SSAB announces the Refinancing of IPSCO Acquisition Credit Facility

SSAB announces the Refinancing of IPSCO Acquisition Credit Facility 

SSAB has successfully negotiated replacement loans for portions of the credit
facility (Acquisition Facility) entered into for the acquisition of IPSCO Inc.
on July 18, 2007.

The 8,050 MUSD initially drawn on the Acquisition Facility has gradually been
reduced to an outstanding amount of 1,500 MUSD as of January 22, 2008.  The
reduction has been made from proceeds generated by the rights issue completed in
August of 2007, cash flows from operations and replacement loans of 4,460 MUSD. 

SSAB has also launched the 2,000 MEUR Medium Term Note Programme (EMTN
Programme) that was presented to investors in November of 2007. The EMTN
Programme will be utilized by the Company when conditions in the credit markets
are deemed appropriate.

The replacement loans will result in longer average credit maturities and lower
interest costs. The early repayment of loans drawn under the Acquisition
Facility will result in one-off costs of 140 MSEK in the fourth quarter due to
the early activation of up-front fees that would normally be distributed over
the full term of the loan.


For more information please contact,

Patrik Juhlin
Group Treasurer
Tel: +46 8 45 45 744