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euro adhoc: Salzgitter AG (english)

Salzgitter, 14.05.2004 - Disclosure announcement transmitted by euro adhoc.The issuer is responsible for the content of this announcement.

Salzgitter AG Salzgitter Group posts gratifying profit development inthe first quarter of 2004

In the first quarter of 2004 external Groupsales amounted to EUR 1.30 billion (Q1/2003: EUR 1.27 billion).Pre-tax Group profit came in at EUR 26.2 million (Q1/2003: EUR 6.2million), while after-tax profit rose to EUR 20.1 million (Q1/2003:EUR 2.9 million). ROCE was recorded at 9.3% (March 31, 2003: 3.4%).

At EUR 401 million external sales at the Steel division fell somewhatshort of the previous year's figures of EUR 406 million. The pre-taxresult improved to EUR 11.5 million (Q1/2003: EUR 2.1 million). Theresult includes profits of EUR 4.5 million from the sale of shares ofthe US steel company Steel Dynamics Inc.The Tubes division reported external sales of EUR 206 million, whichis 14% less than the performance of the first quarter of 2003 (EUR240 million). The reasons were-among others- currency effects, asthe weak US dollar has a negative earnings impact on transactionsinvoiced in dollars and converted to euros. The pre-tax resultincreased to EUR 5.6 million (Q1/2003: EUR 0.2 million).The external sales of the Trading division improved by 14% to EUR 569million (Q1/2003: EUR 500 million), pre-tax profit more than trebledto a total of EUR 11.2 million (Q1/2003: EUR 2.4 million). At the Services division external sales moved ahead to EUR 77 million(Q1/2003: EUR 65 million), while pre-tax profit increased to EUR 4.8million (Q1/2003: EUR 3.0 million).In the new business year the Processing division has not experiencedany upswing in business activities. The division concluded thequarter posting declining external sales of EUR 47 million (Q1/2003:EUR 55 million) and pre-tax losses of EUR 10.7 million (Q1/2003: EUR-3.5 million).

Based on the current information and expectations regarding thedevelopments of procurement and sales markets, as well as the generalconditions and with due consideration given to planned internalmeasures, the Salzgitter Group anticipates a pre-tax result in theupper double digit million range. The bandwidth of opportunities andrisks on the sales and procurement markets is considerably wider thanin previous years that were far less impacted by such events.

Further inquiry note:Bernhard KleinermannTel.: +49 (0) 5341-21-3783E-Mail: kleinermann.b@salzgitter-ag.deTel.:49 (0) 5341-21-01FAX: +49 (0) 5341-21-2727Email: gersdorff.b@salzgitter-ag.deTel: +49 (0) 5341-21-01FAX: +49 (0) 5341-21-2727Email: gersdorff.b@salzgitter-ag.de

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WKN: 620200ISIN: DE0006202005Marktsegment: CDAX, HDAX, MDAX, Prime Standard, official dealingNiedersächsische Börse zu Hannover, Frankfurter Wertpapierbörse; freetrade Berliner Wertpapierbörse, Bayerische Börse, HamburgerWertpapierbörse, Bremer Wertpapierbörse (BWB), Börse Düsseldorf,Baden-Württembergische Wertpapierbörse

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