1. Klöckner & Co SE
A Leading Multi Metal Distributor
Gisbert Rühl
CEO
Credit Suisse Global Steel and Mining Conference
London
September 19, 2013

2. Disclaimer
This presentation contains forward-looking statements which reflect the current views of the management of
Klöckner & Co SE with respect to future events. They generally are designated by the words “expect”, “assume”,
“presume”, “intend”, “estimate”, “strive for”, “aim for”, “plan”, “will”, “strive”, “outlook” and comparable expressions and
generally contain information that relates to expectations or goals for economic conditions, sales proceeds or other
yardsticks for the success of the enterprise. Forward-looking statements are based on currently valid plans, estimates
and expectations. You therefore should view them with caution. Such statements are subject to risks and factors of
uncertainty, most of which are difficult to assess and which generally are outside of the control of Klöckner & Co SE. The
relevant factors include the effects of significant strategic and operational initiatives, including the acquisition or
disposition of companies. If these or other risks and factors of uncertainty occur or if the assumptions on which the
statements are based turn out to be incorrect, the actual results of Klöckner & Co SE can deviate significantly from those
that are expressed or implied in these statements. Klöckner & Co SE cannot give any guarantee that the expectations or
goals will be attained. Klöckner & Co SE – notwithstanding existing obligations under laws pertaining to capital markets –
rejects any responsibility for updating the forward-looking statements through taking into consideration new information
or future events or other things.
In addition to the key data prepared in accordance with International Financial Reporting Standards, Klöckner & Co SE is
presenting non-GAAP key data such as EBITDA, EBIT, Net Working Capital and net financial liabilities that are not a
component of the accounting regulations. These key data are to be viewed as supplementary to, but not as a substitute
for data prepared in accordance with International Financial Reporting Standards. Non-GAAP key data are not subject to
IFRS or any other generally applicable accounting regulations. Other companies may base these concepts upon other
definitions.
2

3. Agenda
01
Highlights and update on strategy
02
Financials Q2 2013
03
Outlook
04
Appendix
3

4. 01
Negative market impact increasingly compensated by far advanced restructuring
measures
EBITDA-margin improved, net loss reduced
•
•
Market especially in Europe (-7,4% yoy)* but also in the US (-2.5% yoy)** in Q2 further under pressure
Turnover of Klöckner & Co declined by 9.3% yoy also due to closure and divestment of sites and
exit of low margin business (-5.0%p)
•
Sales -13.5% yoy additionally burdened by lower price level Gross profit of €305m under proportionally
by 11.4% below prior year, gross margin improved from 17.5% to 18.0%
•
•
Q2-EBITDA of €43m met guidance of €35-45m also w/o incl. €7m from the release of pension accruals
•
•
Operating EBITDA of between €30m-€40m expected for Q3 2013
Restructuring measures far advanced: 60 out of 70 sites closed and 1.800 out of more than 2.000 HC
reduced; extended measures to be implemented by the end of 2013, EBITDA contribution of €17m in
Q2 and €29m in H1 realized
Full year operating EBITDA target at last year`s level of €140m (before restructuring) despite weaker
H1 2013. Restructuring costs of €18m (w/o compensating effects) expected against €77m in 2012.
* Source: Eurometal; turnover of distribution in Q2 in Europe yoy.
** Source: MSCI; turnover of distribution/ SSC in Q2 in the US yoy.
4

5. Against the background of continuing muted outlook for the European steel market
we further extended our comprehensive restructuring program (KCO 6.0) in May
01
Measures
•
•
•
•
•
•
•
Program extension in France
Realization of further synergy potential in the US
Reduction of overall > 2,000 employees (= 17%) and ~70 sites
Total cost reduction increased to €190m
Total annual EBITDA-impact increased to ~€160m (before: €150m)
Reduction of NWC by >€170m
Additional cost of approximately €18m mainly offset by NWC release
€51m
2011-2012
2013
€29m
€65m
€45m
2014
already realized
5
Total annual EBITDA-impact of ~€160m

6. 01
Restructuring far advanced
Employees
Comments
11,577 -1,200
•
UK
ESP
F
•
-359
EEC
GER
Americas
Europe
9,995
-23
US
~9,700
BR Holding
Q3 2011
F, US
Q2 2013
•
Q4 2013
Reduced by ~ 1,600, including temps ~1,800
Sites
290
UK
ESP
Q3 2011
F
EEC
GER
US
BR
230
F, US
Q2 2013
6
220
Q4 2013
1,800 out of more than 2,000 HC
reductions completed
60 out of 70 targeted branches closed
or sold since start of program in Q3
2011
Only extended measures concerning
France and the US outstanding which
are according to plan to be
implemented in H2

7. 01
KCO 6.0 measures having strong impact on the P&L
KCO 6.0 EBITDA impact
Comments
•
KCO 6.0 EBITDA
expenses
€17m
50
171)
-23
•
20
10
6
44*
43
29
-14
21
33
16
24
•
-4
7
EBITDA
Q2 2012
Volume
Effect
Price
Effect
KCO
6.0 GP
effect
KCO 6.0
Fix-cost
effect
OPEX 2)
EBITDA
Q2 2013
•
In Q2 measures contributed an
additional €17m to EBITDA against
prior year, ytd €29m
Cost cuts achieved trough KCO 6.0
amounted to €24m in Q2, ytd €40m
Gross profit despite higher margin
€-34m due to lower turnover
OPEX declined by 9% compared to
Q2 2012
Total GP effect: €34m
OPEX
in €m
1)
294
288
-2.2%
Q2 12 3)
280
-2.6%
Q3 12 3)
Q4 123)
274
-2.3%
-1.8%
Q1 13
Q2 13
7
Includes one-off gain of €7m due to release of pension accruals.
3)
269
Restructuring costs.
2)
-9%
Incl. expenses due to initial application of IAS19 revised 2011
and excl. restructuring expenses.

8. 01
KCO WIN measures to support “Klöckner & Co 2020“ strategy
Growth and
optimization
External &
internal
growth
•
KCO WIN
Profitable growth strategy with focus on value added products and
services
•
•
•
Optimized net working capital
Optimized pricing and sales force management
Global sourcing to leverage price potential and global material flows
Service model
•
•
•
Advanced logistics
Extended e-commerce solutions
Specific value streams for servicing customers
Business model
innovations
•
Management &
personnel
development
•
Operations
Differentiation
Enabling
activities
Controlling &
IT systems
•
•
•
Opportunities for disruptive innovations through fundamental business
model changes
Optimized and extended management reviews and
development programs
Advanced systems for Accounting, Controlling, Audit, Tax & Treasury
Extended Corporate IT
Advanced global collaboration
8

9. Agenda
01
Highlights and update on strategy
02
Financials Q2 2013
03
Outlook
04
Appendix
9

10. 02
Financials Q2 2013
Turnover
Sales
-9.3%
€1,964m
-13.5%
1,863 Tto
€1,698m
1,690 Tto
Q2 2012
Q2 2013
Q2 2012
Gross profit
€344m*
€340m**
EBITDA
-11.4%
-10.2%
Q2 2012
Q2 2013
€305m
€50m*
Q2 2013
€33m**
Q2 2012
* Excluding restructuring costs but restated for the initial application of IAS19 revised 2011.
** Including restructuring costs and restated for the initial application of IAS19 revised 2011.
Restructuring costs
10
-13.5%
+31.7%
€43m
Q2 2013

11. 02
Financials H1 2013
Turnover
Sales
€3,909m
-10.3%
-15.0%
3,720 Tto
3,336 Tto
H1 2012
€3,322m
H1 2013
H1 2012
Gross profit
€687m*
€683m**
EBITDA
-11.6%
-11.1%
€97m*
€608m
-26.1%
€77m**
H1 2012
H1 2013
H1 2013
H1 2012
* Excluding restructuring costs but restated for the initial application of IAS19 revised 2011.
** Including restructuring costs and restated for the initial application of IAS19 revised 2011.
Restructuring costs
11
-6.5%
€72m
H1 2013

12. 02
Turnover and sales
Turnover (Tto) & Americas share
Sales (€m) & Americas share
+30.5%
1,885
1,857 1,863
1,763
1,765
1,764
1,636
39.5
39.5
1,585
40.5
41.1
42.3
42.7
1,646
43.5
1,885
1,945
1,964
1,739
1,847
1,633
44.3
27.6
-9.3%
33.6
34.6
37.1
37.0
37.8
1,625
36.3
1,690
37.4
+4.5%
+2.7%
•
•
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
37.5
-13.5%
32.4
Q2
2011
1,698
Q2
2013
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
•
Turnover share of Americas segment continuously
increasing from 32% in Q2 2011 to over 44% in Q2
2013
12
Sales -13.5% yoy additionally impacted by lower
price level
•
Turnover down 9.3% yoy due to weak steel markets
and restructuring impact of -5.0%p but sequentially
up by 2.7% driven by seasonal effects
Average price per ton down yoy (Q2 2013: €1,004
vs. Q2 2012: €1,054)

13. 02
Gross profit and EBITDA
Gross profit (€m) / Gross-margin (%)
EBITDA (€m) / EBITDA-margin (%)
62
344
344*
47*
50*
337
43*
3.3
37
2.5*
17.9
318
18.5*
307
16.8
Q2
2011
•
17.6
Q3
2011
Q4
2011
306
17.7
18.6
302*
17.5*
303
Q1
2013
2.4*
1.9
305
Q4
2012
29
24*
18.0
Q2
2013
2.5*
1.0
1.3*
21*
1.8
1.3*
18
Q4
2011
Q1
Q2
Q3
Q4
Q1
2012** 2012** 2012** 2012** 2013
16.6
Q1
2012
Q2
2012
Q3
2012
Q2
2011
•
Despite further declining prices, gross profit margin
improved compared to Q2 2012 (+0.5%p) mainly
due to exit of low margin business
Q3
2011
Strong cost reduction with positive effect on
EBITDA-margin, generating significantly higher
EBITDA qoq out of only slightly improved gross profit
* Incl. €7m pension release; without release 2.1% EBITDA-margin
* Before restructuring costs.
** As restated for the initial application of IAS19 revised 2011.
13
Q2
2013

14. 02
Key figures by segment
Turnover (Tto)
Sales (€m)
EBITDA (€m)
50
Europe
1,365
1,251
1,192
1,067 990 1,105 1,097 1,018
1,137
908
930
1,223 1,237
1,149
941
35*
28***
24
22*
22*
16*
-14.3%
Turnover (Tto)
698
752
646
12*
-14.2%
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2011 2011 2011 2012 2012 2012 2012 2013 2013
Americas
1,041 1,017 1,061
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2011 2011 2011 2012 2012 2012 2012 2013 2013
Sales (€m)
766
746
677
716
571
634
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2011 2011 2011 2012** 2012** 2012** 2012** 2013 2013
EBITDA (€m)
722
749
727
602
698
592
608
637
520
29
23
22
15
21
20
16*
13
12
-12.3%
-2.1%
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2011 2011 2011 2012 2012 2012 2012 2013 2013
14
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2011 2011 2011 2012 2012 2012 2012 2013 2013
* Restructuring costs: Europe: €3m in Q1, €17m in Q2, €-1m in Q3 and €57m in Q4; Q4 2011: €10m; Americas: €1m in Q4.
** As restated for the initial application of IAS19 revised 2011.
*** Includes €7m release of pensions.
14
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2011 2011 2011 2012** 2012** 2012** 2012** 2013 2013

15. 02
Cash flow and net debt development
Cash flow reconciliation in Q2 2013 (€m)
18
Comments
•
•
-29
-9
43
-35
-12
-20
-8
EBITDA Change in Interest Taxes
reported NWC
Other
CF from Capex
operating net
activities
Free CF
Development of net financial debt in Q2 2013 (€m)
Q1 2013
-482
CF from
operating
activities
Capex
(net)
-12
-8
Other*
Q2 2013
13
-489
* exchange rate effects, interest.
15
NWC reduced qoq due to weak demand
Capex (net) of €-8m

16. 02
Strong balance sheet
Assets
Equity & liabilities
3,880
1,107
Inventories
1,069
1,254
3,880
1,502
1,514
38.9%
1,384
1,251
994
1,132
FY 2012**
Equity
3,897
38.7%
Non-current assets
3,897
Q2 2013
1,198
Non-current liabilities
Trade receivables
787
960
Other current assets
122
Liquidity
610
100
570
FY 2012**
Q2 2013
Current liabilities
Comments
•
•
•
•
Equity ratio still solid at 39%
* Gearing = Net debt/Equity attributable to shareholders of
Klöckner & Co SE less goodwill from business
combinations subsequent to May 23, 2013.
Net debt of €489m
** As restated for the initial application of IAS 19 rev. 2011.
Gearing* at 33%
NWC increased seasonally by €49m to €1,456m
16

17. 02
Balanced maturity profile June 2013
Drawn amount
€m Facility
€m
Committed
Q2 2013*
Q2 2013
FY 2012*
Adjusted equity
565
184
98
4
4
9
ABS
570
179
161
Gearing 3)
Syndicated Loan
360
161
161
Promissory Note
269
270
348
Maturity profile of committed facilities and drawn
amounts (€m)
864
Bilateral Facilities
1)
Other Bonds
1,493
489
Net debt
33%
8
Total Senior Debt
1,768
798
777
Convertible 2009 2)
98
92
92
Convertible 2010 2)
186
170
164
2,052
1,060
1,033
570
611
360
471
371
Total Debt
Cash
Net Debt
489
212
52
62
206
46
422
*Including interest
1) Including finance lease
2) Drawn amount excludes equity component
3) Net debt/Equity attributable to shareholders of Klöckner & Co SE less goodwill from business combinations
subsequent to May 23, 2013
4) Incl. Swiss facilities of 156 Mio. EUR which are automatically renewed on a yearly basis
2013
98
4)
299
42
71
179
62
ABS
98
261
11
71
216
160
104
186
2015
Syndicated loan
Left side: committed facilities
17
8
19
2014
Bilaterals
67
360
268
186
136
136
2016
Promissory notes
Right side: drawn amounts
210
112
Thereafter
Convertibles

18. 02
•
Balance sheet remains strong
•
•
•
Equity ratio still solid at 39%
Gearing at a low level of 33%
Financing position is very robust
•
•
•
•
•
•
Solid financing and balance sheet structure support strategy “Klöckner & Co 2020“
Diversified finance structure with 10 different finance instruments
Balanced maturity profile with average maturity of 3 years
Access to facilities of around €2.1bn in total
€570m cash
European ABS and Syndicated Loan each amounting to €360m prolonged until May 2016
Targets for 2013
•
•
Free cash flow positive
Reducing NWC and net debt
18

19. Agenda
01
Highlights and update on strategy
02
Financials Q2 2013
03
Outlook
04
Appendix
19

20. 03
Demand expectations for H2
As the seasonal summer slowdown approaches, markets in Europe and North America
will remain quiet with prices tending overall upwards in Q3
•
Europe
•
•
US
•
•
Brazil
•
•
China
•
•
Construction in Germany and Switzerland slightly better, France and UK stable on low level,
Spain weak
Auto is expected to be low throughout 2013, especially in France
Slightly improving demand for machinery & mechanical engineering in Germany
Auto, HVAC, barge and shipbuilding, storage tanks better
non-res construction, mining, yellow goods, machinery weaker
Further increasing demand for agricultural equipment, trucks and in energy sector
Weaker demand for mining and sugar mills
Healthy demand for steel structures and port equipment for export
Basically all other sectors are not doing well, particularly mechanical engineering and
construction equipment, which is heavily oversupplied
20

21. 03
•
Outlook
Q3 2013
•
Turnover and sales to be seasonally lower but less pronounced because of improving outlook in
the US
•
EBITDA guidance of €30-40m driven by increasing prices and further restructuring effects kicking in
•
FY 2013
•
•
•
•
Turnover and sales expected to come in below prior year`s level mainly due to weaker H1
Operating EBITDA target at last year`s level of €140m before restructuring costs
Free cash flow expected to be positive
Net debt again to be reduced yoy despite restructuring cash-outs
21

22. Agenda
01
Highlights and update on strategy
02
Financials Q2 2013
03
Outlook
04
Appendix
22

23. 04
Quarterly results and FY results 2008-2013
(€m)
Q2
2013
Q1
2013
Q4
2012*
Q3
2012*
Q2
2012*
Q1
2012*
Q4
2011
Turnover (Tto)
1,690
1,646
1,585
1,764
1,863
1,857
1,636
1,765
1,763
7,068
6,661
5,314
4,119
5,974
Sales
1,698
1,625
1,633
1,847
1,964
1,945
1,739
1,885
1,885
7,388
7,095
5,198
3,860
6,750
Gross profit
305
303
298
306
340
344
307
318
337
1,288
1,315
1,136
645
1,366
% margin
18.0
18.6
18.3
16.6
17.3
17.7
17.6
16.8
17.9
17.4
18.5
21.9
16.7
20.2
EBITDA rep.
43
29
-35
18
33
44
14
37
62
60
217
238
-68
601
% margin
2.5
1.8
-2.1
1.0
1.7
2.3
0.8
1.9
3.3
0.8
3.1
4.6
-1.8
8.9
EBIT
17
2
-89
-9
-24
18
-18
8
36
-105
111
152
-178
533
-19
-19
-14
-22
-18
-25
-21
-22
-21
-80
-84
-67
-62
-70
Income before taxes
-2
-16
-103
-31
-42
-8
-39
-15
15
-185
27
84
-240
463
Income taxes
-2
1
-19
3
3
-4
12
3
-9
-18
-17
-4
54
-79
Net income
-4
-16
-123
-29
-39
-12
-27
-12
5
-203
10
80
-186
384
0
0
-1
-1
0
1
-1
-1
0
-3
-1
3
3
-14
-4
-16
-122
-28
-39
-11
-27
-11
5
-200
12
78
-188
398
EPS basic (€)
-0.04
-0.16
-1.22
-0.28
-0.39
-0.11
-0.27
-0.11
0.07
-2.00
0.14
1.17
-3.61
8.56
EPS diluted (€)
-0.04
-0.16
-1.22
-0.28
-0.39
-0.11
-0.27
-0.11
0.07
-2.00
0.14
1.17
-3.61
8.11
Financial result
Minority interests
Net income KlöCo
*) Restated due to initial application of IAS19 revised 2011.
23
Q3
2011
Q2
2011
FY
2012*
FY
2011
FY
2010
FY
2009
FY
2008

24. 04
Balance sheet as of June 30, 2013
(€m)
June 30, 2013
December 31, 2012*
Comments
Non-current assets
1,069
1,107
Inventories
1,198
1,254
Trade receivables
960
787
•
Cash & Cash equivalents
570
610
Financial debt:
Other assets
100
122
Total assets
3,897
3,880
Equity
1,514
1,502
Total non-current
liabilities
1,251
1,384
825
914
Total current liabilities
1,132
994
thereof trade payables
702
634
Total equity and
liabilities
3,897
3,880
Net working capital
1,456
1,407
489
422
thereof financial liabilities
Net financial debt
*) Restated due to initial application of IAS19 revised 2011.
24
Shareholders’ equity:
•
•
Remains stable at 38.9%
Gearing at 33%
Gross debt of €1.1bn and
cash position of €0.6bn
result in a net debt position
of €489m

25. 04
Profit & loss Q2 2013
(€m)
Q2 2013
Q2 2012*
1,698
1,964
305
340
Personnel costs
-142
-163
Other operating expenses (net)
-120
-144
43
33
-26
-57
17
-24
-19
-18
EBT
-2
-42
Taxes
-2
3
Net income
-4
-39
0
0
-4
-39
Sales
Gross profit
EBITDA
Depreciation & Amortization
EBIT
Financial result
Minorities
Net income attributable to KCO shareholders
*) Restated due to initial application of IAS19 revised 2011.
25

26. 04
Segment performance Q2 2013
(€m)
Europe
Americas
HQ/Consol.
Total
Q2 2013
941
749
1,690
Q2 2012
1,097
766
1,863
-14.3
-2.1
-9.3
Q2 2013
1,061
637
0
1,698
Q2 2012
1,237
727
0
1,964
-14.2
-12.3
Q2 2013
28
20
% margin
2.6
3.2
Q2 2012*
18
22
%margin
1.4
3.0
1.7
Δ % EBITDA
54.2
-6.6
31.7
Turnover (Tto)
Δ%
Sales
Δ%
-13.5
EBITDA
-5
43
2.5
-7
33
* Restated due to initial application of IAS19 revised 2011.
26

27. 04
Sales split by market, product and industry
Sales by markets
China
Brazil
<1%
1%
Netherlands
Spain
3%
3%
UK
6%
Switzerland
38%
13%
Germany/EEC
USA
10%
France/Belgium
25%
Sales by industry
Miscellaneous
Household appliances/
Consumer goods
10%
11%
Tubes
7%
Quality steel/Stainless steel
8%
Flat products
7%
Aluminium
46%
21%
Long products
27
26%
Machinery and mechanical
engineering
10%
Local dealers
Others
Construction industry
6%
Automotive industry
Sales by product
36%
12%

28. 04
Current shareholder structure
Comments
Geographical breakdown of identified
institutional investors
US
Germany
•
42%
24%
•
UK
9%
France
8%
•
Switzerland
6%
•
Other EU
4%
Other World
7%
As of July 2013.
28
Identified institutional investors
account for 51%
German investors incl. retail
dominate
Top 10 shareholdings represent
around 25%
Retail shareholders represent 30%

29. 04
Appendix
Financial calendar 2013/2014
August 7, 2013
Q2 interim report 2013
November 6, 2013
Q3 interim report 2013
March 5, 2014
Annual Financial Statements 2013
May 7, 2014
Q1 interim report 2014
June 6, 2014
Annual General Meeting 2014, Düsseldorf
August 6, 2014
Q2 interim report 2014
November 5, 2014
Q3 interim report 2014
Contact details Investor Relations
Christian Pokropp, Head of Investor Relations & Corporate Communications
Phone:
+49 203 307 2050
Fax:
+49 203 307 5025
E-mail:
christian.pokropp@kloeckner.com
Internet:
www.kloeckner.com
29

30. Our Symbol
the ears
attentive to customer needs
the eyes
looking forward to new developments
the nose
sniffing out opportunities
to improve performance
the legs
always moving fast to keep up with
the demands of the customers
the ball
symbolic of our role to fetch
and carry for our customers