SSAB Successfully Completes Acquisition of IPSCO


SSAB Successfully Completes Acquisition of IPSCO

Stockholm, July 18, 2007 - SSAB Svenskt Stål AB today announced that the
acquisition of IPSCO Inc. was successfully completed for $ 160 per share. The
acquisition has been approved by shareholders, Competition Authorities and the
Boards of Directors of both companies.

“I am very pleased to announce the successful closing of the IPSCO acquisition.
This is yet another milestone in our SSAB2010 strategy towards becoming the
Global Leader in Value Added Steel. Through the acquisition of IPSCO we will not
only acquire a platform for future growth and expansion, we will also extend our
market presence in North America. The transaction will give an immediate and
significant accretion to SSAB´s earnings and cash flow which will result in an
improved strategic and financial position for SSAB”, says Olof Faxander, CEO and
president of SSAB.

IPSCO will be organized as a division in the SSAB Group. John Tulloch, who is
now head of division IPSCO and new executive vice president in the SSAB group,
says:

”This combination of SSAB and IPSCO accelerates the opportunities for customers,
employees, suppliers and our communities alike to grow and prosper over the
coming years.  IPSCO's dynamic growth and success over its history will continue
when merged with the global organization of SSAB.  We look forward to being a
vital part of the new SSAB's future success."

IPSCO's former head, David Sutherland, is to go into retirement."I wish to thank David Sutherland for the very positive cooperation during the
very intensive work on uniting our two companies," says Olof Faxander. “David
Sutherland has also played a very important role in the development of IPSCO
into one of the most successful steel companies in North America”, Olof Faxander
continues.



For further information, company backgrounders or financial numbers please
visit: www.ssab.com or www.ipsco.com

Contact persons:
Tommy Löfgren, Head of Corporate Communications
Tel: +46 (0) 70-525 94 14 
tommy.lofgren@ssab.com  

Stefan Lundewall, Head of Investor Relations
Tel: +46 (0)70-508 28 57
 stefan.lundewall@ssab.com 


John Comrie, QC
IPSCO Division Communications
630-810-4730
jcomrie@ipsco.com
Kelly Brossart
IPSCO Division Communications
306-924-7475
kbrossart@ipsco.com

This press release is for information only and does not constitute an offer to
issue or sell, or the solicitation of an offer to acquire, securities in any
jurisdiction.
This press release contains forward-looking statements. Actual results could
differ materially from the future results expressed or implied by these
forward-looking statements due to factors that cannot be controlled or estimated
precisely. The forward-looking statements speak only as of the date of this
press release. SSAB does not undertake any obligation to revise these
forward-looking statements to reflect events or circumstances after the date of
this press release.

Attachments

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