June 6, 2008, Nice

1. Klöckner & Co AG
A Leading Multi Metal Distributor
Société Générale
Pan European Mid & Small Caps Conference
June 6, 2008 in Nice
Gisbert Rühl
CFO

2. 2
Agenda
1. Overview and market
Appendix
2. Current market development and expectations for 2008
3. Profitable growth initiatives
4. Financials and outlook

3. 3
Klöckner & Co at a glance
CustomerKlöckner & Co
Klöckner & Co highlights
Products:
Services:
Producer
Construction:
Structural
Steelwork
Building and civil
engineering
Machinery/
Mechanical
Engineering
Others:
Durable goods
Metal products
Installation
etc.
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
Key financials FY 2007
- Sales: €6,274 million
- EBITDA: €371 million

4. 4
Distributor in the sweet spot
Local customersGlobal suppliers
Suppliers Sourcing
Products
and services
Logistics/
Distribution
Customers
Global Sourcing
in competitive
sizes
Strategic
partnerships
Frame contracts
Leverage one
supplier against
the other
No speculative
trading
One-stop-shop
with wide product
range of high-
quality products
Value added
processing
services
Quality assurance
Efficient inventory
management
Local presence
Tailor-made
logistics including
on-time delivery
within 24 hours
> 210,000
customers
No customer with
more than 1% of
sales
Average order
size of €2,000
Wide range of
industries and
markets
Service more
important than
price
Purchase volume
p.a. of 6 million
tons
Diversified set of
worldwide approx.
70 suppliers
Examples:
Klöckner & Co’s value chain

5. 5
B D
F
E
CH
A
CZ
PL
LT
RO
NL
CN
USA
GB
IRL
More than 260 distribution locations in Europe and NA
USA 30 D/A 23
F/B 75
CH 35
E 54
GB 26
IRL 1
NL 5
Eastern Europe 13
BU

6. 6
North America (2006)
Structure: 50-60% through distribution, service centers
Size in value: ~€100bn
Companies: ~1,300 only independent distributors
Europe (2006)
Structure: 67% through distribution, service centers
Size in value: ~€70–90bn
Companies: ~3,000 few mill-tied, most independent
Strong position in Europe and growing position in NA
Source: Purchasing Magazine (May 2007)Source: EuroMetal, company reports, own estimates
ArcelorMittal
(Distribution approx. 5%)
ThyssenKrupp
Corus
Other
independents
Other
mill-tied
distributors
Klöckner & Co
Olympic Steel
Namasco
(Klöckner & Co)
Ryerson
Other
Reliance Steel
Samuel, Son & Co
ThyssenKrupp Materials NA
Russel Metals
Worthington
Steel
Metals
USA
Carpenter
Technology
PNA Group
McJunkin
O'Neal Steel
Mac-
Steel
AM Castle72.5%
Namasco
with Primary
and Temtco
approx. 1.5%
11%
8%
7%
4%~ 45-
55%
~ 15-
25%
4.5%
2.5%
2.1%
1.8%
0.9%
0.9%
0.8%
1.4%
1.3%
1.2%
1.3%
1.8%
1.4%
1.0%
4.7%

7. 7
Broad industry, product and customer diversification
Other
GB
Construction
Machinery/
Manufacturing
Auto-
motive
42%
25%
6%
27% 23%
21%
14%
10%
5%
9%
1%
13%
Germany/
Austria
France/
BelgiumSpain
Nether-
lands
Eastern
Europe
USA
Switzerland
Canada
4%
Steel-flat
Products
Steel-long
Products
Tubes
Special
and
Quality
Steel
Aluminum
Other Products
29%
30%
10%
10%
7%
14%
Sales split by industry* Sales split by markets* Sales split by product*
*As of December 2007 *As of December 2007*As of December 2007

8. 8
Agenda
1. Overview and market
Appendix
2. Current market development and expectations for 2008
3. Profitable growth initiatives
4. Financials and outlook

9. 9
Ongoing profitable growth
Highlights Q1 2008 and until today
Excellent results, supported by price increases
Further expansion through the acquisition of Temtco in the US and also Multitubes
in the UK
Acquisition of remaining outside shareholdings in Swiss Company Debrunner Koenig Holding
AG and as a consequence full integration into the Group
Sale of the automotive-related Canadian Namasco Ltd.
Business optimization program “STAR” fully on track
All preparatory steps to transform Klöckner & Co AG into a European company (SE – Societas
Europaea) completed
Ulrich Becker joined the Management Board on April 1, 2008, responsible for Europe
and Purchasing

10. 10
Financial highlights Q1 2008
(€m)
Q1
2008
Q1
2007
Δ%
Volume (Ttons) 1,720 1,629 5.6
Sales 1,660 1,550 7.1
EBITDA 109 92 18.3
EBIT 93 78 18.6

11. 11
Steel market development in Q2 2008
Strong price increases despite a softer economic growth due to a favorable
supply and demand relation especially in the US but also in Europe
Structural change due to the fact that steel prices are now driven primarily by raw
material costs
Higher discipline on the producer side due to consolidation
High capacity utilization
Low stock levels and low import volumes
Further price increases already announced for the upcoming months
Strong steel market development expected to continue in Q3

12. 12
80%
90%
100%
110%
120%
130%
140%
Jan
06
Feb
06
Mar
06
Apr
06
May
06
Jun
06
Jul
06
Aug
06
Sep
06
Oct
06
Nov
06
Dec
06
Jan
07
Feb
07
Mar
07
Apr
07
May
07
Jun
07
Jul
07
Aug
07
Sep
07
Oct
07
Nov
07
Dec
07
Jan
08
Feb
08
Mar
08
Apr
08
May
08
Flat Products / HRC / N.Europe domestic Flat Products / CRC / N.Europe domestic Ex-Works /t
Flat Products / HDG / N.Europe domestic Ex-Works /t
Flat prices Northern Europe (SBB, Jan 2007 = 100)

13. 13
90%
110%
130%
150%
170%
190%
210%
Jan
06
Feb
06
Mar
06
Apr
06
May
06
Jun
06
Jul
06
Aug
06
Sep
06
Oct
06
Nov
06
Dec
06
Jan
07
Feb
07
Mar
07
Apr
07
May
07
Jun
07
Jul
07
Aug
07
Sep
07
Oct
07
Nov
07
Dec
07
Jan
08
Feb
08
Mar
08
Apr
08
May
08
Flat Products / HRC / N.America domestic FOB US Midwest mill $/t
Flat Products / CRC / N.America domestic FOB US Midwest mill $/t
Flat Products / HDG / N.America domestic FOB US Midwest mill $/t
Flat Products / Plate (A36) / N.America domestic FOB US Midwest mill $/t
Flat products prices North America (SBB, Jan 2007 = 100)

14. 14
70%
80%
90%
100%
110%
120%
130%
140%
150%
160%
170%
Jan
06
Feb
06
Mar
06
Apr
06
May
06
Jun
06
Jul
06
Aug
06
Sep
06
Oct
06
Nov
06
Dec
06
Jan
07
Feb
07
Mar
07
Apr
07
May
07
Jun
07
Jul
07
Aug
07
Sep
07
Oct
07
Nov
07
Dec
07
Jan
08
Feb
08
Mar
08
Apr
08
May
08
Long Products / Medium sections / Europe domestic delivered /t Long Products / Merchant Bar / Europe domestic delivered /t
Long Products / Rebar / Europe domestic delivered /t
Long products prices Europe (SBB, Jan 2007 = 100)

15. 15
Long products prices North America (SBB, Jan 2007 = 100)
80%
90%
100%
110%
120%
130%
140%
150%
160%
170%
180%
Jan
06
Feb
06
Mar
06
Apr
06
May
06
Jun
06
Jul
06
Aug
06
Sep
06
Oct
06
Nov
06
Dec
06
Jan
07
Feb
07
Mar
07
Apr
07
May
07
Jun
07
Jul
07
Aug
07
Sep
07
Oct
07
Nov
07
Dec
07
Jan
08
Feb
08
Mar
08
Apr
08
May
08
Long Products / Rebar / N.America domestic FOB US Midwest mill $/t
Long Products / Merchant Bar / N.America domestic FOB US Midwest mill $/t
Long Products / WF beams (medium) / N.America domestic FOB US Midwest mill $/t

16. 16
Agenda
1. Overview and market
Appendix
2. Current market development and expectations for 2008
3. Profitable growth initiatives
4. Financials and outlook

17. 17
Profitable growth
Grow more than
the market
Continuous
business
optimization
1 Acquisitions driving
market consolidation
and
Organic growth and
expansion into new
markets
2 STAR Program:
- Purchasing
- Distribution network
Profitable growth
through value-added
distribution and services
within multi metals to
companies in Europe
and North America
Profitable growth
through value-added
distribution and services
within multi metals to
companies in Europe
and North America

18. 18
Country Acquired Company Sales (FY)
Mar 2008 Temtco €226 million
Jan 2008 Multitubes €5 million
2008 Ytd 2 acquisitions €231 million
Sep 2007 Lehner & Tonossi €9 million
Sep 2007 Interpipe €14 million
Sep 2007 ScanSteel €7 million
Aug 2007 Metalsnab €36 million
Jun 2007 Westok €26 million
May 2007 Premier Steel €23 million
Apr 2007 Zweygart €11 million
Apr 2007 Max Carl €15 million
Apr 2007 Edelstahlservice €17 million
Apr 2007 Primary Steel €360 million
Apr 2007 Teuling €14 million
Jan 2007 Tournier €35 million
2007 12 acquisitions €567 million
2006 4 acquisitions €108 million
12
4
2
2005 2006 2007
Acquisitions Sales
€141 million
€108 million
€567 million
Continued expansion through acquisitions1

19. 19
Acquisition of Temtco, a leading plate distributor
40% of the 2007-level of acquisition-related sales already achieved
Tacoma, WA
Chicago, IL
Apache Junction, AZ
Louisville, MS
York, PA
High quality product portfolio: High
strength quenched & tempered steel,
wear-resistant steels and security steels
Sales 2007: $310 million (€226 million)
with 180 employees
More than 60% of sales are processed
products
Excellent customer base in application
sectors such as energy, machinery and
mechanical engineering, mining and
transport
CommentsNorth America/USA – 03/08: Temtco

20. 20
Investment highlights
Complementary sales coverage combined with an additional product
range offers synergy potential
Namasco’s and Primary’s market coverage hugely expanded
Enlarged purchasing power helps to counterweight the strong supplier
consolidation (top 3 account for more than 80% of market)
Additional (typical) synergies in admin, finance, IT, etc.
The acquisition of Temtco supports significantly the leading position of
Primary and Namasco in the plate distribution segment
Securing continuing specialty plate supply through Temtco’s supplier
relations
Leveraging Temtco’s customer base for sale of Namasco/Primary’s
commodity plate and vice versa
Broad geographic coverage with five locations
Leading
position in
plate
segment
Synergies

21. 21
Strong acquisition criteria
Further acquisitions in core markets and Eastern
Europe:
● Leverage existing structure in core markets with small-
and mid-size bolt-on acquisitions
● Large scale acquisitions when appropriate
● Acquisitions in Eastern Europe to increase footprint
Focus on targets in 3 directions:
● Expansion of geographic reach
● Extension of customer base
● Extension of product portfolio
Focus on targets at attractive valuations:
● EV/EBITDA multiple between 4x and 6x
Focus on targets with significant synergy and scale
effects:
● Stronger purchasing power
● Streamlining operations and processes, integrating IT
● Integration of STAR
Accretive growth
1

22. 22
Organic growth and expansion into new markets
Closing of acquisition of Metalsnab in Bulgaria in January 2008
Additional acquisitions and opening of new branches
Evaluation of market entry in other countries (e.g. Turkey, Russia)
Concentrate product range and expand higher margin products
Increase value-added services
Further expansion in Eastern Europe and into new markets
Expansion of strong market position in core markets
1

23. 23
STAR: Status Quo
Extension of European sourcing
Improvement of the European stock management
Ongoing SAP roll-out across European countries
Improving performance of distribution network
STAR program fully on track
Purchasing
Distribution network
2

24. 24
Phase II (2008 onwards)
STAR: Phase I finalized in 2008, further potential in phase II2
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

25. 25
Agenda
1. Overview and market
Appendix
2. Current market development and expectations for 2008
3. Profitable growth initiatives
4. Financials and outlook

26. 26
Summary income statement Q1 2008
(€m)
Q1
2008
Q1
2007
Δ%
Volume (Ttons) 1,720 1,629 5.6
Sales 1,660 1,550 7.1
Gross profit
% margin
340
20.5
307
19.8
10.8
3.5
EBITDA
% margin
109
6.6
92
5.9
18.3
11.9
EBIT
Financial result
93
-17
78
-10
18.6
63.7
Income before taxes 76 68 11.7
Income taxes -24 -22 10.3
Minority interests 2 6 -74.9
Net income* 51 40 26.3
EPS basic (€) 1.09 0.86 26.7
EPS diluted (€) 1.06 0.86 23.3
* Attributable to shareholders of Klöckner & Co AG

27. 27
Again strong underlying EBITDA
Underlying EBITDA Q1 2008
(€m)
Q1
2008
EBITDA as reported
● One-offs
109,0
0,2
Operating EBITDA
● Windfall effects
● Exchange rate effects
● Special expense effects
109,2
-8,0
4,1
-6,5
Underlying EBITDA 98,8
● Acquisitions (LTM*) -13,5
Underlying EBITDA excluding Acquisitions 85,3
* LTM: Last twelve months

28. 28
Includes sales of M€40 for
Q1 2008* in Europe and
sales of M€101.4 for Q1
2008* in North America
Segment performance Q1 2008
Comments(€m) Europe
North
America
HQ/
Consol.
Total
Volume (Ttons)
Q1 2008 1,211 509 - 1,720
Q1 2007 1,230 399 - 1,629
Δ % -1.5 27.5 - 5.6
Sales
Q1 2008 1,358 301 - 1,660
Q1 2007 1,339 211 - 1,550
Δ % 1.5 42.7 - 7.1
EBITDA
Q1 2008 84 26 -1 109
% margin 6.2 8.8 - 6.6
Q1 2007 85 14 -7 92
% margin 6.4 6.6 - 5.9
Δ % EBITDA -2.0 88.6 - 18.3
* Sales of acquired companies for the first
twelve months of their consolidation

29. 29
Balance sheet as of March 31, 2008
(€m)
March
31, 2008
December
31, 2007
Long-term assets 753 735
Inventories 1,020 956
Trade receivables 1,083 930
Cash & Cash equivalents 108 154
Other assets 188 191
Total assets 3,152 2,966
Equity 771 845
Total long-term liabilities 1,255 1,152
- thereof financial liabilities 914 813
Total short-term liabilities 1,126 969
- thereof trade payables 740 610
Total equity and liabilities 3,152 2,966
Net working capital* 1,404 1,323
Net financial debt* 904 746
Comments
Financial debt as of March
31, 2008:
• Syndicated loan:
€311million
• ABS: €301 million
• Bilateral credits: €120
million
• Convertible: €271 million
Net Working Capital:
• Seasonal effect; sales-,
acquisition- and price-driven
* Including Namasco Ltd. / Canada

30. 30
Statement of cash flow
Comments(€m)
Q1
2008
Q1
2007
Operating CF 107 92
Changes in net working capital -88 -164
Others -29 -16
Cash flow from operating activities -10 -88
Inflow from disposals of fixed assets/others 3 1
Outflow from investments in fixed assets -144 -18
Cash flow from investing activities -141 -17
Changes in financial liabilities 111 51
Net interest payments -5 -3
Cash flow from financing activities 106 48
Total cash flow -45 -58
Operating CF more than
fully covered the
investments in net working
capital
Investing CF mainly
impacted by increased
stake in Swiss Holding
CF from financing activities
reflects the increased
utilization of debt
instruments

31. 31
General financial targets/limits and guidance
General
target/limit
Actual
Q1 2008
Top line sales growth > 10% p.a. 7.1%
Underlying EBITDA margin* > 6% 5.94%
Leverage (Net financial debt/EBITDA LTM) < 3.0x 2.3x
Gearing (Net financial debt/Equity) < 150% 117%
Challenging financial targets throughout the cycle
* According to new definition

32. 32
Outlook 2008
Based on good Q1 results, Q2 and H1 EBITDA are expected to be higher than last
year supported by an on-going favorable market environment for the steel
distribution
Positive development expected to continue. Thus, we expect the 2008 results to
exceed the 2007 results supported by
€30 million additional EBITDA from STAR program
Positive contribution of additional €25-30 million EBITDA from acquisitions
made in 2007
Positive contribution of €15-20 million EBITDA from acquisitions made in
2008
High likelihood of further stock gains in the course of 2008
Raised outlook – 2008 results above 2007

33. 33
Agenda
1. Overview and market
Appendix
2. Current market development and expectations for 2008
3. Profitable growth initiatives
4. Financials and outlook

34. 34
Appendix
Table of contents
Quarterly results and FY results 2007/2006/2005
Steel cycle and EBITDA/cash flow relationship
Debt facilities
Current shareholder structure
Financial calendar 2008 and contact details

35. 35
June 20: Annual General Meeting
August 14: Q2 Interim Report
October 14/15: Capital Market Days
November 14: Q3 Interim Report
Financial calendar 2008 and contact details
Financial calendar 2008
Claudia Nickolaus, Head of IR
Phone: +49 203 307 2050
Fax: +49 203 307 5025
E-mail: claudia.nickolaus@kloeckner.de
Internet: www.kloeckner.de
Contact details Investor Relations

36. 36
(€m)
Q1
2008
Q4
2007
Q3
2007
Q2
2007
Q1
2007
Q4
2006
Q3
2006
Q2
2006
Q1
2006
FY
2007
FY
2006
FY
2005*
Volume (Ttons) 1,720 1,585 1,601 1,663 1,629 1,453 1,467 1,605 1,601 6,478 6,127 5,868
Sales 1,660 1,492 1,583 1,650 1,550 1,398 1,394 1,418 1,323 6,274 5,532 4,964
Gross profit 340 300 286 328 307 294 313 316 285 1,221 1,208 987
% margin 20.5 20.1 18.0 19.8 19.8 21.0 22.5 22.3 21.5 19.5 21.8 19.9
EBITDA 109 83 93 103 92 70 143 104 79 371 395 197
% margin 6.6 5.6 5.9 6.2 5.9 4.9 10.3 7.3 6.0 5.9 7.1 4.0
EBIT 93 65 76 87 78 55 128 89 64 307 337 135
Financial result -17 -17 -17 -52 -10 -12 -24 -14 -14 -97 -64 -54
Income before
taxes
76 48 59 35 68 43 105 75 50 210 273 81
Income taxes -24 -6 -14 -12 -22 16 -20 -22 -13 -54 -39 -29
Minority interests 2 4 8 4 6 5 8 9 6 23 28 16
Net income 51 37 37 19 40 54 76 45 31 133 206 36
EPS basic (€) 1.09 0.80 0.79 0.41 0.86 1.16 1.64 0.97 - 2.87 4.44 -
EPS diluted (in €) 1.06 0.80 0.78 - - 1.16 - - - 2.87 4.44 -
Quarterly results and FY results 2007/2006/2005
* 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).

37. 37
Debt facilities
(€m)
Old debt
structure
Change in
debt structure
New debt
structure
ABS Europe 380 +40 420
ABS USA 60 +30 90
Total 440 +70 510
Syndicated loan - +600 600
Bilateral credit agreements 480 -100 380
Total senior bank facilities 480 +500 980
Convertible bond - +325 325
High yield bond 170 -170 -
Total facilities 1,090 +725 1,815

38. 38
Steel cycle and EBITDA/cash flow relationship
Comments
Klöckner & Co buys and sells products
at spot prices generally
Sales increase as a function of the steel
price inflation environment
Cost of material are based on an
average cost method for inventory and
therefore lag the steel price increase
This time lag creates accounting windfall
profits (windfall losses in a decreasing
steel price environment) inflating
(deflating) EBITDA
Assuming stable inventory volume cash
flow is impacted by higher NWC needs
The windfall profits (losses) are mirrored
by inventory book value increases
(decreases)
Theoretical relationship*
Windfall
profits
Windfall
losses
(€m)
Margin
Margin
1
2
3
4
4
5
6 6
*Assuming stable inventory volumes
Steel price Sales
Cost of material EBITDA
Cash flow

39. 39
Geographical breakdown of identified institutional investors
Current shareholder structure
Comments
Identified institutional
investors account for 74%
US based investors still
dominate but share
decreased in favor of UK (up
from 14% as of Sept. 2007)
Top 10 individual
shareholdings represent
around 48%
Rest of World < 1%
(geographical breakdown)
Retail share increased from
11% to almost 14%
Rest of
Europe
US
United
Kingdom
Germany
Spain
Switzerland
Source: Survey Thomson Financial (as of Febr. 08)
20%
4%
4%
24%
41%
7%

40. 40
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

41. 41
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.