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A Group Management Report and Management Report on Salzgitter AG I. Business and the Environment 98 99 “We couldn’t have afforded not to build the ski jump.” Thomas Schmid, Mayor of Garmisch-Partenkirchen Thomas Schmid grew up in Garmisch-Partenkirchen but he has also seen something of the big wide world: he put in a lengthy tenure with Germany’s diplomatic corps, where his last assignment was at the German embassy in Canada. But then his hometown beckoned with a new challenge: since 2002 Schmid has been Mayor of Garmisch-Partenkirchen. The 47-year-old was strongly in favor of building the new ski jump, knowing only too well that the eyes of the entire world are trained on Garmisch-Partenkirchen during the traditional New Year ski jumping competition. “There is no better advertisement for our town than this ski jump,” says Schmid. Our tip: turn on your television to watch the competition on January 1, 2009. Business and the Environment
II. Profitability, Financial Position and Net Assets 1. Purchasing As in previous years, procurement markets remained very tight. Despite this difficult environment, it was possible to ensure that the Salzgitter Group’s plants were always fully supplied at market prices, although the prices of important input materials and services once again reported a sharp year-onyear rise. The continued high levels of economic growth in populous emerging markets such as China, India and Russia resulted in a rapid increase in steel consumption and consequently a surge in the demand for raw materials needed for steel production. Temporary supply bottlenecks arose as a result of limited delivery capacities and insufficient logistical infrastructure in respect of rail and port capacities, as well as freight space, which filtered through in the form of sharp price increases and shortfalls in many market segments. Price volatilities of up to 50% or even more within the space of a few months were the rule rather than the exception for alloys and sea freight prices. Movement in the Price of selected Raw Materials and Energy Resources % 300 250 200 150 100 50 Iron Ore, FOB (US-$/t) Coking Coal, FOB (US-$/t) Fuel Oil “S”, FOB (US-$/t) Scrap, Europe, ex works (€/t) 2003 2004 2005 2006 2007 Iron ore The international iron ore market continued to come under great pressure. Supply failed to keep pace with rising rise in demand in 2007: China alone imported around 70 million tons more iron ore than in the previous year. We recorded price hikes of between 5.3% and 9.5% for pellets, fine ore and lump ore in 2007. The cost increases for the Salzgitter integrated iron works were in the order of 6% including cost and freight. Ore deliveries totaling around 6 million tons came from Sweden, South Africa, Brazil and Canada. Given current developments in the spot markets, we also anticipate marked, demand-driven price increases in 2008. In mid-February, the first price agreement for deliveries of benchmark-type fine ore was concluded between the Brazilian producer VALE (formerly CVRD) and Japanese iron works entailing a price increase of 65%.
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Annual Report 2007 Financial Year f
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1) 2006 included in “Other region
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Highlights of the Financial Year 20
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Contents The Salzgitter Group 5 Key
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Preface by the Executive Board Ladi
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The financial year 2007 was another
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Report of the Supervisory Board The
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Alongside the extensive investment
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Corporate Governance Report Corpora
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In order to prepare its decisions,
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Transparency To ensure that shareho
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What does it feel like to steer 100
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A Group Management Report and Manag
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94.9% 94.9% 51.0% 94.8% A Group Man
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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
Page 63 and 64: in € mil. FY 2007 FY 2006 EBT 1,3
Page 65 and 66: Can a sports facility lend wings to
Page 67 and 68: “For a whole year we really did e
Page 69 and 70: “We could only imagine making the
Page 71 and 72: Sources: XETRA closing prices, DBAG
Page 73 and 74: 1) All data as per December 31 2) C
Page 75 and 76: “At first I had no idea what it w
Page 77 and 78: R&D expenses by Division Steel 47%
Page 79 and 80: Continuous strip casting Together w
Page 82 and 83: A Group Management Report and Manag
Page 86 and 87: Steel Division environmental expens
Page 103 and 104: Core workforce 1998 Steel 10,471 Tr
Page 105 and 106: Generation campaign A Group operati
Page 114 and 115: 4. Earnings Steel Trading Tubes Ser
Page 121 and 122: 5. The Divisions As the management
Page 123 and 124: Steel Division Shipments 0 1,000 2,
Page 125 and 126: 1) Excluding intercompany deliverie
Page 127 and 128: SMHD Group made the major contribut
Page 129 and 130: Tubes Division The companies belong
Page 131 and 132: capacity utilization throughout the
Page 133 and 134: Services Division The companies bel
Page 135 and 136: 1) Sales in own segment and in othe
Page 137 and 138: Sales in the Technology Division in
Page 139 and 140: How does steel serve science? What
Page 141 and 142: “Our motto is ‘I discover.’
Page 143 and 144: “For a long-span roof constructio
Page 145 and 146: 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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