Interim Report 11/12. ThyssenKrupp AG 9 months October 01, 2011 June 30, Developing the future.

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1 Interim Report 11/12 ThyssenKrupp AG October 01, Developing the future.

2 ThyssenKrupp in brief Our employees in around 80 countries work with passion and expertise to develop solutions for sustainable progress. Their skills and commitment are the basis of our success. For Stammdaten us, innovations der ThyssenKrupp and technical Aktie progress are key factors in managing global growth and using finite resources in a sustainable way. With our engineering expertise in the areas of Material, Mechanical and Plant, we enable our customers to gain an edge in the global market and manufacture innovative products in a cost- and resource-efficient ISIN (International Stock Identification Number) DE way. Börsenplätze Kürzel Börsen Frankfurt, Düsseldorf Frankfurt (Prime Standard), Düsseldorf The basis for this is responsible corporate governance geared towards long-term value growth. In an ever-changing Reuters (Xetra-Handel) TKAG.DE business environment we are continuously evolving our company to enable us to meet the global challenges of the Bloomberg (Xetra-Handel) TKA GY future with innovative solutions. TKA ThyssenKrupp stock master data ISIN (International Stock Identification Number) DE Stock exchange Frankfurt (Prime Standard), Düsseldorf Symbols Frankfurt, Düsseldorf stock exchange TKA Reuters (Xetra trading) TKAG.DE Bloomberg (Xetra trading) TKA

3 Interim Report / Contents 01 Contents ThyssenKrupp in figures 02 1 Interim management report Strategic development of the Group 03 Group review 05 Business area review 12 ThyssenKrupp stock 21 Innovations 22 Employees 23 Financial position 24 Subsequent events 27 Expected developments and associated opportunities and risks 27 2 Condensed interim financial statements Consolidated statement of financial position 31 Consolidated statement of income 32 Consolidated statement of comprehensive income 33 Consolidated statement of changes in equity 34 Consolidated statement of cash flows 35 Selected notes to the consolidated financial statements 36 3 Review report 45 4 Further information Report by the Supervisory Board Audit Committee 46 Contact 47 /2013 dates 47 This interim report was published on August 10,.

4 Interim Report / ThyssenKrupp in figures 02 ThyssenKrupp in figures Group continuing operations 2010/* /* Change Change 2010/* /* Change Order intake million 34,309 31,905 (2,404) (7) 12,984 10,231 (2,753) (21) Sales million 32,206 31,219 (987) (3) 11,506 10,710 (796) (7) EBITDA million 2,363 1,562 (801) (34) (285) (30) EBIT million 1, (906) (73) (253) (46) EBIT marg (2.8) (2.0) Adjusted EBIT million 1, (927) (73) (448) (79) Adjusted EBIT marg (2.8) (3.9) EBT million 852 (133) (985) (278) (66) Adjusted EBT million 873 (133) (1,006) (33) (473) -- Income/(loss) (net of tax) (attributable to ThyssenKrupp AG's shareholders) million 576 (220) (796) Basic earnings per share 1.24 (0.43) (1.67) Operating cash flow million (396) (526) (130) (33) Free cash flow million (2,032) (988) 1, , Employees (June 30) 171, ,588 (15,498) (9) 171, ,588 (15,498) (9) Change Group including Stainless Global (discontinued operation) 2010/* /* Change Change 2010/* /* Change Order intake million 38,228 35,630 (2,598) (7) 14,120 11,362 (2,758) (20) Sales million 36,487 35,409 (1,078) (3) 12,851 12,116 (735) (6) EBITDA million 2,560 1,409 (1,151) (45) (410) (42) EBIT million 1,315 (434) (1,749) (394) (72) EBIT marg 3.6 (1.2) (4.8) (3.0) Adjusted EBIT million 1, (1,058) (79) (465) (82) Adjusted EBIT marg (2.9) (3.6) EBT million 904 (927) (1,831) (12) (419) -- Adjusted EBT million 925 (215) (1,140) (62) (490) -- Net income/(loss) (attributable to ThyssenKrupp AG's shareholders) million 626 (938) (1,564) (103) (49) Basic earnings per share 1.35 (1.82) (3.17) (0.25) (54) Operating cash flow million (805) (848) (43) (5) Free cash flow million (2,608) (1,586) 1, Net financial debt (June 30) million 6,249 5,800 (449) (7) 6,249 5,800 (449) (7) Total equity (June 30) million 10,840 9,088 (1,752) (16) 10,840 9,088 (1,752) (16) Employees (June 30) 182, ,394 (15,031) (8) 182, ,394 (15,031) (8) Change Business Areas 2010/* Order intake (million ) /* 2010/* Sales (million ) /* 2010/* EBIT (million ) /* 2010/* Adjusted EBIT (million ) /* Employees Steel Europe 9,656 8,206 9,763 8, ,702 28,843 28,104 Steel Americas 856 1, ,587 (887) (781) (887) (778) 3,995 4,060 4,236 Materials Services 11,150 10,009 10,995 9, ,440 36,568 27,945 Elevator Technology 3,984 4,582 3,864 4, ,603 46,243 46,656 Plant Technology 3,009 2,637 2,809 2, ,194 13,478 14,105 Components Technology 5,208 5,464 5,147 5, ,049 31,270 27,775 Marine Systems 2,730 1,409 1, (32) ,398 5,295 3,781 Corporate (319) (324) (298) (328) 2,705 2,803 2,986 Consolidation (2,380) (2,136) (2,445) (2,129) (246) (266) (246) (267) Continuing operations 34,309 31,905 32,206 31,219 1, , , , ,588 Sept. 30, 2010/* Order intake (million ) /* 2010/* Sales (million ) /* 2010/* EBIT (million ) /* 2010/* Adjusted EBIT (million ) /* Steel Europe 3,006 2,511 3,518 2, Steel Americas (190) (263) (190) (262) Materials Services 3,973 3,235 3,980 3, (42) Elevator Technology 1,320 1,575 1,298 1, Plant Technology 1, , Components Technology 1,811 1,828 1,779 1, Marine Systems 2, Corporate (120) (106) (99) (107) Consolidation (914) (653) (952) (738) (97) (96) (97) (97) Continuing operations 12,984 10,231 11,506 10, * period June 30 As part of its strategic development program ThyssenKrupp is divesting its stainless steel and high-performance alloy business. As of September 30, the Stainless Global business area is therefore classified as a discontinued operation in accordance with IFRS. The continuing operations of the Group comprise the remaining seven business areas and Corporate.

5 Interim Report / Strategic development of the Group 03 Strategic development of the Group Important progress achieved with strategic development program ThyssenKrupp wants to position itself as a diversified industrial group in attractive growth markets and close to its customers worldwide. For this, the Executive Board decided on an integrated strategic development program to move ThyssenKrupp forward competitively and sustainably. Global trends such as demographic change, urbanization, globalization, climate change, and resource efficiency form the basis for developing new business opportunities. The strategy, which includes portfolio optimization, change management processes and performance enhancement measures, moved forward successfully in all three areas in the first of fiscal /, achieving substantial progress: Sale agreements have already been signed or closed for 90% of the sales volume up for disposal under the portfolio optimization measures. One important measure was the sale of the US iron foundry Waupaca after the necessary approvals were obtained to KPS Capital Partners. We achieved a significant disposal gain and cash inflow and thus generated value. In addition to the launch of a Groupwide mission statement, the change management processes also include strengthening the regional organization to better utilize our opportunities on future growth markets. Pilot projects have been launched in North America, India, Japan and Turkey. Measures under our corporate program impact are making a particular contribution to enhancing our performance and are expected to deliver a positive EBIT effect in excess of 300 million by the end of fiscal /. Continuous benchmarking is one method used to maintain our focus on performance. The standardization of our IT infrastructure and harmonization of reporting processes are helping create the increased transparency essential for the efficient management of the Group. As an additional impact measure, the new synergize+ program was launched in April, aimed at achieving cost benefits in purchasing. Review of strategic options for Steel Americas The economic parameters for the Steel Americas business area have changed significantly since the strategy for an integrated network with the slab plant in Rio de Janeiro and the processing plant in Mobile, Alabama was developed. Strategic options in all directions are therefore being examined for both plants in parallel with further technical and commercial optimization. This may involve a partnership or a sale to a best owner whose strategy can better utilize the outstanding quality and fundamental competitiveness of the individual plants. The banks Goldman Sachs and Morgan Stanley were mandated to support the examination of the strategic options on June 27,. The strategic review is being carried out with an open mind. Both plants will hold leading positions on their respective markets in terms of technology and conversion costs. Portfolio further optimized We continued to drive forward the strategic portfolio optimization in the first of fiscal /: The agreement to combine the Finnish stainless steel producer Outokumpu and Inoxum, the stainless steel arm of ThyssenKrupp, was signed on January 31,. The conclusion of the transaction is subject to approval by the competent regulatory authorities. The EU Commission has now completed Phase I of the antitrust investigation and, as expected, moved on to an in-depth Phase II on May 21,. We are confident that the transaction will be completed by the end of. Until the closing, Inoxum and Outokumpu will continue to operate as independent competitors. The sale of the Xervon group from the Materials Services business area to the industrial service provider REMONDIS was completed on November 30,.

6 Interim Report / Strategic development of the Group 04 Components Technology sold the Brazilian Automotive Systems operations to a subsidiary of the automotive supplier Magna on December 06,. UK-based Star Capital Partners acquired the civil shipbuilding operations of the Marine Systems business area on January 31,. The restructuring of our shipyards is now largely completed. In the Components Technology business area, we completed the integration of the chassis operations of the Bilstein group and Presta Steering into ThyssenKrupp Chassis as planned in spring, creating a major chassis fullservice provider with a global footprint and sales of around 3 billion. The sale of the US iron foundry Waupaca from Components Technology to New York-based private equity company KPS Capital Partners was completed on June 29,. With three plants in Waupaca and one in Marinette, Wisconsin, as well as facilities in Tell City, Indiana, and Etowah, Tennessee, the company is the largest independent iron foundry in the world. It employs 3,500 people in all three states and had sales of nearly US$1.5 billion in the last fiscal year. The disposal processes for the springs and stabilizers business at Components Technology and ThyssenKrupp Tailored Blanks at Steel Europe are being continued intensively. In addition, targeted acquisitions were made to support the expansion of the Technologies businesses: To improve its presence on the Asian coke plant market, the Plant Technology business area acquired the Tokyobased Otto Corporation on October 05,. Plant Technology also acquired London-based Energy & Power Global on July 02,, an engineering consultancy serving clients worldwide in the oil, gas and energy industries. The acquisition strengthens ThyssenKrupp s international plant engineering activities. The Elevator Technology business area strengthened its market position in the first of the fiscal year with acquisitions in North America and the purchase of equity interests in the Asian growth market. impact on track The success of numerous measures and initiatives reflects the mobilizing effect and high level of acceptance achieved by the corporate program impact throughout the Group. Through performance measures under the program, we are on track to achieve a positive EBIT effect of 300 million by the end of fiscal /. Launched in, the program comprises four initiatives: Customers & Markets, Performance & Portfolio, Innovation & Technology, and People & Development. That means impact is the sum of many activities and measures aimed at increasing the productivity, customer focus and innovativeness of the Company. The program is now established in all business areas. As part of the impact initiative Performance & Portfolio, the new program synergize+ was launched in April to improve the performance of the Group s purchasing and supply management activities. It will sustainably reduce the cost of bought-in products and services.

7 Interim Report / Group review 05 Group review EBIT in capital goods business remains high materials business impacted by economy overall positive earnings net financial debt reduced Due to the general economic weakness in the first of / (October 01, ), order intake from ThyssenKrupp s continuing operations at 31.9 billion and sales at 31.2 billion fell short of the comparable prior-year figures. In our materials business, low volumes and prices resulted in weaker orders and sales. In the capital goods business, by contrast, order intake taking into account a major order at Marine Systems in the prior-year period and sales were very stable. Orders for elevators and escalators rose to new record levels. Including the discontinued operation Stainless Global, which operates under the name Inoxum, order intake in the first of / came to 35.6 billion, and sales to 35.4 billion. Adjusted EBIT from continuing operations decreased to 339 million from 1,266 million a year earlier. With the exception of Steel Americas, all business areas reported positive adjusted EBIT. In the materials business, however, the 778 million loss at Steel Americas could not be offset by the other business areas Steel Europe and Materials Services. Adjusted EBIT from the materials businesses amounted to (372) million. Our capital goods businesses achieved adjusted EBIT of 1,306 million, with the biggest contribution coming from Elevator Technology. Corporate costs and consolidation items amounted to (595) million. Including Stainless Global, the Group s adjusted EBIT fell from 1,336 million to 278 million. We made clear progress towards our goal of reducing net financial debt. Including Stainless Global, net financial debt was 5,800 million at, down both year-on-year ( : 6,249 million) and quarter-on-quarter (March 31, : 6,480 million). The quarter-on-quarter decrease was the result of reductions in inventories and the disposal of the US foundry Waupaca. Taking into account cash and cash equivalents and committed credit lines totaling 7,283 million as well as a balanced maturity structure, ThyssenKrupp is solidly financed. The highlights for the first /: Order intake from continuing operations decreased year-on-year by 7% to 31.9 billion. Significant growth in the elevator business and components business was not quite enough to offset the declines in the materials business. Order intake in the / fell by 12% quarter-on-quarter. The prior-year order intake included a 2 billion order at Marine Systems Sales from continuing operations were 3% lower than a year earlier at 31.2 billion. Sales from the capital goods operations increased. 3rd-quarter sales rose by 1% quarter-on-quarter. Adjusted EBIT from continuing operations came to 339 million, compared with 1,266 million a year earlier. At 122 million, the figure was on a comparable level with the 2nd quarter, although Steel Americas posted a clear loss. With the exception of Steel Americas, all business areas delivered positive contributions both in the 3rd quarter and in the first. EBIT from continuing operations was 339 million, down from 1,245 million in the prior-year period. EBIT margin declined from 3.9% to 1.1%. Earnings per share from continuing operations decreased from 1.24 to (0.43).

8 Interim Report / Group review 06 Economic environment still weak The global economy is showing signs of persistent weakness. After falling to 3.3% last year, global GDP growth is likely to have slowed further in the 1st half of, mainly affecting the industrialized countries. The economic performance of the euro zone was particularly disappointing. GDP stagnated in the 1st quarter. The countries of southern Europe hit particularly hard by the debt crisis reported negative growth rates. By contrast, the Germany economy was unexpectedly positive. Thanks to high exports, economic output increased by 0.5% quarter-onquarter. According to current estimates, Germany s GDP showed only slight growth in the 2nd quarter, while the euro zone economy as a whole contracted slightly. In the USA, GDP in the 1st quarter grew by 0.5% quarter-on-quarter on the back of higher industrial output and stronger consumer spending; 2nd-quarter growth was 0.4%. Following sharp falls in growth in the prior year, the Japanese economy recovered perceptibly; GDP grew by 1.2% in the 1st quarter and probably again in the 2nd quarter. In the emerging countries, the previously mainly high growth rates slowed appreciably at the start of the year. Weaker export demand and lower housing investment dampened the pace of expansion in China, with quarter-on-quarter growth in the 1st and 2nd quarters slowing to 1.6% and 1.8% respectively. In Brazil, declining exports and stagnating industrial output resulted in low economic growth of 0.2% in the 1st quarter.

9 Interim Report / Group review 07 Situation in the sectors mixed Flat carbon steel The weak economy also impacted the international steel markets. Global crude steel output increased by only 1% to 767 million tons in the 1st half. The slower growth was mainly due to the lower pace of expansion in China compared with previous years; China s crude steel output rose just 2% to 357 million tons. Production in the USA expanded strongly by 8% to 46 million tons. By contrast, weaker steel demand led to production cutbacks in many other regions. The EU steel industry recorded a 5% decline to 89 million tons. Production in Germany was roughly 22 million tons in the 1st half, a drop of 6% from the very high prior-year volume. Demand on the European flat carbon steel market remained subdued. While moderate restocking resulted in a brief recovery in demand in the 1st quarter, the weaker economy had an increasing impact on key customer industries in the months that followed. Distributors and end customers continued to place orders very carefully. Steel prices on the European spot markets, which rose strongly in the first three months of the year, came under pressure again in the 2nd quarter. Low steel prices and the weakening of the euro lessened import pressure. As a result, the European flat carbon steel producers suffered only comparatively moderate volume losses and were able to regain share in the declining EU market. The US flat carbon steel market recorded higher demand from key steel-using sectors, in particular the automotive and energy industries. However, high shipments by domestic producers and increasing imports led to oversupply, triggering a higher price drop than in Europe. Automotive The international automotive markets showed strong regional differences. In the USA, sales of cars and light trucks rose year-on-year by 15% to 7.2 million vehicles in the 1st half on the back of high replacement demand. The Japanese market also recovered strongly from the consequences of the natural disaster. The Chinese vehicle market likewise recorded high levels of new registrations. Sales rose by 20% to 7.2 million cars and light trucks in the 1st half. By contrast, the Brazilian automotive market declined slightly. In the European Union, new car registrations fell by 7% year-on-year to 6.6 million vehicles in the 1st half. As a result of the debt crisis, sales fell particularly sharply in southern Europe. In Germany, new car registrations rose by 1% year-on-year to 1.63 million. Exports slipped by 1% to 2.16 million units, and car production also dropped by 1% to 2.84 million units. The heavy truck market recently showed strong signs of slowing. Machinery The high prior-year growth rates on the machinery markets slowed, although China and the USA are expected to report further production increases in the 1st half. German machinery manufacturers increased their output in the 1st half, but only thanks to high orders in hand. New orders in the same period fell by 7%. Demand for elevators and escalators was also lower year-on-year. New business in the German plant engineering industry in the first few months of fell to its lowest level since mid Construction The construction industry in the industrialized countries remained generally weak in the 1st half. Although the US real estate market stabilized recently at a low level, there were further declines in the countries of southern Europe. Construction growth was higher in emerging countries such as China and India. The German construction sector remained very robust. Orders rose appreciably in the year to date, particularly for housing construction, which profited from low interest rates and the uncertainties emanating from the financial markets.

10 Interim Report / Group review 08 Orders and sales impacted by the economy In a continuing difficult economic environment, both orders and sales at ThyssenKrupp fell short of the prior-year figures. ThyssenKrupp continuing operations in figures Change Order intake million 34,309 31,905 (7) 12,984 10,231 (21) Sales million 32,206 31,219 (3) 11,506 10,710 (7) EBITDA million 2,363 1,562 (34) (30) EBIT million 1, (73) (46) EBIT marg Adjusted EBIT million 1, (73) (79) Adjusted EBIT marg EBT million 852 (133) (66) Adjusted EBT million 873 (133) (33) -- Income/(loss) (net of taxes) (attributable to ThyssenKrupp AG's shareholders) million 576 (220) Basic earnings per share 1.24 (0.43) Operating cash flow million (396) (526) (33) Free cash flow million (2,032) (988) , Employees (June 30) 171, ,588 (9) 171, ,588 (9) Change The continuing operations achieved order intake of 31.9 billion in the first /, 7% down from a year earlier. Sales decreased by 3% year-on-year to 31.2 billion. In particular the materials business showed a weaker performance, with low volumes and prices resulting in declining orders and sales. In the capital goods business, by contrast, order intake taking into account a major order at Marine Systems in the prior-year period and sales were very stable. In the /, orders were 12% lower quarter-on-quarter, and sales 1% higher. Here again, the capital goods businesses performed significantly better. Including Stainless Global, the Group s order intake fell slightly by 7% to 35.6 billion in the first /, and sales by 3% to 35.4 billion. Adjusted EBIT positive Adjusted EBIT from continuing operations decreased to 339 million from 1,266 million a year earlier. With the exception of Steel Americas, all business areas reported positive adjusted EBIT. In the materials business, however, the 778 million loss at Steel Americas could not be offset by the other business areas Steel Europe and Materials Services. Adjusted EBIT from the materials businesses amounted to (372) million. Our capital goods businesses achieved adjusted EBIT of 1,306 million, with the biggest contribution coming from Elevator Technology. Corporate costs and consolidation items amounted to (595) million. Adjusted EBIT margin from continuing operations decreased from 3.9% to 1.1%.

11 Interim Report / Group review 09 Including Stainless Global, the Group s adjusted EBIT slipped from 1,336 million to 278 million; adjusted EBIT margin fell from 3.7% to 0.8%. EBIT from continuing operations affected by special items EBIT from continuing operations in the reporting period came to 339 million; positive and negative special items offset each other. In the, net positive special items contributed 174 million to EBIT from continuing operations. They included disposal gains at Components Technology from the deconsolidation of the US foundry Waupaca. This was partly offset by special items of 133 million in connection with the so-called rail cartel at Materials Services. There were also charges for restructuring costs, in particular at Elevator Technology. Special items from continuing operations in million Change EBIT 1, (73) (46) +/- Disposal losses/gains 21 (404) (355) -- + Restructuring expense Impairment Other non-operating expense Other non-operating income 0 (28) 0 0 Adjusted EBIT 1, (73) (79) Change Taking into account negative EBIT of (769) million from Stainless Global, the Group s EBIT including discontinued operations was (434) million. The reasons for this were 110 million special items at Stainless Global, mainly due to restructuring and impairment of the Nirosta melt shop, and 574 million fair value adjustments in connection with the carve-out of Stainless Global. Group EBIT margin including discontinued operations was (1.2)%.

12 Interim Report / Group review 10 Analysis of the statement of income At 31,219 million, net sales from continuing operations in the first of fiscal year / were 987 million or 3% lower than in the corresponding prior-year period. The cost of sales from continuing operations decreased by only 60 million altogether; a mainly sales-related reduction in material expense was partly offset by a rise in fixed manufacturing costs. Gross profit from continuing operations decreased to 3,947 million, while gross margin dropped from 15% to 13%. Research and development cost from continuing operations was 7% higher than in the corresponding prior-year period. Selling expenses from continuing operations increased by 72 million, mainly due to higher expenses for sales-related freight and insurance charges. General and administrative expenses from continuing operations decreased by 44 million, mainly due to lower personnel expense. The 15 million rise in other income from continuing operations was mainly the result of insurance recoveries. The 277 million increase in other expenses from continuing operations was caused particularly by goodwill impairment charges in connection with the sale of the civil operations of Blohm + Voss and expenses in connection with the rail cartel proceedings. Other gains and losses attributable to continuing operations were 324 million higher than a year earlier. Gains on the disposal of the US foundry Waupaca, the Xervon group and the Brazilian Automotive Systems activities were recognized in the reporting period; these were partly offset by negative exchange rate effects from non-income taxes. The 48 million increase in financing income was caused mainly by exchange rate effects in connection with finance transactions, partly offset by reduced interest income from financial receivables. The 94 million rise in financing expense from continuing operations mainly reflected exchange rate effects in connection with finance transactions and increased interest expense for financial debt. The tax expense from continuing operations of 126 million resulted in an effective tax charge of (94.7)% in the first 9 months /, mainly due to valuation allowances for deferred income tax assets. After taking into account income taxes, the loss from continuing operations came to 259 million, a deterioration of 812 million from the prior-year period. Including the 721 million after-tax loss from discontinued operations attributable to Stainless Global, there was a net loss of 980 million in the reporting period, compared with net income of 604 million in the prior year. A net loss of 42 million was attributable to non-controlling interest in the reporting period, compared with a net loss of 22 million in the corresponding prior-year period. The 20 million increase related mainly to companies in the Components Technology business area hit by declining demand in the wind energy and infrastructure sectors in China. Earnings per share based on the net income/loss attributable to the shareholders of ThyssenKrupp AG decreased yearon-year by 3.17 to (1.82). Earnings per share from continuing operations declined by 1.67 to (0.43).

13 Interim Report / Group review 11 Net financial debt and capital expenditure We have made clear progress with our goal of reducing net financial debt. Net financial debt, including Stainless Global, was 5,800 million at and was therefore lower both year-on-year ( : 6,249 million) and quarter-on-quarter (March 31, : 6,480 million). The decrease from the prior quarter resulted from the reduction of inventories and the disposal of the US foundry Waupaca. Taking into account cash, cash equivalents and committed credit lines totaling 7,283 million and our balanced maturity structure, ThyssenKrupp is solidly financed. ThyssenKrupp invested a total of 1,481 million in the first /, 24% less than a year earlier. 1,421 million was spent on property, plant and equipment and intangible assets, and 60 million on the acquisition of businesses, shareholdings and other financial assets. Excluding the major projects in Brazil and the USA, capital expenditures came to 1,089 million, compared with 757 million in the prior year. Current issuer ratings ThyssenKrupp has been rated by Moody's and Standard & Poor's since 2001 and by Fitch since In the 3rd quarter of the current fiscal year Standard & Poor's lowered our long-term rating from BB+ to BB. At Standard & Poor's our rating continues to be below investment grade. At Moody's and Fitch, however, our rating remains investment grade. Long-term rating Short-term rating Standard & Poor's BB B Negative Moody's Baa3 Prime-3 Negative Fitch BBB- F3 Negative Outlook

14 Interim Report / Business area review 12 Business area review Steel Europe Steel Europe in figures Change Order intake million 9,656 8,206 (15) 3,006 2,511 (16) Sales million 9,763 8,316 (15) 3,518 2,900 (18) EBIT million (81) (85) EBIT marg Adjusted EBIT million (79) (84) Adjusted EBIT marg Employees (June 30) 33,702 28,104 (17) 33,702 28,104 (17) Change The Steel Europe business area brings together the Group s flat carbon steel activities, mainly in the European market. Premium flat products are supplied to customers in the auto industry and other steel-using sectors. The range also includes products for attractive specialist markets such as the packaging industry. Orders and sales lower Order intake at Steel Europe in the first / was down 15% year-on-year at 8.2 billion. This was partly the result of a 9% decrease in order volumes; orders in the in particular were significantly lower. The decline also reflects the disposal of the Metal Forming business, which was still included in the prior-year figures. Sales fell by 15% to 8.3 billion. Apart from the disposal of Metal Forming, this was mainly due to a demand-related 9% drop in shipments to 9.1 million tons. Average selling prices improved slightly, against the market trend. The decline in sales came from major customer sectors such as cold-rollers. However, our shipments to the tube industry increased. Sales of electrical steel decreased for volume and price reasons. Production cutbacks Crude steel production including supplies from Hüttenwerke Krupp Mannesmann decreased by 13% to 8.9 million tons in the reporting period. The downstream rolling and coating operations were likewise operating below capacity. On account of the continued market weakness, blast furnace 9 which is currently shut down will not be restarted in the current fiscal year. With order intake at Steel Europe remaining weak, short-time working is being introduced at five locations from August. EBIT down sharply Earnings before interest and taxes (EBIT) decreased by 710 million to 170 million in the reporting period. EBIT margin slipped from 9.0% to 2.0%. The decline in earnings was mainly the result of weak volumes.

15 Interim Report / Business area review 13 Steel Americas Steel Americas in figures Change Order intake million 856 1, (18) Sales million 775 1, EBIT million (887) (781) 12 (190) (263) (38) EBIT marg Adjusted EBIT million (887) (778) 12 (190) (262) (38) Adjusted EBIT marg Employees (June 30) 3,995 4, ,995 4,236 6 Change With its steelmaking and processing plants in Brazil and the USA the Steel Americas business area is tapping into the North American market for premium flat steel products. Strategic options for the business area are currently being examined with an open mind (see page 3). Market position strengthened In a difficult business environment, Steel Americas made progress in developing its customer and product mix in the first /. We won more new customers in the pipe, agricultural and construction machinery sectors, and particularly in the automotive and tube industries applied to all major customers for certification for numerous products, already receiving first approvals. In the first / order intake ( 1.6 billion) and sales ( 1.6 billion) showed clear year-on-year improvements. We sold over 2.0 million tons of flat steel altogether on the North American market. Difficult market environment and ramp-up weigh on EBIT In the first / Steel Americas posted a loss of 781 million, 106 million lower than a year earlier. The main reason for the negative EBIT was the difficult business environment on the North American market with an unsatisfactory price level above all in service center business, which is particularly important for the startup. Steel prices were also impacted by the decline in the price of scrap, though this recently showed signs of stabilization. Earnings were also weighed down by considerable costs from high consumption of reducing agents due to the not yet efficient utilization of the blast furnaces and unscheduled shutdowns. Further progress with production startup - coke oven battery C operating to plan The integrated iron and steel mill near Rio de Janeiro produced around 2.5 million tons of slabs for supply to the US processing plant and Steel Europe in the reporting period. With coke oven battery C, the Brazilian site s final central unit was successfully commissioned. As a result, the technical ramp-up can be completed by the end of the current fiscal year, after which the optimization phase can begin. The startup of the final hot-dip galvanizing line in the USA will depend on market demand. Valuation risks With the decision by the Executive Board of ThyssenKrupp AG in May to review strategic options in all directions for the Steel Americas business area, a so-called triggering event pursuant to IAS 36 occurred in the of the fiscal year, making it necessary to carry out an impairment test on the business area s carrying amounts. As of June 30, the carrying amounts to be tested amounted to 7,866 million, of which 6,871 million relates to property, plant and equipment. Fair values less costs to sell are currently being calculated in accordance with the possible strategic options. Our current best estimate allows the conclusion that as things stand at present the carrying amounts of the Steel Americas business area could be essentially covered by the fair value less costs to sell. On this basis no valuation adjustments resulting from an impairment test under IAS 36 were made in connection with the Steel Americas business area in these interim financial statements. It cannot be ruled out that in the further course of the process, for example in the event of a sale, the carrying amounts of the business area might not be fully recoverable.

16 Interim Report / Business area review 14 Materials Services Materials Services in figures Change Order intake million 11,150 10,009 (10) 3,973 3,235 (19) Sales million 10,995 9,922 (10) 3,980 3,369 (15) EBIT million (82) 149 (42) -- EBIT marg (1.2) Adjusted EBIT million (44) (38) Adjusted EBIT marg Employees (June 30) 35,440 27,945 (21) 35,440 27,945 (21) Change With 500 locations in 40 countries the Materials Services business area specializes in materials distribution including technical services. Weak demand, increased price and margin pressure Materials Services achieved sales of 9.9 billion in the first /, down 10% from the corresponding prior-year period. Excluding the Xervon group divested in the 1st quarter, the decrease amounted to 6%. The weakness of the market caused a drop in demand for metals. Except for the North America business, all sectors and regions were affected. For example warehouse sales of metals in Eastern Europe were lower year-on-year. Rolled steel and tubes sales were particularly impacted by the weak demand situation. The decline in prices and margins registered since the middle of last year continued unabated. In addition to warehouse business this also affected the international direct-to-customer and project business, especially in Europe. Plastics sales mirrored the weak performance of metals. This was true not only of the Southern European market but also of Germany and most Western European countries. Our materials and logistics operations for the aerospace sector continued to perform positively with a significant increase in sales. Sales of metallurgical raw materials were impacted above all by production cutbacks in the steel industry. The decline in demand for coke was particularly severe; prices here fell even more steeply than for materials. Our steel mill services also felt the effects of reduced capacity utilization in the steel industry.

17 Interim Report / Business area review 15 EBIT massively impacted by special items Materials Services EBIT dropped from 397 million to 72 million in the first. A key reason for this was the 103 million fine imposed by the Cartel Office in the and provisions of 30 million in connection with the rail cartel proceedings. In addition, high price pressure and intense competition in the materials business as well as massive sales losses in raw materials distribution had a negative impact. Adjusted EBIT came to 222 million; adjusted EBIT margin fell from 3.6% to 2.2%. Elevator Technology Elevator Technology in figures Change Order intake million 3,984 4, ,320 1, Sales million 3,864 4, ,298 1, EBIT million (22) (11) EBIT marg Adjusted EBIT million (10) (3) Adjusted EBIT marg Employees (June 30) 45,603 46, ,603 46,656 2 Change The Elevator Technology business area supplies passenger and freight elevators, escalators and moving walks, passenger boarding bridges, stair and platform lifts as well as service for the entire product range. Over 900 locations worldwide form a tight-knit sales and service network that keeps us close to customers. Orders at record high, strong improvement in sales Elevator Technology continued its successful business performance in the first /. Orders reached a new all-time high, and sales showed a strong improvement. Order intake increased by 15% year-on-year to 4.6 billion, driven by both the new installations business and the service and modernization activities. Above all on the Chinese and US markets, Elevator Technology significantly expanded its business volume, in particular with new installations. The level of business in Europe was stable overall. Elevator Technology s sales were 6% higher at 4.1 billion. Service business continued to expand, while the modernization and new installations business also showed pleasing growth. Declining sales in Southern Europe were more than offset by very positive business in the Asia-Pacific region and the USA.

18 Interim Report / Business area review 16 Adjusted EBIT 421 million Elevator Technology achieved EBIT of 365 million in the reporting period, compared with 469 million a year earlier. Adjusted for special items mainly restructuring costs earnings came to 421 million. Adjusted EBIT margin was 10.3%. Earnings and margin performance were impacted by continued difficult market conditions in Southern Europe and a higher share of new installations. 3rd-quarter EBIT improved quarter-on-quarter by 16 million. Growth and investment program adopted To safeguard Elevator Technology s competitiveness moving forward, an extensive growth and investment program for the Neuhausen location was adopted in the. In addition to the modernization of the production sites and optimization of processes, a new technology and customer center is to be built. Plant Technology Plant Technology in figures Change Order intake million 3,009 2,637 (12) 1, (24) Sales million 2,809 2, ,027 9 EBIT million EBIT marg Adjusted EBIT million Adjusted EBIT marg Employees (June 30) 13,194 14, ,194 14,105 7 Change The Plant Technology business area is a leading provider of specialized engineering and construction services with strong innovative capabilities. The product portfolio includes chemical plants and refineries, equipment for the cement industry, innovative solutions for the mining and extraction of raw materials, and production systems for the auto industry. The business area s equipment and processes open up new possibilities for environmental protection and sustainability. Continued strong orders and sales The business area held up well in a tight market. New orders worth 2.6 billion were won in the first. However, owing to the deferral of projects in North Africa, the tight situation on the financial markets and difficulties with project financing, Plant Technology was unable to match the high level of the prior year. Demand remained pleasingly strong for production systems for the automotive industry and products for the minerals and mining sector. Among other things for example the mining business won supply and service contracts in Kazakhstan.

19 Interim Report / Business area review 17 In the first /, Plant Technology s sales were 5% higher than a year earlier at 3.0 billion. The high order backlog of 6.3 billion at continues to secure a good workload. Earnings again at high level The business area achieved EBIT of 379 million in the first /, equaling the high level of the previous year. EBIT margin at 12.8% was only slightly lower year-on-year. Plant Technology strengthened by acquisition At July 02, Plant Technology acquired London-based Energy & Power Global. Energy & Power is an engineering consultancy with clients worldwide in the oil, gas and energy industries. The acquisition is part of the strategic development program adopted in May and is a further step in the systematic expansion of the technology business. It will strengthen ThyssenKrupp s engineering capabilities in the global oil and gas business. Components Technology Components Technology in figures Change Order intake million 5,208 5, ,811 1,828 1 Sales million 5,147 5, ,779 1,852 4 EBIT million EBIT marg Adjusted EBIT million (4) (5) Adjusted EBIT marg Employees (June 30) 31,049 27,775 (11) 31,049 27,775 (11) Change The Components Technology business area supplies a range of high-tech components for general engineering, construction equipment and wind turbines. In the auto sector our activities are focused on crankshafts, camshafts, steering systems, dampers, springs, stabilizers and the assembly of axle modules. Order intake and sales higher Components Technology continued its successful performance in the first /. Despite the sale of the chassis component manufacturer ThyssenKrupp Automotive Systems Industrial do Brasil, order intake increased yearon-year by 5% to 5.5 billion. Both the auto and truck component business and the construction equipment component business achieved growth. The wind energy business slowed due to the lack of grid connections and technical challenges in the offshore area. The US automotive business continued to show a very positive market performance. However, in Brazil demand for cars and trucks has been weaker since the beginning of the year. Despite falling vehicle sales in Europe overall, the business area profited from the growth of major customers and brisk demand in the mid-size and premium segments.

20 Interim Report / Business area review 18 In line with the positive trend in orders, sales increased year-on-year by 7% to 5.5 billion. Further rise in EBIT, portfolio optimized Components Technology s EBIT in the first was significantly higher at 756 million. This figure includes positive special items relating to the sale of ThyssenKrupp Automotive Systems Industrial do Brasil and the US foundry Waupaca. Both disposals are part of the strategic development of ThyssenKrupp into a diversified industrial group. Adjusted EBIT was down from the prior year at 365 million. The main reasons were weaker demand in the wind energy and infrastructure sectors in China and startup costs for new products and plants. Adjusted EBIT margin was 6.7%. Marine Systems Marine Systems in figures Change Order intake million 2,730 1,409 (48) 2, (79) Sales million 1, (27) (39) EBIT million 192 (32) (63) EBIT marg 16.0 (3.6) Adjusted EBIT million (27) (63) Adjusted EBIT marg Employees (June 30) 5,398 3,781 (30) 5,398 3,781 (30) Change After successful strategic reorganization, the Marine Systems business area is focused exclusively on naval shipbuilding. The business area s core activities include the development, construction and refit of submarines and naval surface vessels as well as extensive associated services. Stable upward trend in order intake and sales The market environment in naval shipbuilding is characterized by the need to protect international sea routes and sovereign territory. This led to demand for frigates and submarines in countries outside Europe. Marine Systems order intake amounted to 1.4 billion in the reporting period; the higher prior-year figure included a major order worth around 2.0 billion. In the reporting period a further contract of comparable size was negotiated; there are good prospects of this being received in the 4th quarter.

21 Interim Report / Business area review 19 In the first / Marine Systems achieved sales of 880 million. When comparing this with the prioryear figure of 1,202 million it should be noted that the civil shipbuilding activities are no longer included from February and that sales in the prior year were significantly influenced by one-time effects from the contractual agreement with Greece regarding the restructuring of the submarine contracts. In the course of the first / orders in hand increased further, reaching 7.0 billion on. Adjusted earnings at good level Marine Systems EBIT came to (32) million, down from 192 million a year earlier. Earnings in the reporting period were impacted by special items of 172 million, relating to impairment charges in particular on goodwill in connection with the sale of the civil shipbuilding operations. Adjusted EBIT remained at a good level of 140 million, and adjusted EBIT margin was 15.9%, compared with 16.0% the year before. Corporate at ThyssenKrupp AG Corporate comprises the Group s head office including management of the business areas. It also includes the business services activities in the areas of finance, communications, IT and human resources, as well as non-operating real estate and inactive companies. Sales of services by Corporate companies to Group companies in the reporting period came to 106 million, up from 96 million a year earlier. EBIT amounted to (324) million, almost level with the (319) million reported in the prior-year period. Adjusted EBIT came to (328) million, compared with (298) million in the first of the prior fiscal year. Stainless Global (discontinued operation) Stainless Global in figures Change Order intake* million 4,633 4,281 (8) 1,360 1,291 (5) Sales* million 5,047 4,812 (5) 1,586 1,606 1 EBIT million 66 (769) -- 0 (145) EBIT marg 1.3 (16.0) 0.0 (9.0) Adjusted EBIT million 66 (58) -- 0 (21) Adjusted EBIT marg 1.3 (1.2) 0.0 (1.3) Employees (June 30) 11,339 11, ,339 11,806 4 * including internal orders/sales within the Group Change The discontinued operation Stainless Global produces premium stainless steel flat products and high-performance materials such as nickel alloys, titanium and zirconium.

22 Interim Report / Business area review 20 Order intake and sales lower Business at Stainless Global was weighed down by declining prices for important raw materials like nickel. Due to the lower raw material prices, alloy surcharges slipped and the value of new orders fell by 8% to 4.3 billion although volumes increased by 5% to 1.6 million tons. 1.8 million tons of stainless steel flat products and 32,000 tons of highperformance materials were produced. Prices for high-performance materials are many times higher than those for stainless products. Total shipments were 4% higher year-on-year at 1.6 million tons. Despite this, sales decreased by 5% to 4.8 billion due to the generally lower price level and reduced alloy surcharges. EBIT down from prior year Following further fair value adjustments of 59 million in connection with the carve-out of Stainless Global, EBIT decreased from 66 million in the first of the prior year to (769) million. EBIT margin dropped from 1.3% to (16.0)%. In addition, the generally weaker earnings situation was impacted by the continuing difficult market environment for stainless flat products and the associated price pressure. The reduced nickel price and restructuring provisions of 63 million in connection with the planned relocation of the Düsseldorf-Benrath site and the closure of the Krefeld steel plant also had a negative effect. The earnings figure also includes losses of 136 million at the new stainless mill being started up in the USA; this includes depreciation of 24 million which is not part of earnings from discontinued operations. The high-performance alloys business profited from the continued stable market situation for nickel alloys. Furthermore, with the classification as a discontinued operation, non-current assets are no longer depreciated. In the first of / this resulted in the absence of depreciation expenses of 143 million. However, impairment charges of 47 million were recorded, mainly for the Krefeld site. Stainless steel mill in the USA on schedule At the US site in Calvert construction work and the ramp-up of already commissioned equipment is continuing as planned. The ramp-up of the hot-rolled annealing and pickling line in the cold-rolling mill is almost complete. Construction work on the 1 million ton per year capacity melt shop is also proceeding on schedule; the start of production is scheduled for December. Until the melt shop is ramped up the location will continue to be supplied with hot band and slabs from the European mills. ThyssenKrupp including Stainless Global ThyssenKrupp including Stainless Global in figures Change Order intake* million 38,228 35,630 (7) 14,120 11,362 (20) Sales* million 36,487 35,409 (3) 12,851 12,116 (6) EBITDA million 2,560 1,409 (45) (42) EBIT million 1,315 (434) (72) EBIT marg 3.6 (1.2) Adjusted EBIT million 1, (79) (82) Adjusted EBIT marg EBT million 904 (927) (12) -- Adjusted EBT million 925 (215) (62) -- Net income/(loss) (attributable to ThyssenKrupp AG's shareholders) million 626 (938) (49) Basic earnings per share 1.35 (1.82) (54) Operating cash flow million (805) (848) (5) Free cash flow million (2,608) (1,586) Employees (June 30) 182, ,394 (8) 182, ,394 (8) * including internal orders/sales within the Group Change Including Stainless Global, the Group s order intake was 7% down from the prior year at 35.6 billion and sales were 3% lower at 35.4 billion. The Group s EBIT came to (434) million, compared with 1,315 million a year earlier. EBIT margin decreased from 3.6% to (1.2)%.