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People are at the core of all entrepreneurial activity, whether shareholders, customers, suppliers or employees. With this in mind, we would like to thank you as the shareholders and business partners of Salzgitter AG, also on behalf of our committed employees, for the trust that you vest in our company. Dr. Wolfgang Leese Dr. Heinz Jörg Fuhrmann Wolfgang Eging Hans Fischer Heinz Groschke Peter-Jürgen Schneider 14 15
Report of the Supervisory Board The financial year 2007 of Salzgitter AG was above all characterized by a significant growth driving measures which consisted in the acquisition of a majority holding in Klöckner-Werke AG, the introduction of an extensive multi-year investment program aimed at securing performance in the core business of steel and another outstanding set of annual results. Monitoring and Advising the Executive Board in the Exercising of their Managerial Duties The Supervisory Board monitored the Executive Board in its management of the company. It kept itself fully informed about course of business and the situation of the company on a regular and timely basis by way of written and verbal reports. The Executive Board reported to the Supervisory Board on the strategic development, the profitability of the company, the risks, organization measures set in place to comply with legal requirements and corporate planning. The Supervisory Board was informed of the generally very positive divergences between the planned and actual course of business, and the causes thereof were thoroughly explained and discussed. The Supervisory Board was directly involved in all decisions of particular significance for the company and accompanied the Executive Board in an advisory capacity in these decisions. There were four regular meetings in which the Supervisory Board discussed the situation and the development of the Group on the basis of reports submitted by the Executive Board. The average attendance by Supervisory Board members came to 94%. The Presiding Committee of the Supervisory Board convened for two meetings and a number of individual discussions. The Strategy Committee discussed in depth the core issues relating to the strategy of the Group in a meeting with the Executive Board. The Audit Committee of the Supervisory Board met on four occasions in the period before the Supervisory Board meeting convened to adopt the annual financial statements and held on March 27, 2008. Alongside the Supervisory Board meetings, there was regular contact between the Chairman of the Supervisory Board and the Chairman of the Executive Board. Many individual discussions were conducted on the position of the company, its development and material transactions. Main Focus of the Supervisory Board: Investment Program In the financial year 2007, the Supervisory Board carefully reviewed the extensive multi-year investment program launched to secure the market position of the core steel business and a number of major investments made by the Tubes Division in modernizing facilities and enhancing product quality. The Supervisory Board gave its approval to the following measures: ■ The “Salzgitter Steel 2012“ project, including the “Salzgitter Flachstahl GmbH 2012“ and ”Peiner Träger GmbH 2010“ sub-projects ■ Construction of a new blast furnace gas and steel gas container at Salzgitter Flachstahl GmbH ■ Construction of a new main and secondary parallel of the rolling mill at Ilsenburger Grobblech GmbH ■ Renewal of the roller conveyers and pushers in the plate mill of Mannesmannröhren Mülheim GmbH Rainer Thieme, Chairman of the Supervisory Board
Page 1 and 2: Annual Report 2007 Financial Year f
Page 3 and 4: 1) 2006 included in “Other region
Page 5 and 6: Highlights of the Financial Year 20
Page 7 and 8: Contents The Salzgitter Group 5 Key
Page 9 and 10: Preface by the Executive Board Ladi
Page 11: The financial year 2007 was another
Page 15 and 16: Alongside the extensive investment
Page 17 and 18: Corporate Governance Report Corpora
Page 19 and 20: In order to prepare its decisions,
Page 21 and 22: Transparency To ensure that shareho
Page 23 and 24: What does it feel like to steer 100
Page 26 and 27: A Group Management Report and Manag
Page 32 and 33: 94.9% 94.9% 51.0% 94.8% A Group Man
Page 46: A Group Management Report and Manag
Page 49 and 50: 1) Including amounts provisioned fo
Page 51 and 52: 1) The amounts presuppose that the
Page 53 and 54: “I wish I could also sleep in it.
Page 55 and 56: 3. Management and Control of the Co
Page 57 and 58: Groupwide Investment Volume 1996/19
Page 59 and 60: The Group’s excellent performance
Page 61 and 62: Management and Control Instruments
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in € mil. FY 2007 FY 2006 EBT 1,3
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Can a sports facility lend wings to
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“For a whole year we really did e
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“We could only imagine making the
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Sources: XETRA closing prices, DBAG
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1) All data as per December 31 2) C
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“At first I had no idea what it w
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R&D expenses by Division Steel 47%
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Continuous strip casting Together w
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A Group Management Report and Manag
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Steel Division environmental expens
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Core workforce 1998 Steel 10,471 Tr
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Generation campaign A Group operati
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4. Earnings Steel Trading Tubes Ser
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5. The Divisions As the management
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Steel Division Shipments 0 1,000 2,
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1) Excluding intercompany deliverie
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SMHD Group made the major contribut
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Tubes Division The companies belong
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capacity utilization throughout the
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Services Division The companies bel
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1) Sales in own segment and in othe
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Sales in the Technology Division in
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How does steel serve science? What
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“Our motto is ‘I discover.’
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“For a long-span roof constructio
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6. Profitability Improvement Progra
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“They just loved the experiments.
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7. Financial Position Financial Man
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8. Net Assets The total assets of o
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1) Including intangible assets 2) I
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Disclosures pursuant to Sections 28
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10. General Statement on the Econom
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2. Individual Risks Environment and
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Financial Risks A Group Management
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GDP Germany: Forecast Range 2008/20
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Power Plant Capacity Trend GW 8,000
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4. Anticipated Financial Position W
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6. Overall Statement on the Perform
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Why is it worth listening to what a
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“We listen to the bridge - 24 hou
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B Consolidated Annual Financial Sta
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II. Consolidated Balance Sheet Asse
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IV. Cash Flow Statement (43) Cash F
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The Services Division includes DEUM
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(46) Related Party Disclosures In a
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(49) Waiver of Disclosure and Prepa
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VI. Auditor’s Report This report
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I. List of Company Abbreviations SZ
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II. Glossary Business and Financial
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F Forfaiting Sale of export receiva
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Technical Terms A Annealing furnace
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Pilger rolling Conventional step-fo
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III. Financial Calendar of Salzgitt
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IV. Editorial Details and Contact C
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