Antitrust proceedings relative to railway superstructure material

In the antitrust proceedings relative to railway superstructure material, in early July 2012, the German Federal Cartel Office (Bundeskartellamt) imposed fines totaling EUR 124.5 million on four manufacturers and suppliers of rails for having entered into anti-competitive agreements to the detriment of Deutsche Bahn AG. EUR 8.5 million of these fines were levied against companies belonging to the voestalpine Group. This means that the German Federal Cartel Office has thus confirmed the status of cooperating witness for the major part of the proceedings and the comparatively small fine concerns marginal segments only. Thus, these proceedings involving for the most part Deutsche Bahn have been resolved. At a later date, the German Federal Cartel Office will examine the deliveries of railway superstructure material to regional and local customers. From today’s perspective, it is still too early to estimate when we can count on a final decision regarding these additional issues. The provisions created for the antitrust proceedings and associated actions and costs as well as for the closure of TSTG Schienen Technik GmbH & Co KG (see also explanatory remarks in the Interim Management Report) in the annual financial statements 2011/12 in the amount of EUR 205.0 million were mainly reduced by the amount of EUR 8.5 million, the amount of the fine paid. The remaining provisions are still considered to be appropriate.

Please note that we are invoking the safeguard clause according to which detailed information about provisions is not provided if this could seriously and adversely impact the Company’s interests.

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