
05
Q3
05
Q4
05
Q1
06
Q2
06
Q3
06
Q4
06
Q1
07
Q2
07
Q3
07
Q4
07
Q1
08
Q2
08
Q3
08
Q4
08
Q1
09
Q2
09
Q3
09
Q4
09
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
• Price volatility increasing due to switch to monthly contract prices, persisting overcapacity and overall lower
inventories compared to pre-crisis levels
• Raw material cost inflation and change to quarterly or even spot basis
• Customers’ price sensitivity increased even pronouncing price cycles due to opportunistic buying behavior with
negative impact on stockholding distribution
7
Source: SBB

8. 01 Klöckner & Co´s exposure to steel prices still too high
• Strategy to further reduce steel price related earnings volatility proves to be right but takes some time
• Acquisition of BSS, Macsteel and Frefer being important steps towards more balanced and less commoditizedq g p p
business
• Negative impact could not yet be absorbed by value added services with strong margins also during Q2
C it l M k t D
700
800
€/to €m
400,0
500,0
400
Capital Market Day
2010
400
500
600
100,0
200,0
300,0300
200
100
100
200
300
-200,0
-100,0
0,00
-100
-200100
Q1
05
Q2
05
Q3
05
Q4
05
Q1
06
Q2
06
Q3
06
Q4
06
Q1
07
Q2
07
Q3
07
Q4
07
Q1
08
Q2
08
Q3
08
Q4
08
Q1
09
Q2
09
Q3
09
Q4
09
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
200,0
Flat Products / HRC / N.Europe domestic €/ to Scrap / Shredded / Rotterdam export FOB €/ to EBITDA €m
Comment: EBITDA normalized for one-offs from asset disposals, VAOs, stock provisions and cartel fine France
8
Source: SBB, Company figures

9. 01 Key financials Q2 2011
SalesSales volumes
€1,885m+33.1%
1 448 Tt
+21.8%
1,763 Tto
€1,416m
Q2 2011Q2 2010
1,448 Tto
Q2 2010 Q2 2011
EBITDAGross profit
-38.3%
+1.8%
€100m
€62m
Q2 2011Q2 2010
€331m
€337m
Q2 2011Q2 2010
9

10. 01 Sales volumes and sales
Sales (€m)Sales volumes (Tto) ( )( )
1,885
1 033
1,180
1,448
1,368 1,318
1,498
1,763
934 873
1,049
1,416 1,401
1,332
1,587
1,033 966
873
+21.8% +33.1%
+17.7% +18.8%
Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011
10

11. Ein- bis zweizeiliger Folientitel01 Gross profit and EBITDA
Gross profit (€m)/ Gross-margin EBITDA (€m)/ EBITDA-margin( ) g
0
2
4
6
8
10
12
( ) g
22.3% 22.6% 22.5%
23.4%
21.0%
20 6%
22.3% 9.5%
7 1%
6.6%
Reihe1
6 6%
0
20.6%
17.9%
1.2%
2.8%
7.1%
4.3% 3.6% 3.3%
1 3
6.6%
83
100
104
331
294
275
353
337
29
61
48
62208 198
236
11
29
Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011
• Margins decreased due to increasing inventory
values while sales prices were declining during Q2
• EBITDA negatively impacted by €10m one-offs,
whereof €15m write downs on inventories
Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011
11

12. Ein- bis zweizeiliger Folientitel01 Net income and earnings per share
EPS basic (€)*Net income (€m) ( )( )
47
44 0.69
0 65
12
15 17
44
0.56
0.21
0.25
0.65
12
2
5
Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011
0.02
0.07
Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011
* adjusted for capital increase
-23
-0.42
12

13. Ein- bis zweizeiliger Folientitel01 Cash flow predominantly impacted by acquisitions and capital increase
Development of net financial debt in Q2 (€m)Cash flow reconciliation in Q2 (€m)
Capex Other**
( )( )
Q1 Q262
EBITDA Change in
NWC
Taxes Other
CF from
operating
activities Capex
Free
CFAcquisitions*
Capital
increase
Acquisitions*
Assumed
Debt
CF from
operating
activities
Dividends
-227 -600
-137
-591
-20
-444
-10
-188
9
-137
-10
517
-43-444
-20
** exchange rate effects, interest -236
* net of cash acquired / capital increase in Frefer
13

14. Ein- bis zweizeiliger Folientitel01 Segment performance Q2 2011
1.162
1.084 1 029
1.164 1.192
Volumes (Tto) Sales (€m) EBITDA (€m)
1 1801 169
1.2901.365
143
784 730
909
1.029
Europe
775 730
858
1.1801.1691.104
25
93
60
45
81
50+2.6% +15.7%
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011** * * * * ** *
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
4
25
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
Volumes (Tto) Sales (€m) EBITDA (€m)
as
571
520
America
249 236
271 286 284 289
334
159 143
191
236 232 228
297
10
3
9
13
5 7
30
23
+99.6%/ +14.4%** +120.4%/ +23.5%**
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
* Consolidation of BSS as of March 1, 2010
14
** Without acquisitions in 2011

15. 01 Integration of Macsteel Service Centers USA progressing
Key facts Macsteel
• Consolidation as of May 1, 2011
• Sales volume contribution in Q2: 223kTo
Klöckner
North America Macsteel
Combined
North America
Geographic reach 32 30 62• Sales volume contribution in Q2: 223kTo
• Sales contribution in Q2: €211m
• EBITDA contribution in Q2: €8m (w/o PPA €10m)
• Principle agreement to terminate the earn-out for Macsteel
ill l d t d d h i b USD60 d li
Geographic reach
(North America)
32
locations
30
locations
62
locations
Market position
(North America)
#10 #8
#3 in multi
metal, #2 in
carbon steelwill lead to reduced purchase price by USD60m and earlier
realization of synergy effects
carbon steel
SSC business
expansion
—
Product mix Plate and long
Fl t d t
ImprovedUpdate on integration status
• Continues to be a positive and great fit
• Synergy potential higher than initially expected
• Fields of synergies are marketing and sales, national key
accounts, products and facilities, purchasing, personnel,
Product mix
improvement
Plate and long
focused
Flat products
Improved
sales mix
Combined locations
Update on integration status
, p , p g, p ,
cross utilization of assets and logistics
• Integrated entities will be rebranded to Klöckner
• Management team in place
Macsteel Map
Legend
Headquarters
General Line
Service Center
Flat Rolled
Processing Center
Namasco Map Legend
Macsteel Map
Legend
Headquarters
General Line
Service Center
Flat Rolled
Processing Center
Namasco Map Legend
Plate Processing
Plate Processing Service
Center
p g
Plate Processing
Plate Processing Service
Center
p g
15
Plate Processing
Service Center
Plate Processing and
Fabrication Service
Center
Hawaii
Puerto RicoMexico
Plate Processing
Service Center
Plate Processing and
Fabrication Service
Center
Hawaii
Puerto RicoMexico

16. 01 Frefer faced with market in a transition period
Key facts Frefer
• Consolidation as of June 1, 2011
• Sales volume contribution in Q2: 9kTo
Frefer: 14 locations in Brazil
• Sales volume contribution in Q2: 9kTo
• Sales contribution in Q2: €7m
• EBITDA contribution in Q2: €-0.6m (w/o PPA €-0.9m)
• Entry into long steel market in Brazil with preferred supplier
d id ti t b d d t tf li
Market environment in Q2
under consideration to broaden product portfolio
• Difficult situation due to price pressure coming from importsDifficult situation due to price pressure coming from imports
and overstocking, but mid- to longterm perspectives remain
promising
• Stock ratios steadily decreasing being currently at 3.4 months
of supply pointing to a turnaround
Headquarters
Branches
of supply pointing to a turnaround
• Longterm prospects of the market being rather incrementally
positive
Flat steel imports (kt)
350
400
450
500
50
100
150
200
250
300
350
16
Source: SECEX, Alice Web, Barclays Capital
0
May
08
Jul
08
Sep
08
Nov
08
Jan
09
Mar
09
May
09
Jul
09
Sep
09
Nov
09
Jan
10
Mar
10
May
10
Jul
10
Sep
10
Nov
10
Jan
11
Mar
11
May
11
Jul
11

17. 01 Balance sheet as of June 30, 2011
Q2 2011 (in €m) Strong balance sheet ratios
• Net debt €600m
• Gearing* at 36%
• Equity ratio at 37%
* Gearing = Net debt/Equity attributable to shareholders of
Klöckner & Co SE less goodwill from business1 268
€4,936m
Non-current
457*Frefer 74
MSCUSA 383
Klöckner & Co SE less goodwill from business
combinations subsequent to May 28, 2010
1,268
1,393
1,849
assets
Inventories
Equity
332*
Impact of MSCUSA & Frefer consolidation
(as of June 30, 2011):
Frefer 45
MSCUSA 104
Frefer 20
MSCUSA 312
1,393
1,943
Inventories
Non-current
liabilities
149*
164*
( , )
• Non-current assets include intangible assets (customer
relations, trade name) of €171.2m and goodwill of
€147.5m as well as property, plant and equipment of
Frefer 12
MSCUSA 152
1,142
98 / 23*
Trade receivables
Other
current assets
liabilities
C t
148*
37*
Frefer 2
MSCUSA 21
Frefer 18
MSCUSA 130
€112.5m
• Net working capital contribution of €383.8m
• Transaction volume €680.2m
• D&A for the Group will increase in 2011 by ~€30m (inclFrefer 33
1,035
1,144
Liquidity
Current
liabilities
*Thereof MSCUSA and Frefer proportion
• D&A for the Group will increase in 2011 by ~€30m (incl.
PPA) and thereafter annual run rate ~€40m
MSCUSA 4
17
p p

18. 01 NWC / sales remains constantly below 20%
Sales/ NWC as percentage of sales
30%30%
2,500 30%
25%25%
20%
2,000 22%
20%
21%
23% 23%
22%
21% 21%
24%
25%
23%
20% 19% 19% 19% 19% 19%
25%
20%*
15%
15%
20%
1,500
18%
9% %
15%
18%
10%
10%
1,000
500
5%
10%
500
0%
5%
0%
5%
0
1,394
1,398
1,550
1,650
1,583
1,492
1,660
1,922
1,773
1,394
1,095
959
934
873
1,049
1,416
1,401
1,332
1,587
1,885
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
0%
5%
0%
* adjusted for MSCUSA and Frefer
2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011
Sales in €m NWC as % of sales (4x quarterly sales)
18
adjusted for MSCUSA and Frefer

19. 01 Further diversification and improvement of financial position in Q2
€m Drawn amount
Facility Committed Q2 2011* FY 2010* €m
Q2
2011
Bilateral Facilities1) 580 250 73
Other Bonds 40 41 0
ABS 560 221 88
Equity 1,849
Net debt 600
Gearing4) 36%
Syndicated Loan 500 226 226
Promissory Note2) 343 345 147
Total Senior Debt 2,023 1,083 534
C tibl 20073) 325 314 306
Maturity profile of committed facilities and drawn
amounts (€m)Convertible 20073) 325 314 306
Convertible 20093) 98 81 81
Convertible 20103) 186 157 151
Total Debt 2 632 1 635 1 072
amounts (€m)
517
676
753
682
Total Debt 2,632 1,635 1,072
Cash 1,035 935
Net Debt 600 137
244
442
517
51
378
179
398
*Including interest
1) Including finance lease; volume increased in connection with the acquisition
of Macsteel
2) New promissory notes issued in Q2 2011 (€198m)
3) Drawn amount excludes equity component
4) Net debt/Equity attributable to shareholders of Klöckner & Co SE less
goodwill from business combinations subsequent to May 28 2010
Credit limits
Drawn amounts
51
2011 2012 2013 2014 Thereafter
goodwill from business combinations subsequent to May 28, 2010 Drawn amounts
19

20. Agenda
01 Recent developments, financials and performance Q2 2011
02 Market environment
03 Outlook
04 Appendix04 Appendix
20

21. 02 Global economies losing pace after strong recovery
• All major indicators across the globe declined
during the quarter, downside risks have increased
PMIs
70
again
• US economy on hold while waiting for the outcome
of the governmental budgetary cuts, factory
Expansion
60
65
70
production is slowing, growth rates and
expectations being reduced
• Northern Europe slowly recovering further whereas
Southern Europe still struggling given the lack of
50
55
Southern Europe still struggling given the lack of
export oriented industries and ongoing weakness
in construction
• China adjusting growth to higher single digit
40
45
China adjusting growth to higher single digit
percentage points p.a. in order to avoid
overheating of the economy
• Although government has limited loans in order to
Contraction
30
35
Jul Mar Nov Jul Mar Nov Jul Mar Nov Julg g
avoid inflation, Brazilian economy is still growing
robustly
Jul
05
Mar
06
Nov
06
Jul
07
Mar
08
Nov
08
Jul
09
Mar
10
Nov
10
Jul
11
North America Europe Brazil China
21

22. 02 Construction
• US construction spending in non residential
US
800 000
Construction in Europe and the US
expected to remain subdued for the remainder of the
year
• Infrastructure spending dependent on budgetary
Eurozonecons
500,000
600,000
700,000
800,000
endingsUS
100
110
cuts, but anyhow so far steel exposure limited
• Residential construction seems to have bottomed
but steel intensity is limited
structionindex
100,000
200,000
300,000
400,000
Constructionspe
90
• Early indicators like USA Architectural Billings Index
point to a recovery in 2012 at the earliest
Europe
0
Jan
02
Jul
02
Jan
03
Jul
03
Jan
04
Jul
04
Jan
05
Jul
05
Jan
06
Jul
06
Jan
07
Jul
07
Jan
08
Jul
08
Jan
09
Jul
09
Jan
10
Jul
10
Jan
11
US Residential construction per month in mUSD US Non-Residential construction per month in mUSD
80
Eurozone construction spending Index
• Construction output is recovering in Germany and
the Baltic Sea area, stabilizing in France and
ff i f th i S th E
Europe
suffering further in Southern Europe
22

23. 02 Automotive, machinery and mechanical engineering
• Automotive sales in the US are still robust with H1
US and EU domestic car sales
(in thousand units/quarter)
US
being 12.8% above last year, but loosing momentum
with June only being 3.0% above last year
• US automotive production that had been affected by
4,000
4,500
parts shortages from Japan and seasonal model
year change will return to more normal levels
• Machinery production in the US, esp. heavy,
i lt l d i i i t h b b t
3,000
3,500
agricultural and mining equipment has been robust
but the growth rate is slowing; industrial plant
manufacturing has been improving
2,000
2,500
Q1
07
Q2
07
Q3
07
Q4
07
Q1
08
Q2
08
Q3
08
Q4
08
Q1
09
Q2
09
Q3
09
Q4
09
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
Europe
• European car sales are expected to stay on high level
although wreckage premiums caused base effect
EU sales US sales
• Machinery in Europe still robust but losing momentum
due to spill-over effects for exports fading out
23
Source: Bloomberg

24. Agenda
01 Recent developments, financials and performance Q2 2011
02 Market environment
03 Outlook
04 Appendix04 Appendix
24

25. 03 Preparing for slower recovery and recession scenario
• We prepare for two scenarios
• Slower growth
Organic volume development
Reaction to
Slower growth
• Recession
• Focus will be clearly cost cutting
Volumes
-27 %
Capacities with
Wave 1+2 -15 %
current market
expectations
• Main areas are
• Overhead costs
• Network structure
2008 2009 2010* 2011 * 2012 *
Network structure
• Product portfolio
• Low margin business segments
2008 2009 2010* 2011e* 2012e*
• Review of initiatives requiring
pre-investments
25

26. 03 Outlook
• Q3 2011
• Volumes to be seasonally lighter on organic basis• Volumes to be seasonally lighter on organic basis
• EBITDA expected seasonally below Q2 level
• Prices to stabilize during Q3 with upside potential after summer depending on supply balance
and further macro economic trends
• Full year 2011 guidance
• >25% volume and sales growth resulting from acquisitions expected with precondition that world• >25% volume and sales growth resulting from acquisitions expected with precondition that world
economies not entering into a recession
• Midterm EBITDA margin target of 6% not realistic to be achieved already in 2011
26

27. Agenda
01 Recent developments, financials and performance Q2 201101 Recent developments, financials and performance Q2 2011
Outlook0202 Market environment
03 Outlook
04 Appendix04 Appendix
27

28. 04 Appendix
Financial calendar 2011/2012
November 9, 2011 Q3 interim report 2011
March 7, 2012 Annual Financial Statements 2011
May 9, 2012 Q1 interim report 2012
May 25, 2012 Annual General Meeting 2012
August 8, 2012 Q2 interim report 2012
November 7 2012 Q3 interim report 2012
Contact details Investor Relations
November 7, 2012 Q3 interim report 2012
Contact details Investor Relations
Dr. Thilo Theilen, Head of Investor Relations & Corporate Communications
Phone: +49 203 307 2050
Fax: +49 203 307 5025
E-mail: thilo.theilen@kloeckner.de
Internet: www.kloeckner.de
28

29. 04 Quarterly results and FY results 2006-2011
(€m)
Q2
2011
Q1
2011
Q4
2010
Q3
2010
Q2
2010
Q1
2010
Q4
2009
Q3
2009
Q2
2009
Q1
2009
FY
2010
FY
2009
FY
2008
FY
2007
FY
2006
Volumes (Tto) 1,763 1,498 1,318 1,368 1,448 1,180 966 1,033 1,053 1,068 5,314 4,119 5,974 6,478 6,127
Sales 1,885 1,587 1,332 1,401 1,416 1,049 873 934 959 1,095 5,198 3,860 6,750 6,274 5,532
Gross profit 337 353 275 294 331 236 198 208 161 78 1,136 645 1,366 1,221 1,208Gross profit 337 353 275 294 331 236 198 208 161 78 1,136 645 1,366 1,221 1,208
% margin 17.9 22.3 20.6 21.0 23.4 22.5 22.6 22.3 16.8 7.1 21.9 16.7 20.2 19.5 21.8
EBITDA 62 104 48 61 100 29 83 11 -31 -132 238 -68 601 371 395
% margin 3.3 6.6 3.6 4.3 7.1 2.8 9.5 1.2 -3.2 -12.0 4.6 -1.8 8.9 5.9 7.1g
EBIT 36 86 24 39 78 11 26 -7 -48 -149 152 -178 533 307 337
Financial result -21 -19 -19 -16 -17 -15 -16 -14 -15 -16 -67 -62 -70 -97 -64
Income before taxes 15 66 5 22 61 -4 9 -21 -63 -165 84 -240 463 210 273
Income taxes -9 -22 12 -7 -14 6 3 -2 16 38 -4 54 -79 -54 -39
Net income 5 44 17 15 47 2 12 -23 -47 -127 80 -186 384 156 235
Minority interests 0 1 1 1 1 1 3 0 1 -2 3 3 -14 23 28
Net income KlöCo 5 43 16 14 46 1 9 -23 -48 -126 77 -188 398 133 206
EPS basic (€) 0.07 0.65 0.25 0.21 0.69 0.02 0.56 -0.42 -1.04 -2.70 1.17 -3.61 8.56 2.87 4.44
EPS diluted (€) 0.07 0.60 0.25 0.21 0.69 0.02 0.56 -0.42 -0.85 -2.43 1.17 -3.61 8.11 2.87 4.44
29
* 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).

30. 04 Strong Growth: 24 acquisitions since the IPO, 2 in 2011
Acquisitions1) Acquired sales1),2)Country Acquired 1) Company Sales (FY)2)
€1.15bnBrazil May 2011 Frefer €150m
USA April 2011 Macsteel €1bn
€712m
GER Mar 2010 Becker Stahl-Service €600m
CH Jan 2010 Bläsi €32m
USA Dec 2010 Lake Steel €50m
USA Sep 2010 Angeles Welding €30m
2011 2 acquisitions so far €1,150m
€567m
2010 4 acquisitions €712m
US Mar 2008 Temtco €226m
UK Jan 2008 Multitubes €5m
2008 2 acquisitions €231m
CH S 2007 L h & T i €9CH Sep 2007 Lehner & Tonossi €9m
UK Sep 2007 Interpipe €14m
US Sep 2007 ScanSteel €7m
BG Aug 2007 Metalsnab €36m
UK Jun 2007 Westok €26m
€141m
12 €231m
US May 2007 Premier Steel €23m
GER Apr 2007 Zweygart €11m
GER Apr 2007 Max Carl €15m
GER Apr 2007 Edelstahlservice €17m
US Apr 2007 Primary Steel €360m
€108m
2
4
2
4
US Apr 2007 Primary Steel €360m
NL Apr 2007 Teuling €14m
F Jan 2007 Tournier €35m
2007 12 acquisitions €567m
2006 4 acquisitions €108m
2
30
¹ Date of announcement 2 Sales in the year prior to acquisitions
2005 2006 2007 2008 2009 2010 2011

31. 04 Balance sheet as of June 30, 2011
(€m) June 30,
2011
Dec. 31,
2010
Comments
Non-current assets 1,268 856
Inventories 1,393 899
Shareholders’ equity:
• Stable at 37% despite NWC
increase benefitting from capital
Trade receivables 1,142 703
Cash & Cash equivalents 1,035 935
Other assets 98 98
increase, benefitting from capital
increase
Financial debt:
Total assets 4,936 3,491
Equity 1,849 1,290
Total non-current liabilities 1,943 1,361
• Gearing at 36%
• Net debt position due to acquisitions
increased business
thereof financial liabilities 1,519 1,021
Total current liabilities 1,144 840
thereof trade payables 102 585
NWC:
• Swing mainly driven by acquisitions
and also due to increased businessp y
Total equity and liabilities 4,936 3,491
Net working capital 1,713 1,017
Net financial debt 600 137
31
Net financial debt 600 137

32. 04 Statement of cash flow Q2
Comments
(€m) Q2 2011 Q2 2010
• NWC changes due to
increased business and
acquisitions
Operating CF 64 99
Changes in net working capital -188 -170
Others -13 14 acquisitions
• €444m were cash outflows
for MSCUSA and Frefer
Others -13 14
Cash flow from operating activities -137 -57
Inflow from disposals of fixed assets/others 0 1
Outflow for acquisitions -444 0Outflow for acquisitions 444 0
Outflow for investments in fixed assets/others -10 -6
Cash flow from investing activities -454 -5
Capital increase 517 0p
Changes in financial liabilities 430 196
Dividends -20 0
Net interest payments -21 -16p y
Repayments of financial liabilities in connection with
business combinations
-196 0
Cash flow from financing activities 710 180
32
Total cash flow 118 118

33. 04 Segment performance Q2 2011
(€m) Europe Americas*
HQ/
Consol. Total
Comments
Volume (Ttons)
Q2 2011 1,192 571 - 1,763
Q2 2010 1,162 286 - 1,448
• Excl. MSCUSA, Frefer and Lake
Steel volume increase in Americas
Δ % 2.6 99.6 21.8
Sales
Q2 2011 1 365 520 - 1 885
was 14.4% and sales increase was
23.5% yoy
• Without acquisitions total volume
increased by 4.9% and total salesQ2 2011 1,365 520 1,885
Q2 2010 1,180 236 - 1,416
Δ % 15.7 120.4 33.1
EBITDA
y
by 17.0% yoy
EBITDA
Q2 2011 50 23 -11 62
% margin 3.6 4.4 3.3
Q2 2010 93 13 -6 100
% margin 7.9 5.4 7.1
Δ % EBITDA -46.6 81.7 -38.3
33
* in 2010 North America

34. 04 Current shareholder structure
Geographical breakdown of identified institutional investors
Comments
• Identified institutional investors account for 50%
• German investors incl. retail dominate
• Top 10 shareholdings represent around 26%
• Retail shareholders represent 20%
34

35. 04 Our Symbol
the ears
attentive to customer needs
the eyes
looking forward to new developmentsattentive to customer needs looking forward to new developments
the nose
sniffing out opportunitiessniffing out opportunities
to improve performance
the ball
symbolic of our role to fetch
and carry for our customers
the legsthe legs
always moving fast to keep up with
the demands of the customers
35