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Klöckner & Co SE
A Leading Multi Metal Distributor
Goldman Sachs - Global Steel CEO Forum
December 3/4, 2008 in New York
Dr. Thomas Ludwig
CEO
2
Klöckner & Co at a glance
Klöckner & Co
Leading producer-independent steel and metal distributor in the European and North American
markets combined
Network with more than 260 distribution locations in Europe and North America
More than 10,000 employees
GB
23%
21%
14%
10%
5%
9%
1%
13%
Germany/
Austria
France/
BelgiumSpain
Nether-
lands
Eastern
Europe
Switzerland
Canada
4%
Sales split by markets
As of December 2007
Steel-flat
Products
Steel-long
Products
Special
and
Quality
Steel
Aluminum
Other Products
30%
32%
10%
9%
6%
13%
Sales split by product
As of July 2008
Other
Machinery/
Manufacturing
Auto-
motive
42%
25%
6%
27%
Sales split by industry
As of December 2007
Construction USA
Tubes
3
Record result for 2008 confirmed, but weak outlook for 2009
Highlights 9M 2008 and until today
Excellent result development continued from H1 to Q3
Significant reduction of net debt per September 30 and ongoing until December 31
Sale of Canadian Namasco Ltd. and Koenig Verbindungstechnik concluded
Shareholding in Metalsnab (Bulgaria) close to 100%
Global settlement of all Balli related cases concluded
Immediate action program in response to current economic developments started
Despite weak economic environment in Q4 record result 2008 confirmed
4
Sharp decline in prices
Significant slow down of demand expected
Strong destocking
Heavy production cuts necessary to stabilize prices
Steel market currently under severe pressure
NA domestic prices FOB US Midwest mill in USD/to (source: SBB)
400
500
600
700
800
900
1.000
1.100
1.200
1.300
1.400
Q104
Q204
Q304
Q404
Q105
Q205
Q305
Q405
Q106
Q206
Q306
Q406
Q107
Q207
Q307
Q407
Q108
Q208
Q308
Q408
HRC HRCWF BeamsHRC
EU domestic prices in EUR/to (source: SBB)
200
300
400
500
600
700
800
900
1.000
Q104
Q204
Q304
Q404
Q105
Q205
Q305
Q405
Q106
Q206
Q306
Q406
Q107
Q207
Q307
Q407
Q108
Q208
Q308
Q408
Sections HRCHRCSections
e e
5
EU – 27 AMERICAS CIS CHINA OTHER ASIA
ARCELORMITTAL: WORLDWIDE - 30/35 %
CORUS - 20 %
MMK - 15 %
SEVERSTAL -25%SEVERSTAL -30%
NMLK -20-40 % ? MAANSHAN -20 %
HEBEI -10-20 %
BAOST. – 1 MT
SEVERSTAL -30% ISPAT -15 %
SALZGITTER -30 %
RIVA -12 %
TK STEEL - 20/30? % EVRAZ - ? % JAPAN: ? %
Main steel producers have announced product cuts for the
next months
Balancing Steel supply and steel demand will be key
More steel producers will follow in next weeks
Source: Eurometal Newsletter No. 19, November 2008
6
Recent consolidations have contributed to much lower and
shorter business cycle volatilities than ten years ago
Consolidation has seen considerable stabilization in steel prices and offers a
sustainable environment for steel distributors and consumers
Source: Eurometal Newsletter No. 19, November 2008
Date
Length of the
downturn
Drop in HRC price
during period
April 1997 to March
1999
24 months -33%
April 2000 to
December 2001
21 months -36%
July 2002 to July
2003
13 months -33%
August 2004 to
July 2005
12 months -39%
July 2006 to
January 2007
7 months -23%
April 2007 to
August 2007
5 months -12%
Analysis Steel Downturns in the US market
since 1997
HRC – North America domestic FOB US
Midwest mill $/short ton
200
250
300
350
400
450
500
550
600
650
700
Jan
99
Jan
00
Jan
01
Jan
02
Jan
03
Jan
04
Jan
05
Jan
06
Jan
07
Jan
08
Sustainable ROIC
Industry cash cost
7
Response of Klöckner & Co
Klöckner & Co executed an immediate action program as a response to the current
economic environment
Acquisitions are postponed for the time being
Focus on further reduction of stocks and debts
Lower turnover and cost cutting program with reduction of more than 500 jobs will
reduce OPEX in 2009 by €20 Mio. (without STAR effect)
Immediate action program executed, but mid term strategy is valid
8
Phase II (2008 onwards)
STAR Program on track
Phase I (2005 - 2008)
Overall targets:
Central purchasing on country level,
especially in Germany
Improvement of distribution network
Improvement of inventory management
2006: ~ €20 million
2007: ~ €40 million
2008: ~ €20 million
~ €80 million
Upside potential
Overall targets:
European sourcing
Ongoing improvement of distribution
network
Upside potential
2008 ~ €10 million
2009: ~ €30 million
2010: ~ €20 million
~ €60 million
€27 million realized until Q3
9
Financial highlights Q3/9M 2008
(€m)
Q3
2008
Q3
2007
Δ%
9M
2008
9M
2007
Δ%
Volume
(Ttons)
1,348 1,601 -15.8 4,823 4,893 -1.4
Sales 1,773 1,583 12.0 5,355 4,783 12.0
EBITDA 413 93 343.2 735 288 155.1
EBIT 395 76 419.2 685 242 183.5
10
No maturity of central financial instruments before 2010
ABS Syndicated Loan Convertible
Volume €505 Mio. €600 Mio. €325 Mio.
Maturity Date
May 2010 (Europe)
June 2012 (US)
May 2011
+ 1 year
extension
July 2012
Covenants
5x EBITDA
Interest coverage ratio:
2 * net interest expense
3x EBITDA
Interest coverage ratio:
4 * net interest expense
-
11
Leverage remains in hypothetical stress scenario
Operationa
EBITDA starting
point
Windfalls Operational
EBITDA starting
point w/o windfalls
Windfalls 10% volume
reduction
Acquisitions LTM STAR and cost
reductions
EBITDA stress
scenario
EBITDA
500 -130
370 -130
-120 +10
+50
180
Leverage starting
point
Leverage stress
scenario
Leverage 1,1 1,1
Net Debt
Net debt starting
point
20% NWC
reduction
Additional Cash
Flow
Net debt stress
scenario
550 -300
200
-50
12
Outlook 2008
For the full year 2008, we expect the following key figures:
Sales slightly below €7 billion
Net debt is expected to decrease down to €550 million
EBITDA of €500 million will only be achieved if steel prices are not declining
further into 2009
No further guidance for reported EBITDA and net income due to uncertain
market development
Record results despite dramatic market slowdown
13
February: Capital Market Days
April 1: Full Year Results 2008
May 14: Q1 Interim Report
May 26: Annual General Meeting
August 13: Q2/H1 Interim Report
November 13: Q3 Interim Report
Financial calendar 2009 and contact details
Financial calendar 2009
Christina Kiessling Jenny Hilgers
Phone: +49 203 307 2122 Phone: +49 203 307 2123
Fax: +49 203 307 5025 Fax: +49 203 307 5025
E-mail: ir@kloeckner.de Internet: www.kloeckner.de
Contact details Investor Relations
14
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
15
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.

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Klöckner & Co - Global Steel CEO Forum 2008

  • 1. Klöckner & Co SE A Leading Multi Metal Distributor Goldman Sachs - Global Steel CEO Forum December 3/4, 2008 in New York Dr. Thomas Ludwig CEO
  • 2. 2 Klöckner & Co at a glance Klöckner & Co Leading producer-independent steel and metal distributor in the European and North American markets combined Network with more than 260 distribution locations in Europe and North America More than 10,000 employees GB 23% 21% 14% 10% 5% 9% 1% 13% Germany/ Austria France/ BelgiumSpain Nether- lands Eastern Europe Switzerland Canada 4% Sales split by markets As of December 2007 Steel-flat Products Steel-long Products Special and Quality Steel Aluminum Other Products 30% 32% 10% 9% 6% 13% Sales split by product As of July 2008 Other Machinery/ Manufacturing Auto- motive 42% 25% 6% 27% Sales split by industry As of December 2007 Construction USA Tubes
  • 3. 3 Record result for 2008 confirmed, but weak outlook for 2009 Highlights 9M 2008 and until today Excellent result development continued from H1 to Q3 Significant reduction of net debt per September 30 and ongoing until December 31 Sale of Canadian Namasco Ltd. and Koenig Verbindungstechnik concluded Shareholding in Metalsnab (Bulgaria) close to 100% Global settlement of all Balli related cases concluded Immediate action program in response to current economic developments started Despite weak economic environment in Q4 record result 2008 confirmed
  • 4. 4 Sharp decline in prices Significant slow down of demand expected Strong destocking Heavy production cuts necessary to stabilize prices Steel market currently under severe pressure NA domestic prices FOB US Midwest mill in USD/to (source: SBB) 400 500 600 700 800 900 1.000 1.100 1.200 1.300 1.400 Q104 Q204 Q304 Q404 Q105 Q205 Q305 Q405 Q106 Q206 Q306 Q406 Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408 HRC HRCWF BeamsHRC EU domestic prices in EUR/to (source: SBB) 200 300 400 500 600 700 800 900 1.000 Q104 Q204 Q304 Q404 Q105 Q205 Q305 Q405 Q106 Q206 Q306 Q406 Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408 Sections HRCHRCSections e e
  • 5. 5 EU – 27 AMERICAS CIS CHINA OTHER ASIA ARCELORMITTAL: WORLDWIDE - 30/35 % CORUS - 20 % MMK - 15 % SEVERSTAL -25%SEVERSTAL -30% NMLK -20-40 % ? MAANSHAN -20 % HEBEI -10-20 % BAOST. – 1 MT SEVERSTAL -30% ISPAT -15 % SALZGITTER -30 % RIVA -12 % TK STEEL - 20/30? % EVRAZ - ? % JAPAN: ? % Main steel producers have announced product cuts for the next months Balancing Steel supply and steel demand will be key More steel producers will follow in next weeks Source: Eurometal Newsletter No. 19, November 2008
  • 6. 6 Recent consolidations have contributed to much lower and shorter business cycle volatilities than ten years ago Consolidation has seen considerable stabilization in steel prices and offers a sustainable environment for steel distributors and consumers Source: Eurometal Newsletter No. 19, November 2008 Date Length of the downturn Drop in HRC price during period April 1997 to March 1999 24 months -33% April 2000 to December 2001 21 months -36% July 2002 to July 2003 13 months -33% August 2004 to July 2005 12 months -39% July 2006 to January 2007 7 months -23% April 2007 to August 2007 5 months -12% Analysis Steel Downturns in the US market since 1997 HRC – North America domestic FOB US Midwest mill $/short ton 200 250 300 350 400 450 500 550 600 650 700 Jan 99 Jan 00 Jan 01 Jan 02 Jan 03 Jan 04 Jan 05 Jan 06 Jan 07 Jan 08 Sustainable ROIC Industry cash cost
  • 7. 7 Response of Klöckner & Co Klöckner & Co executed an immediate action program as a response to the current economic environment Acquisitions are postponed for the time being Focus on further reduction of stocks and debts Lower turnover and cost cutting program with reduction of more than 500 jobs will reduce OPEX in 2009 by €20 Mio. (without STAR effect) Immediate action program executed, but mid term strategy is valid
  • 8. 8 Phase II (2008 onwards) STAR Program on track Phase I (2005 - 2008) Overall targets: Central purchasing on country level, especially in Germany Improvement of distribution network Improvement of inventory management 2006: ~ €20 million 2007: ~ €40 million 2008: ~ €20 million ~ €80 million Upside potential Overall targets: European sourcing Ongoing improvement of distribution network Upside potential 2008 ~ €10 million 2009: ~ €30 million 2010: ~ €20 million ~ €60 million €27 million realized until Q3
  • 9. 9 Financial highlights Q3/9M 2008 (€m) Q3 2008 Q3 2007 Δ% 9M 2008 9M 2007 Δ% Volume (Ttons) 1,348 1,601 -15.8 4,823 4,893 -1.4 Sales 1,773 1,583 12.0 5,355 4,783 12.0 EBITDA 413 93 343.2 735 288 155.1 EBIT 395 76 419.2 685 242 183.5
  • 10. 10 No maturity of central financial instruments before 2010 ABS Syndicated Loan Convertible Volume €505 Mio. €600 Mio. €325 Mio. Maturity Date May 2010 (Europe) June 2012 (US) May 2011 + 1 year extension July 2012 Covenants 5x EBITDA Interest coverage ratio: 2 * net interest expense 3x EBITDA Interest coverage ratio: 4 * net interest expense -
  • 11. 11 Leverage remains in hypothetical stress scenario Operationa EBITDA starting point Windfalls Operational EBITDA starting point w/o windfalls Windfalls 10% volume reduction Acquisitions LTM STAR and cost reductions EBITDA stress scenario EBITDA 500 -130 370 -130 -120 +10 +50 180 Leverage starting point Leverage stress scenario Leverage 1,1 1,1 Net Debt Net debt starting point 20% NWC reduction Additional Cash Flow Net debt stress scenario 550 -300 200 -50
  • 12. 12 Outlook 2008 For the full year 2008, we expect the following key figures: Sales slightly below €7 billion Net debt is expected to decrease down to €550 million EBITDA of €500 million will only be achieved if steel prices are not declining further into 2009 No further guidance for reported EBITDA and net income due to uncertain market development Record results despite dramatic market slowdown
  • 13. 13 February: Capital Market Days April 1: Full Year Results 2008 May 14: Q1 Interim Report May 26: Annual General Meeting August 13: Q2/H1 Interim Report November 13: Q3 Interim Report Financial calendar 2009 and contact details Financial calendar 2009 Christina Kiessling Jenny Hilgers Phone: +49 203 307 2122 Phone: +49 203 307 2123 Fax: +49 203 307 5025 Fax: +49 203 307 5025 E-mail: ir@kloeckner.de Internet: www.kloeckner.de Contact details Investor Relations
  • 14. 14 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
  • 15. 15 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.