- Klöckner & Co reported positive EBITDA of €11m for Q3 2009, its first quarter of profit since the beginning of the crisis, though volumes remained low. Gross margins increased from 16.8% in Q2 to 22.3% in Q3. - Cost cutting measures achieved almost the full €100m net cost savings target for 2009, with reductions in personnel, shipping, and other operating expenses. - Klöckner & Co strengthened its financial position through a €193m rights issue, converting its net debt position to a net cash position of €139m. - The acquisition of Becker Stahl-Service Group was announced, a leading multi-

1. November 13, 2009November 13, 2009
KlKlööckner & Co SEckner & Co SE
Gisbert RGisbert Rüühlhl
CEO/CFOCEO/CFO
A Leading Multi Metal Distributor
Q3 2009 Results
Analysts‘ and Investors‘ Conference Call
A Leading Multi Metal Distributor
Q3 2009 Results
Analysts‘ and Investors‘ Conference Call

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. Market
2. Crisis management and strategy update
Appendix
4. Outlook
3. Financials Q3 2009

4. 4
Results improving although volumes are still low, but through the trough
Highlights Q3 2009 and until today
First quarter since beginning of the crisis with positive EBITDA of €11m
Volumes on same levels as in Q1 and Q2
Gross margin increased from 16.8% in Q2 to 22.3% in Q3
Cost cutting ahead of plan with almost fully achieved €100m net cost savings target
for 2009
Successful placement of a rights issue with net proceeds of €193m
Net debt position converted into net cash position with €139m due to further release of
NWC and rights issue
Back on acquisition track to strengthen Klöckner & Co’s position in flat steel:
Becker Stahl-Service Group’s SSC with around €600m sales and constantly higher
EBITDA-margin than Group target
* Adjusted for inventory devaluations

5. 5
Prices in general improved during Q3 but came again under pressure in last weeks in EU/ NA
Chinese prices picked up after weakening in October
Producers ramped up idled capacities too fast
Steel inventories remaining on low levels especially in the US
Steel inventories in the US near all time lows and
back to H1 2008 levels in terms of months of sales
Source: SBB
Steel prices volatile
Source: Metals Service Center Institute
Prices after recovery again under pressure
5,500
6,500
7,500
8,500
9,500
10,500
11,500
12,500
13,500
Jan08
Mar08
May08
Jul08
Sep08
Nov08
Jan09
Mar09
May09
Jul09
Sep09
Inventories(Tto)
1.5
2.0
2.5
3.0
3.5
4.0
Monthsofshipments
Inventories Months
200
300
400
500
600
700
800
900
1,000
1,100
1,200
Jan06
Apr06
Jul06
Oct07
Jan07
Apr07
Jul07
Oct07
Jan08
Apr08
July08
Oct08
Jan09
Apr09
Jul09
Oct09
Steelprices(€/t)
HRC-Europe HRC-US
Medium sections-Europe Beams-US

6. 6
Agenda
1. Market
2. Crisis management and strategy update
Appendix
4. Outlook
3. Financials Q3 2009

7. 7
Effective crisis management
Crisis management Managing growth again
Cost cutting
NWC- / debt-reduction
Safeguard financing
Waves 1 and 2
Wave 3
Efficiency program Continuous improvement
Acquisition strategy
Organic growth
Growth capital
( )

8. 8
€35-40m fixed cost savings in 2009, annualized fixed cost savings of €50-60m
Cost cutting ahead of plan
€100m
net savings
target 2009
Personnel
50%
Shipping
20%
Operating
supplies/ tools
15%
Repair/
maintenance
10%
Other
5%
Reduction of >1,500 jobs or >15% of total workforce

9. 9
1.21
1.32
1.25
1.01
0.89
0.75 0.74
Q1/2008 Q2/2008 Q3/2008 Q4/2008 Q1/2009 Q2/2009 Q3/2009
-0.14
0.12
0.32
0.57
0.69
1.07
0.90
Q1/2008 Q2/2008 Q3/2008 Q4/2008 Q1/2009 Q2/2009 Q3/2009
Fast adaptation of NWC- / Net-debt to current situation
Destocking
Net debt Monthly shipment levels / NWC
€bn
Stock levels of KCO in million to
-44%
-113%
Jan
08Feb
08M
ar08Apr08M
ay
08Jun
08
Jul08Aug
08Sep
08O
ct08N
ov
08D
ec
08Jan
09Feb
09M
ar09Apr09M
ay
09Jun
09
Jul09Aug
09Sept09
Receivable days Payable days
Receivable / payable days
230
280
330
380
430
480
530
Oct
08
Nov
08
Dec
08
Jan
09
Feb
09
Mar
09
Apr
09
May
09
Jun
09
Jul
09
Aug
09
Sept
09
650
850
1050
1250
1450
1650
Turnover (Tto) NWC (T€)

10. 10
Financial structure
Bank debt
Securitized
debt
Capital markets
debt
AcquisitionsNWC
43%
26%
31%
€325m
Convertible
Bond 2007
€400m
Bilateral
Facilities
€505m
ABS
€300m
Syndicated
Loan
€98m
Convertible
Bond 2009
Funds for future growth
€193m
Rights
Issue
€912m
Equity
pre Rights Issue
>€600m
predominantly for
growth through
acquisitions incl.
expected outflow
for acquisition of
Becker Stahl-
Service Group
in 2010
€1,105m €616m
Strong financial power for growth through acquisitions
Equity
BSS

11. 11
After managing the crisis back on track with Wave 3
Crisis management Managing growth again
Cost cutting
NWC- / debt-reduction
Safeguard financing
Waves 1 and 2
Wave 3
Efficiency program Continuous improvement
Acquisition strategy
Organic growth
Growth capital
( )

12. 12
Acquisitions1
Acquired sales1,2
¹ As of announcement ² Figures refer to the latest fiscal years, prior to the acquisitions of the companies
3 Subject to due diligence and the approval by the antitrust authority
Successful acquisition-led growth re-established
€108m4 acquisitions2006
€567m12 acquisitions2007
€35mTournierJan 2007
€14mTeulingApr 2007
€360mPrimary SteelApr 2007
€17mEdelstahlserviceApr 2007
€15mMax CarlApr 2007
€11mZweygartApr 2007
€23mPremier SteelMay 2007
€26mWestokJun 2007
€36mMetalsnabAug 2007
€7mScanSteelSep 2007
€14mInterpipeSep 2007
€9mLehner & TonossiSep 2007
€231m2 acquisitions2008
€5mMultitubesJan 2008
€226mTemtcoMar 2008
~€600mBecker Stahl Service GroupEarly 20103
Sales (FY)2CompanyAcquired1Country
~€600m
€141m
€567m
€108m
2
4
12
2
2005 2006 2007 2008 2009 2010
1
€231m
Acquisitionstrategysuspended

13. 13
Overview Becker Stahl-Service Group (BSS)
OverviewFacility
BSS is the largest single site SSC in Europe
• Privately owned business
• ~€600 million sales in 2008/2009*
• Consistently higher EBITDA margin than Group target
• 460 employees
• Located in Bönen (Ruhr area)
BSS has a unique market position based on size and
flexibility
• Covers all applications up to 4 mm thickness supplying to
automotive OEM, Tier 1, white goods and other
manufacturing
• Cost leadership with significant scale advantage vs. all
EU SSC including mill tied locations
• Only SSC that has flexibility to deliver on short notice
almost all specifications
• Modern location with exceptional logistical concept –
recently completed expansion “Werk Nord” is most likely
the world leading SCC site
• BSS enjoys an excellent market reputation for flexibility,
reliability and quality
*preliminary figures business year ending in September subject to due diligence

14. 14
Recently completed expansion most modern site
Total property of 74.900 m2
Covered site area: 14.500 m2
Total invest of ~ €30 million
Cut to length and slitting line
Fully automatic coil storage and handling
Expansion > 4mm possible
More details on technical
capabilities
Automatic coil storage and handling

15. 15
#1 independent SSC in GER and #1 single site in EU
3.3%OKS (Stemcor)
5.6%Salzgitter(1)
8.2%ArcelorMittal SSC
11.5%Becker Stahl-Service (BSS)
31.7%Others
3.8%DM-Stahl(3)
4.7%Knauf Interfer(2)
5.4%Tata Corus
5.0%Stahlo / Starcon
6.8%EMW Eisen- und Metallwerke
14.0%ThyssenKrupp SSC
Market share of Top 10 SSC in Germany
(1) Hövelmann & Lueg
(2) Max Baumann Stahlservice, W. Patz, Delta Stahl
(3) Inkl. Bandstahl-Service Hagen
Source: Handbuch Stahl 2008 / 09
>100,000FranceJeumontThyssenKrupp SA
>100,000AustriaMauthausenAtlas-Blech-Center GmbH
>100,000GermanyGeraStarcon
>100,000GermanyMudersbachWalter Platz GmbH
>100,000SwitzerlandSennwaldKoenig Feinstahl AG
>100,000PolandPolskaVoestalpine, Polska
>100,000UKNewportThyssenKrupp SC UK
>100,000GermanyRadebeulThyssenKrupp Stahl-SC
>100,000SloveniaNakloMerkur
naUKNASS Group
naPolandPUDS Group
naItalyItalian Group
naSpainSpanish Group/Transid
>100,000GermanyFellbachStahl-Metall-Service GmbH
>100,000FranceFossesThyssenKrupp SA
>100,000GermanyStuttgartHerzog Coilex
>100,000GermanyMannheimThyssenKrupp Stahl-SC
>100,000GermanyLeverkusenThyssenKrupp Stahl-SC
>100,000GermanyBreyellThyssenKrupp Stahl-SC
>100,000GermanyBochumThyssenKrupp Stahl-SC
>100,000SpainLayde
>100,000FranceCorbellUnitol
>100,000NIMoerdijkNamascor
>100,000NLMaastrichtCorus Service Centre
>100,000GermanyNeussCorus Degels
>100,000GermanyGelsenkirchenCorus Gelsenkirchen
>250,000Czech Republ.KollnMi-King
>250,000SpainVictoriaROS CASARES
>250,000GermanyDillenburgStahlo
>250,000GermanySchwerteHoevelmann & Lueg GmbH
>250,000GermanyNeunkirchenEMW
50,000-500,000Italy, EEC7 Sites, split naCLN
>500,000NLValkenswaardMCB International BV
>500,000AustriaLinzVoestalpine, Linz
>1,000,000GermanyUnna-BönenBecker Stahl-Service
Gmbh
Production t/aLocationSiteCompany/Group

16. 16
Constant high profitability even in tough environment
Normalized EBITDA margin
Note: Becker Group closes on 30/09 every year. 2009e based on first nine month plus budget last three months.
Customers Split
Others
(White Goods,
Metal Goods, etc.)
Distributors
~60%
~20%
~20%
Automotive
Constant high EBITDA margin
EBITDA-margin above Group’s target margin
Source: Eurometal 2008 * Subject to due diligence
EBITDA margin*
FY 05 FY 06 FY 07 FY 08 FY 09

17. 17
BSS will be the core of KCO EU Flats SSC Division
Internal sheets supply to KSM and other distribution workhouses would reduce NWC, expand product portfolios
and significantly improve competitiveness
BSS know how and processes would be rolled out to existing SSC in UK, F, ES and CH
Synergies from capacity adjustments expected
Klöckner & Co SE
ASD
(UK)
DKH
(CH)
KSM
(D)
KDI
(F)
CDL
(ES)
BSS
(D)
Armstrong KFS Targe Cortichapa
Tournier
… … … … …
Flats SSC

18. 18
Internal supply from BSS would increase effectiveness
Current Material Flow
in Value Chain
New Material Flow
in Value Chain
SupplierKCOCustomer
Mill-SSC
Independent
SSC
C1 C2 C3
C4 C6
Warehouse3
Various
Steel Mills
C5C5
Warehouse2
Steel Mill
C1 C2 C3
C4 C6C5
Warehouse2
C7 C8
Steel Mill
Warehouse3
Steel MillSteel Mill
Warehouse1Warehouse1

19. 19
Overall attractive set of synergies
Overall EU purchasing power in flats would significantly increase
Combined normal purchasing volume would increase from about 500 Tto to more
than 1.500 Tto
Existing SSC production capacity with equipment could be shifted permanently to
BSS supply
Total EU capacity based on 2 shifts per day about 100 Tto
Detailed analysis to be carried out – divestments to be considered
Sourcing from BSS with short lead times would allow for reduced inventories
Assuming a doubling of inventory turns and direct supply would result in significant
NWC reduction

20. 20
Attractive valuation within target range of 4x-5x EBITDA
Perfect fit to our acquisition criteria
*Deal is subject to due diligence and competitive authority approvals and expected to be closed beginning of 2010
Achieve a leading EU-position in sheets in one
single step with largest most modern single site
Steel Service Center operation (SSC)*
Leverage to Group’s flat procurement
Leverage to Group’s SSC activities and know how
Realize synergies in purchasing
Customer diversification outside construction
Stabilize Group earnings volatility
Constant EBITDA-margin above Group target (6%)
EPS-accretive from year one
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
Rights issue
roadshow
Septem
ber 2009

21. 21
Agenda
1. Market
2. Crisis management and strategy update
Appendix
4. Outlook
3. Financials Q3 2009

22. 22
Summary income statement Q3/9M 2009
-106.0
-105.5
-106.7
-108.2
-92.4
-105.5
-101.7
-18.9
-97.3
-94.8
-46.6
1.4
-47.4
-23.4
Δ%
-4.16
-4.16
-197
1
51
-249
-204
-46
-151
-5.1
447
15.0
2,988
3,154
9M 2009
10.55
11.28
525
-1
-108
634
686
-51
735
13.7
1,193
22.3
5,355
4,823
9M 2008
-34.61,3481,033Volume (Ttons)
-136.97.56-0.42EPS basic (€)
-139.3378-21Income before taxes
-147.4-30-2Income taxes
-145.240Minority interests
-0.42
-23
-7
-14
11
1.2
208
22.3
934
Q3 2009
-139.47.01EPS diluted (€)
-137.6352Net income*
-62.5
-32.8
391
22.0
Gross profit
% margin
395
-18
413
23.3
1,773
Q3 2008
-129.7
-11.3
EBIT
Financial result
-120.6
-136.9
EBITDA
% margin
-44.2Sales
Δ%(€m)
* Attributable to shareholders of Klöckner & Co SE

23. 23
Organic volume development in
North America -27.2%
Comments
Segment performance Q3 2009
23.3-13.225.4% margin
934-159775Q3 2009
1,348-351997Q3 2008
-47.3--58.4-44.3Δ %
1,033-249784Q3 2009
-97.3--80.1-98.9Δ % EBITDA
413951353Q3 2008
1.2-6.40.5% margin
11-3104Q3 2009
1,773-3821,391Q3 2008
EBITDA
Sales
-21.5
Europe
-23.4--28.9Δ %
Volume (Ttons)
Total
HQ/
Consol.
North
America(€m)

24. 24
Balance sheet as of Sept. 30, 2009
-139
702
2,914
427
738
618
1,071
1,105
2,914
176
863
556
573
746
Sept. 30,
2009
799Trade receivables
1,001Inventories
811Long-term assets
297Cash & Cash equivalents*
176Other assets
392• thereof trade payables
826Total short-term liabilities
1,177Total long-term liabilities
1,081Equity
3,084Total assets
813• thereof financial liabilities
Dec. 31,
2008**(€m)
3,084Total equity and liabilities
571Net financial debt
1,407Net working capital
* Including restricted cash of €7m; ** restated due to initial application of IFRIC 14
Shareholders’ equity:
Increased from 35% to 38%
Would be at 50% if cash would
be used for net debt reduction
Financial debt:
Gearing reduced from 53%
to -13%
Net Working Capital:
Decrease is price- and volume-
driven
Comments

25. 25
Statement of cash flow
Operating CF negatively
impacted by volume drop, offset
by change in NWC
Investing CF mainly balanced
because of postponement of
acquisitions and investment cut
Comments
-36-1Others
32541Cash flow from operating activities
3877Inflow from disposals of fixed assets/others
-296-13
Outflow from investments in fixed assets/
others
91-6Cash flow from investing activities
-384703Changes in net working capital
-
-
22
26
195
-161
Equity component of convertible bond
Rights issue
Changes in financial liabilities
452-161Operating CF
84570Total cash flow
-3935Cash flow from financing activities
-22
-38
-25
0
Net interest payments
Dividends
9M
2008
9M
2009
(€m)

26. 26
Agenda
1. Market
2. Crisis management and strategy update
Appendix
4. Outlook
3. Financials Q3 2009

27. 27
We stick to our targets
Roadshow
Presentation
April 2006
Underlying sales growth
Underlying EBITDA margin
Gearing (Net financial debt/Equity)
> 10% p.a.
> 6%
< 75%
Starting 2010
Starting 2011
Revised

28. 28
Outlook 2009
Current negative pricing expectations directly influence customers buying behavior
Uncertainty for Q4 earnings mainly due to price related revaluation effects
EBITDA in H2 maximum break even given seasonality and price environment despite
positive EBITDA for Q3 and October
Overachievement of cost cutting target of €100m net in 2009
Stocks and NWC not expected to materially change in Q4
Accretive acquisition initiated and expected to be closed beginning of 2010
Gradual volume improvement expected into 2010 although no signs of real demand
recovery recognized yet
Efficiency measures ahead of plan, value enhancing acquisition initiated

29. 29
Agenda
1. Market
2. Crisis management and strategy update
Appendix
4. Outlook
3. Financials Q3 2009

30. 30
+49 203 307 2050Phone:
Internet:
E-mail:
Fax:
Dr. Thilo Theilen, Head of Investor Relations & Corporate Communications
thilo.theilen@kloeckner.de
www.kloeckner.de
+49 203 307 5025
Contact details Investor Relations
Q3 interim report 2010November 10, 2010:
Q2/H1 interim report 2010August 11, 2010:
Annual General MeetingMay 26, 2010:
Q1 interim report 2010May 12, 2010:
Annual Statement 2009March 9, 2010:
Financial calendar 2010
Financial calendar 2010 and contact details

31. 31
-0.42
-0.42
-23
0
-2
-21
-14
-7
1.2
11
22.3
208
934
1,033
Q3
2009
-0.85
-1.04
-48
-1
16
-63
-15
-48
-3.2
-31
16.8
161
959
1,053
Q2
2009
-2.43
-2.70
-126
-2
38
-165
-16
-149
-12.0
-132
7.1
78
1,095
1,068
Q1
2009
8.11
8.56
398
-14
-79
463
-70
533
8.9
600
20.2
1,366
6,750
5,974
FY
2008
4.44
4.44
206
28
-39
273
-64
337
7.1
395
21.8
1,208
5,532
6,127
FY
2006
2.48
2.63
122
3
-55
180
-17
197
11.0
212
24.0
462
1,922
1,755
Q2
2008
-2.871.097.56-2.72EPS basic (€)
1.06
51
-2
-24
76
-17
93
6.6
109
20.5
340
1,660
1,720
Q1
2008
5,8686,4781,3481,151Volume (Ttons)
81210378-171
Income before
taxes
-29-54-3029Income taxes
1623-4-15Minority interests
-2.44
-126
-18
-152
-9.6
-134
12.4
173
1,394
Q4
2008
-2.877.01EPS diluted (€)
36133352Net income
-54-97-18Financial result
135307395EBIT
4.05.923.3% margin
197371413EBITDA
19.919.522.0% margin
9871,221391Gross profit
4,9646,2741,773Sales
FY
2005*
FY
2007
Q3
2008
(€m)
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).

32. 32
* Net debt / equity
€1,105m
min €500m
max 150%
Q3
Minimum Equity Covenants Maximum Gearing*
Existing covenants on Syndicated Loan and European ABS
Non performance related covenants leave us with lots of headroom
Q3:
Equity ratio currently at 38% Gearing currently at -13%
€0 0%

33. 33
€42m
€230m
€98m
€325m
€14m
€341m
2009 2010 2011 2012 2013 2014
ABS Syndicated loan Convertible 2007¹ Convertible 2009¹
Drawn amount
Facility Committed FY 2008 Q3 2009
Bilateral Facilities 417 65 66
ABS 505 213 56
Syndicated Loan 300 298 230
Total Senior Debt 1,222 576 352
Convertible 2007¹ 325 280 288
Convertible 2009¹ 98 0 75
Finance leases 9 12 9
Total Debt 1,654 867 724
Cash 297 863
Net financial position 571 -139
Debt and liquidity overview
Current maturity profile of drawn amountsOverview of cash & indebtedness (€m)
Additional flexibility through renegotiated covenants, which
are now free of performance measures
Improved Liquidity and total Net Cash Balance after rights
issue in September
1 Drawn amount excludes equity component * Excluding bilateral facilities and finance leases

34. 34
Current shareholder structure
Source: Survey Thomson Financial (as of September 2009)
Identified institutional investors
account for 56%
UK based investors dominate
(Franklin remains Klöckner’s
biggest investor with 9.32% of the
total shares outstanding)
Top 10 shareholdings represent
around 28%
Retail shareholders represent 24%
100% free float
CommentsGeographical breakdown of identified institutional investors
Germany
25%
United Kingdom
34%
US
14%
14%
Rest of
Europe
3%
Switzerland
France
8%
2%
Rest of the World

35. 35
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