SSAB has announced that SSAB's share exchange offer for all issued and outstanding shares in Rautaruukki begins on April 14

This stock exchange release may not be published or distributed, in whole or in
part, directly or indirectly, in the United States of America, Australia,
Canada, Hong Kong, Japan, New Zealand, South Africa or any other country where
such publication or distribution would violate applicable laws or rules or would
require additional documents to be completed or registered or require any
measure to be undertaken, in addition to the requirements under Finnish and
Swedish law. For further information, please see "Important notice" in this
stock exchange release.

Rautaruukki Corporation Stock exchange release 11 April 2014 9.40 EEST

SSAB has announced that SSAB's share exchange offer for all issued and
outstanding shares in Rautaruukki begins on April 14

On January 22, 2014, SSAB AB (publ) ("SSAB") and Rautaruukki Corporation
("Rautaruukki") announced a plan to combine the two companies through SSAB
making a recommended public share exchange offer to Rautaruukki's shareholders.
In the share exchange offer, SSAB offers 0.4752 new Class A shares and 1.2131
new Class B shares in SSAB for each Rautaruukki share. The Board of Directors of
Rautaruukki has, in its statement announced on March 26, 2014, recommended to
Rautaruukki shareholders that they accept the share exchange offer. The largest
shareholder of Rautaruukki, Solidium Oy, which holds 39.7 percent of all
Rautaruukki shares, has undertaken to accept the share exchange offer.

The offer period for the share exchange offer will begin on April 14, 2014 at
9:00 a.m. (Finnish time) and will expire on May 12 at 4:00 p.m. (Finnish Time),
unless the offer period is extended. The Finnish Financial Supervisory Authority
has on April 10, 2014 approved a Finnish language share exchange offer document
and prospectus in respect of the share exchange offer.

The Finnish language share exchange offer document and prospectus will be
available on the internet at www.ssab.com and www.ruukki.fi starting on April
11, 2014, as well as at the reception of NASDAQ OMX Helsinki Ltd at Fabianinkatu
14, Helsinki, Finland, at the head office of SSAB at Klarabergsviadukten 70, D6,
Stockholm, Sweden, at the head office of Rautaruukki at Suolakivenkatu 1,
Helsinki, Finland and at the Finnish branch offices of Danske Bank starting on
April 14, 2014. The English language share exchange offer document and
prospectus will with certain restrictions be available on the internet at
www.ssab.com and www.ruukki.com starting on April 11, 2014.

The terms and conditions of the share exchange offer are attached in their
entirety to this stock exchange release (Appendix 1).

For further information, please contact:
Mikko Hietanen, CFO, tel. +358 20 592 9030

Taina Kyllönen
SVP, Marketing and Communications

Ruukki specialises in steel and steel construction. We provide customers with
energy-efficient steel solutions for better living, working and moving. We have
around 8,600 employees and an extensive distribution and dealer network across
some 30 countries including the Nordic countries, Russia and elsewhere in Europe
and the emerging markets, such as India, China and South America. Net sales in
2013 totalled €2.4 billion. The company's share is quoted on NASDAQ OMX Helsinki
(Rautaruukki Oyj: RTRKS). www.ruukki.com

DISTRIBUTION:
NASDAQ OMX Helsinki
Main media
www.ruukki.com

Important notice

This release may not be released or otherwise distributed, in whole or in part,
in or into the United States of America, Australia, Canada, Hong Kong, Japan,
New Zealand, South Africa or any other jurisdiction where prohibited by
applicable laws or rules. This release is not a share exchange offer document or
a prospectus and as such does not constitute an offer or invitation to make a
sales offer. Investors shall accept the share exchange offer for the shares only
on the basis of the information provided in the Share Exchange Offer Document.
Offers will not be made directly or indirectly in any jurisdiction where either
an offer or participation therein is prohibited by applicable law or where any
exchange offer document or registration or other requirements would apply in
addition to those undertaken in Finland and Sweden.

The Share Exchange Offer Document as well as related acceptance forms will not
and may not be distributed, forwarded or transmitted into, in or from any
jurisdiction where prohibited by applicable law. In particular, the share
exchange offer is not being made, directly or indirectly, in or into, Australia,
Canada, Hong Kong, Japan, New Zealand, South Africa or, subject to certain
exceptions, the United States of America. The share exchange offer cannot be
accepted from within Australia, Canada, Hong Kong, Japan, New Zealand, South
Africa or, subject to certain exceptions, the United States of America.

The SSAB shares have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the "Securities Act"), or under any of the
relevant securities laws of any state or other jurisdiction of the United States
of America. The SSAB shares may not be offered or sold in the United States,
except pursuant to an exemption from the Securities Act or in a transaction not
subject to the registration requirements of the Securities Act.

It should be noted that certain statements herein which are not historical
facts, and statements preceded by "expects" or similar expressions, may be
forward-looking statements. These statements are based on current decisions and
plans and currently known factors. They involve risks and uncertainties which
may cause the actual results to materially differ from the results currently
expected.

UBS is acting exclusively for Rautaruukki and no one else in connection with
Share Exchange Offer and will not regard any other person (whether or not a
recipient of this document) as its client in relation to the Share Exchange
Offer and will not be responsible to anyone other than the Rautaruukki for
providing the protections afforded to clients of UBS, or for providing advice in
relation to the Share Exchange Offer or any transaction or arrangement referred
to in this document.


Appendix 1: Terms and Conditions of the Share Exchange Offer

Terms and Conditions of the Share Exchange Offer

Object of the Share Exchange Offer

Pursuant to the terms and conditions of the share exchange offer, SSAB AB (publ)
("SSAB" or the "Company") offers to acquire, in accordance with the Finnish
Securities Market Act (746/2012, as amended, the "Finnish Securities Market
Act"), all issued and outstanding shares in Rautaruukki Corporation
("Rautaruukki") (the "Rautaruukki Shares") that are not owned by Rautaruukki or
its subsidiaries (the "Share Exchange Offer").

Share Consideration

In the Share Exchange Offer, SSAB is offering 0.4752 new Class A shares in the
Company (the "New Class A Shares") and 1.2131 new Class B shares in the Company
(the "New Class B Shares" and, together with the New Class A Shares, the "New
Shares") for each Rautaruukki Share (the "Share Consideration"), provided that
the Share Exchange Offer has been approved according to the terms and conditions
of the Share Exchange Offer and that the acceptance has not been validly
withdrawn. The aggregate maximum number of shares in SSAB to be offered for all
Rautaruukki Shares amounts to a maximum of 66,050,553 New Class A Shares and a
maximum of 168,615,165 New Class B Shares.

The Share Consideration has been determined based on 138,995,273 Rautaruukki
Shares issued and outstanding (all issued Rautaruukki Shares other than
Rautaruukki Shares which are owned by Rautaruukki or its subsidiaries, excluding
106,000 Rautaruukki Shares held by Rautaruukki, some or all of which may be
transferred to key employees pursuant to Rautaruukki's share-based incentive
plan during the first half of 2014) as at the date of the share exchange offer
document and prospectus (the "Share Exchange Offer Document"), April 10, 2014.
In the event that the number of Rautaruukki Shares increases or Rautaruukki
issues special rights entitling to Rautaruukki Shares in accordance with Chapter
10 of the Finnish Companies Act (624/2006, as amended, the "Finnish Companies
Act") prior to the Completion Date (as defined under "-Terms of Payment and
Settlement of Shares"), SSAB will have the right to adjust the Share
Consideration accordingly.

If a decision is made at a general meeting of shareholders of Rautaruukki prior
to the Completion Date to distribute dividends or other assets in accordance
with Chapter 13, Section 1 of the Finnish Companies Act to which a holder of
Rautaruukki Shares who has accepted the Share Exchange Offer is entitled, an
amount equal to the dividend or distribution per Rautaruukki Share will be
deducted from the Share Consideration.

Fractional entitlements to New Shares will not be delivered to Rautaruukki
shareholders. To the extent that Rautaruukki shareholders will be entitled to
fractional entitlements, such fractional entitlements will be combined and sold
on the NASDAQ OMX Helsinki Ltd (the "Helsinki Stock Exchange") on behalf of, and
proceeds of the sales according to the average selling price, deducted with
direct sales costs, will be distributed pro rata to, Rautaruukki shareholders
entitled to fractional entitlements.

Share Exchange Offer Period

The offer period will commence on April 14, 2014 at 9:00 a.m. (Finnish time) and
expire on May 12, 2014 at 4:00 p.m. (Finnish time), unless the offer period is
extended or any extended offer period is discontinued (the "Offer Period") as
described below. The acceptance of the Share Exchange Offer must be received by
the recipient, as described below under "-Acceptance Procedure for the Share
Exchange Offer," before the expiration of the Offer Period.

SSAB may extend the Offer Period at any time. SSAB will announce a possible
extension of the Offer Period in a stock exchange release on the first (1)
Finnish banking day following the expiration of the original Offer Period, at
the latest. Furthermore, SSAB will announce any possible further extension of an
already extended Offer Period or an extension of a discontinued extended Offer
Period on the first (1) Finnish banking day following the expiration of an
already extended Offer Period or a discontinued extended Offer Period, at the
latest.

The duration of the Offer Period in its entirety may be ten (10) weeks at the
maximum. If, however, the conditions to the completion of the Share Exchange
Offer have not been fulfilled due to a particular obstacle as provided in the
regulations and guidelines (9/2013) of the Finnish Financial Supervisory
Authority (the "FFSA") on Takeover Bids and Mandatory Bids, SSAB may extend the
duration of the Offer Period beyond ten (10) weeks until such obstacle has been
removed and SSAB has had reasonable time to consider the situation in question.
In this case, SSAB shall announce a new expiration date no less than two (2)
weeks prior to the date of expiration of any extended Offer Period. Further, any
Subsequent Offer Period may extend beyond ten (10) weeks.

SSAB may discontinue any extended Offer Period. SSAB will announce its decision
on the discontinuation of any extended Offer Period as soon as possible after
such decision has been taken and, in any case, no less than one (1) week prior
to the expiration of the discontinued extended Offer Period. If SSAB
discontinues an extended Offer Period, the Offer Period will expire at an
earlier time on a date announced by SSAB.

SSAB also reserves the right to extend the Offer Period in connection with the
announcement of the final result of the Share Exchange Offer as set forth in "-
Announcement of the Result of the Share Exchange Offer" below (such extended
Offer Period, the "Subsequent Offer Period"). In the event of such Subsequent
Offer Period, the Subsequent Offer Period will expire on the date and at the
time determined by SSAB in the final result announcement. The expiration of a
Subsequent Offer Period will be announced at least two (2) weeks before the
expiration of such Subsequent Offer Period.

Conditions to Completion of the Share Exchange Offer

A condition to the completion of the Share Exchange Offer is that the
requirements set forth below for the completion of the Share Exchange Offer (the
"Conditions to Completion") are fulfilled on or by the date of SSAB's
announcement of the final result of the Share Exchange Offer in accordance with
Chapter 11, Section 18 of the Finnish Securities Market Act (the "Announcement
Date") or that the fulfillment of all or some of them is, to the extent
permitted by applicable laws and regulations, waived by SSAB:

(i)         the valid tender of Rautaruukki Shares representing, together with
any other Rautaruukki Shares otherwise held by SSAB prior to the Announcement
Date, more than 90 percent of the issued and outstanding shares and voting
rights of Rautaruukki calculated in accordance with Chapter 18, Section 1 of the
Finnish Companies Act governing the right and obligation to commence compulsory
redemption proceedings;

(ii)         the receipt of all necessary regulatory approvals, permits and
consents, including without limitation competition clearances, and that any
conditions set in such permits, consents or clearances, including, but not
limited to, any requirements for the disposal of any assets of SSAB or
Rautaruukki or any reorganization of the business of SSAB or Rautaruukki, are
reasonably acceptable to SSAB in that they do not result in a Material Adverse
Change in the company comprising of SSAB together with Rautaruukki (the
"Combined Company");

(iii)        no legislation or other regulation having been issued or decision
by a competent court or regulatory authority, including the FFSA and the the
Swedish Financial Supervisory Authority, having been given that would wholly or
partly prevent the completion of the Share Exchange Offer or result in a
Material Adverse Change in the Combined Company;

(iv)        no information made public by Rautaruukki or disclosed by
Rautaruukki to SSAB being materially inaccurate, incomplete, or misleading, and
Rautaruukki not having failed to make public any information that should have
been made public by it under applicable laws and regulations, provided that such
disclosure or failure to disclose information constitutes a Material Adverse
Change in Rautaruukki and its subsidiaries, taken as a whole;

(v)        no fact or circumstance having arisen after the announcement of the
Share Exchange Offer that constitutes a Material Adverse Change in respect of
Rautaruukki and its subsidiaries, taken as a whole;

(vi)        the Board of Directors of Rautaruukki having issued its
recommendation to Rautaruukki shareholders to exchange their Rautaruukki Shares
to New Shares and the recommendation remaining in full force and effect and not
having been modified, cancelled or changed;

(vii)       the combination agreement entered into between SSAB and Rautaruukki
on January 21, 2014 (the "Combination Agreement") not having been terminated and
remaining in full force and effect;

(viii)      the undertaking by Solidium Oy to accept the Share Exchange Offer
remaining in full force and effect in accordance with its terms; and

(ix)        the general meeting of shareholders of SSAB having passed all
necessary resolutions for the completion of the Share Exchange Offer.

SSAB can only invoke any of the Conditions to Completion so as to cause the
Share Exchange Offer not to proceed, to lapse or to be withdrawn if the
circumstances, that give rise to the right to invoke the relevant Condition to
Completion, have material importance to SSAB in view of the Share Exchange
Offer, as referred to in the regulations and guidelines (9/2013) of the FFSA on
Takeover Bids and Mandatory Bids and in the recommendation regarding the
procedures to be complied with in takeover bids issued by the Finnish Securities
Market Association as referred to in Chapter 11, Section 28 of the Finnish
Securities Market Act.

SSAB may, to the extent permitted by applicable laws, regulations and stock
exchange rules, waive any of the above-mentioned Conditions to Completion that
are not fulfilled. If all Conditions to Completion have been fulfilled or SSAB
has waived the requirement for the fulfillment of all or some of them on the
Announcement Date at the latest, SSAB will consummate the Share Exchange Offer
in accordance with its terms and conditions after the expiration of the Offer
Period by purchasing Rautaruukki Shares validly tendered in the Share Exchange
Offer and paying the Share Consideration to the shareholders that have validly
accepted the Share Exchange Offer.

The Share Exchange Offer will be completed after the expiration of the Offer
Period in accordance with "-Technical Completion of the Share Exchange Offer"
and "-Terms of Payment and Settlement of Shares" below with respect to all
shareholders of Rautaruukki who have validly accepted the Share Exchange Offer.

In case of any termination or expiration of the Combination Agreement in
accordance with its terms and conditions, SSAB is entitled to withdraw the Share
Exchange Offer. See "Information about the Combined Company-Summary of the
Combination Agreement."

"Material Adverse Change" means:

 A. any divestment or reorganization of all or any material part of the assets
    of Rautaruukki and its subsidiaries, taken as a whole (or of the Combined
    Company, as applicable); or
 B. (i) any event, condition, circumstance, development, occurrence, change,
    effect or fact that, individually or in the aggregate, has, results in or
    could reasonably be expected to have or result in a material adverse change
    in, or a material adverse effect on, the business, assets, financial
    condition or results of operations of Rautaruukki and its subsidiaries,
    taken as a whole (or of the Combined Company, as applicable), or (ii) any
    write-down of the book values of any assets of Rautaruukki or its
    subsidiaries that, individually or in the aggregate, results in a material
    adverse change in, or a material adverse effect on, the share price of, or
    financing for, Rautaruukki (any such item in (i) or (ii), an "Effect"),
    excluding:
 C. any Effect in political, financial, industry, economic or regulatory
    conditions generally, so long as such Effect does not have a materially
    disproportionate effect on Rautaruukki (or on the Combined Company, as
    applicable) relative to other industry participants; or
 D. any Effect resulting from any actions taken by Rautaruukki at the express
    request or direction of SSAB; or
 E. any Effect resulting from or caused by any natural disasters, outbreak of
    major hostilities or act of war or terrorism so long as such Effect does not
    have a materially disproportionate effect on Rautaruukki (or on the Combined
    Company, as applicable) relative to other industry participants; or
 F. any Effect on Rautaruukki (or on the Combined Company, as applicable)
    attributable to (x) an act or omission carried out or omitted by SSAB in
    connection with the Share Exchange Offer, in any such case, in breach of any
    representation, warranty, undertaking or obligation of SSAB set forth in the
    Combination Agreement or (y) the Share Exchange Offer or the proposed
    Combination of Rautaruukki and its subsidiaries with SSAB and its
    subsidiaries.
 G. any requirement set as a condition in any competition clearance for the
    disposal of any assets or reorganization of the business of SSAB and its
    subsidiaries, taken as a whole, or Rautaruukki and its subsidiaries, taken
    as a whole, having a material adverse effect on the Combined Company or on
    the fulfillment of the industrial plan and the anticipated synergies
    referred to therein, including the disposal of any of the steelworks or a
    material part thereof, located in Borlänge, Luleå and Oxelösund in Sweden
    and Hämeenlinna and Raahe in Finland.
For the sake of clarity, under no circumstances shall any Material Adverse
Change be deemed to exist, to the extent the Effect causing the alleged Material
Adverse Change has been publicly disclosed (including any publicly disclosed
annual or interim reports), or fairly disclosed in the due diligence information
provided by Rautaruukki to SSAB, in all cases, prior to January 21, 2014.

Obligation to Increase the Share Exchange Offer Consideration and to Pay
Compensation

SSAB reserves the right to buy and/or sell Rautaruukki Shares during the Offer
Period in public trading on the Helsinki Stock Exchange or otherwise.

Should SSAB or another party acting in concert with SSAB in the meaning of
Chapter 11, Section 5 of the Finnish Securities Market Act acquire Rautaruukki
Shares during the Offer Period at a price higher than the Share Consideration,
or otherwise on more favorable terms, SSAB shall, in accordance with Chapter
11, Section 25 of the Finnish Securities Market Act, amend the terms and
conditions of the Share Exchange Offer to correspond with the terms and
conditions of the above-mentioned acquisition on more favorable terms (increase
obligation). In such case, SSAB shall make public its increase obligation
without delay and shall pay, in connection with the completion of the Share
Exchange Offer, the difference between the consideration paid in such
acquisition on more favorable terms and the Share Consideration to those
shareholders that have accepted the Share Exchange Offer.

Should SSAB or another party acting in concert with SSAB in the meaning of
Chapter 11, Section 5 of the Finnish Securities Market Act acquire Rautaruukki
Shares within nine (9) months after the expiration of the Offer Period at a
price higher than the Share Consideration, or otherwise on more favorable terms,
SSAB shall, in accordance with Chapter 11, Section 25 of the Finnish Securities
Market Act, pay the difference between the consideration paid in an acquisition
on more favorable terms and the Share Consideration to those shareholders that
have accepted the Share Exchange Offer (compensation obligation). In such case,
SSAB shall make public its compensation obligation without delay and shall pay
the difference between the consideration paid in such acquisition on more
favorable terms and the Share Consideration within one (1) month of the date
when the compensation obligation arose for those shareholders that have accepted
the Share Exchange Offer.

According to Chapter 11, Section 25, Subsection 5 of the Finnish Securities
Market Act, the obligation to compensate shall, however, not be triggered in
case the payment of a higher price than the Share Consideration is based on an
arbitral award pursuant to the Finnish Companies Act, provided that SSAB or any
party referred to in Chapter 11, Section 5 of the Finnish Securities Market Act
has not offered to acquire Rautaruukki Shares on terms that are more favorable
than those of the Share Exchange Offer before or during the arbitral
proceedings.

Acceptance Procedure for the Share Exchange Offer

The Share Exchange Offer may be accepted by a shareholder registered during the
Offer Period in the shareholders' register of Rautaruukki, with the exception of
Rautaruukki and its subsidiaries. Acceptance of the Share Exchange Offer must be
submitted for each book-entry account. The shareholders of Rautaruukki
submitting an acceptance must have a cash account with a financial institution
operating in Finland. Shareholders may only approve the Share Exchange Offer
unconditionally and for all Rautaruukki Shares that are held in the book-entry
accounts mentioned in the acceptance form at the time of the execution of the
exchange into shares in SSAB with respect to the interim shares of Rautaruukki.
Acceptances submitted during the Offer Period are valid also until the
expiration of an extended or discontinued extended Offer Period, if any.

Most of the Finnish account operators will send a notice regarding the Share
Exchange Offer and related instructions and an acceptance form to shareholders
registered in the shareholders' register of Rautaruukki who are their customers.
Should any Rautaruukki shareholder not receive instructions or an acceptance
form from their account operator, such Rautaruukki shareholders can contact any
of Danske Bank Oyj's ("Danske Bank") branch offices during their normal business
hours or Danske Bank Investment Line by telephone from Monday to Friday from
9:00 a.m. to 6:00 p.m. (Finnish time) at +358 200 2000 (local network
charge/mobile phone charge apply) from which such Rautaruukki shareholder can
receive all necessary information and can submit its acceptance of the Share
Exchange Offer.

An acceptance submitted through Danske Bank Investment Line requires that the
shareholder has a valid bank identifier code agreement with Danske Bank. The
Danske Bank Investment Line calls are recorded.

Those Rautaruukki shareholders whose Rautaruukki Shares are nominee-registered
and who wish to accept the Share Exchange Offer, must submit their acceptance in
accordance with the instructions given by the administrator of their nominee
registrations. SSAB will not send an acceptance form or any other documents
related to the Share Exchange Offer to these Rautaruukki shareholders.

With respect to pledged Rautaruukki Shares, acceptance of the Share Exchange
Offer requires the consent of the pledgee. Acquiring this consent is the
responsibility of the relevant Rautaruukki shareholders. The pledgee's consent
must be delivered to the account operator in writing.

Those Rautaruukki shareholders who accept the Share Exchange Offer must submit
the properly completed and duly executed acceptance form to the account operator
that manages their book-entry account according to the instructions and during
the time period given by the account operator. SSAB reserves the right to reject
any acceptances that have been submitted erroneously or deficiently.

When an account operator or Danske Bank has received an acceptance with respect
to the Rautaruukki Shares conforming with the terms and conditions of the Share
Exchange Offer, the Rautaruukki Shares will be converted into interim shares of
Rautaruukki in the manner described under "-Technical Completion of the Share
Exchange Offer" below. The interim shares of Rautaruukki will be registered on
the book-entry accounts of Rautaruukki shareholders who have accepted the Share
Exchange Offer. The interim shares may not be sold, pledged or otherwise
controlled prior to exchange into New Shares.

Any acceptance must be submitted in such a manner that it will be received
within the Offer Period (including any extended or discontinued extended Offer
Period) taking into account, however, the instructions given by the relevant
account operator. The account operator may request the receipt of acceptances
prior to the expiration of the Offer Period. Rautaruukki shareholders submit the
acceptance at their own risk. The acceptance will be considered as submitted
only when an account operator or Danske Bank has actually received it.

A Rautaruukki shareholder who has validly accepted the Share Exchange Offer in
accordance with the terms and conditions of the Share Exchange Offer may not
sell or otherwise control the Rautaruukki Shares owned by it. Such Rautaruukki
Shares will be converted into interim shares of Rautaruukki in the manner set
out in "-Technical Completion of the Share Exchange Offer" below and a class-
specific transfer restriction with respect to the interim shares will be entered
into the book-entry account system. The transfer restriction will be removed
when trading in the New Shares commences. Furthermore, those holders of
Rautaruukki Shares that accept the Share Exchange Offer authorize their account
operator or Danske Bank to perform necessary entries and undertake any other
measures needed for the technical execution of the Share Exchange Offer, and in
respect of Rautaruukki Shares tendered, to subscribe for New Shares, and to sell
any fractional entitlements in accordance with the terms and conditions of the
Share Exchange Offer, and to sell all Rautaruukki Shares held by the shareholder
of Rautaruukki at the time of the execution of the transaction to SSAB in
accordance with the terms and conditions of the Share Exchange Offer. In
connection with the execution of transactions or settlement of the Share
Exchange Offer, the class-specific transfer restriction is removed and the Share
Consideration is transferred to Rautaruukki shareholders.

Right of Withdrawal of Acceptance

An acceptance of the Share Exchange Offer may be withdrawn by a shareholder of
Rautaruukki at any time before the expiration of the Offer Period (including any
extended or discontinued extended Offer Period) until SSAB has announced that
all Conditions to Completion have been fulfilled or waived by SSAB, that is,
SSAB has announced the Share Exchange Offer unconditional. After such
announcement, the Rautaruukki Shares already tendered may not be withdrawn prior
to the expiration of the Offer Period (including any extended or discontinued
extended Offer Period) except in the event that (i) a third party announces a
competing public tender offer for the Rautaruukki Shares or (ii) the Share
Exchange Offer has lasted more than ten weeks.

A valid withdrawal of the Share Exchange Offer requires that a withdrawal
notification is submitted in writing to the account operator to whom the
original Share Exchange Offer acceptance notification was submitted. If the
acceptance has been submitted to Danske Bank, the withdrawal notification must
also be submitted to Danske Bank.

For nominee-registered securities, Rautaruukki shareholders must request the
relevant administrator managing the nominee registration to execute a withdrawal
notification.

If a shareholder of Rautaruukki validly withdraws an acceptance of the Share
Exchange Offer, the interim shares of Rautaruukki will be converted back into
corresponding Rautaruukki Shares in the book-entry account system and registered
as such on the book-entry account as soon as possible and on or about three (3)
Finnish banking days after a notice regarding the withdrawal of an acceptance of
the Share Exchange Offer has been received in accordance with the terms and
conditions of the Share Exchange Offer.

A shareholder of Rautaruukki who has validly withdrawn its acceptance of the
Share Exchange Offer may accept the Share Exchange Offer again during the Offer
Period (including any extended or discontinued extended Offer Period) until the
Share Exchange Offer has been declared unconditional by the Company by following
the procedure set out under "-Acceptance Procedure for the Share Exchange Offer"
above.

A shareholder of Rautaruukki who withdraws its acceptance is obligated to pay
any fees that the account operator operating the relevant book-entry account or
the nominee of a nominee-registered holding may collect for the withdrawal.

In the event of a Subsequent Offer Period, the acceptance of the Share Exchange
Offer shall be binding and cannot be withdrawn, unless otherwise provided under
mandatory law.

Technical Completion of the Share Exchange Offer

When an account operator or Danske Bank has received an acceptance with respect
to the Rautaruukki Shares conforming with the terms and conditions of the Share
Exchange Offer, the Rautaruukki Shares will be converted into interim shares of
Rautaruukki at an exchange ratio of one Rautaruukki Share to one interim share
of Rautaruukki which will be registered on the book-entry accounts of
Rautaruukki shareholders who have accepted the Share Exchange Offer. The interim
shares of Rautaruukki will be converted into New Shares in the book-entry
account system at the share exchange ratio of the Share Exchange Offer on the
Completion Date.

SSAB will not issue fractional entitlements in connection with the Share
Exchange Offer. Any fractions of New Shares that a Rautaruukki shareholder is
entitled to will be aggregated with fractional entitlements of other Rautaruukki
shareholders and sold on the Helsinki Stock Exchange on their behalf. The
proceeds of the sales according to the average selling price, deducted with
direct sales costs, will be distributed pro rata to Rautaruukki shareholders
entitled to fractional entitlements.

If SSAB does not complete the Share Exchange Offer, the interim shares of
Rautaruukki will be converted back into corresponding Rautaruukki Shares in the
book-entry account system and registered as such on the book-entry account as
soon as technically possible and at the latest within three (3) Finnish banking
days after a notification by SSAB that it will not complete the Share Exchange
Offer. In such case, no fees will be collected and no compensation will be paid
to Rautaruukki shareholders.

Announcement of the Result of the Share Exchange Offer

The preliminary result of the Share Exchange Offer will be announced by a stock
exchange release on or about the first (1) Finnish banking day following the
expiration of the Offer Period (including any extended and discontinued extended
Offer Period). In connection with the announcement of the preliminary result, it
will be announced whether the Share Exchange Offer will be completed and whether
the Offer Period will be extended. The final result of the Share Exchange Offer
will be announced on or about the fifth (5) Finnish banking day following the
expiration of the Offer Period (including any extended and discontinued extended
Offer Period). In connection with the announcement of the final result, the
percentage of the Rautaruukki Shares in respect of which the Share Exchange
Offer has been validly accepted and not validly withdrawn will be confirmed.

SSAB will announce the initial percentage of the Rautaruukki Shares validly
tendered during a possible Subsequent Offer Period on or about the first (1)
Finnish banking day following the expiry of the Subsequent Offer Period and the
final percentage on or about the fifth (5) Finnish banking day following the
expiry of the Subsequent Offer Period.

Terms of Payment and Settlement of Shares

The Share Exchange Offer will be completed with respect to all of those
Rautaruukki shareholders who have validly accepted the Share Exchange Offer, and
who have not withdrawn their acceptance, no later than the seventh (7) Finnish
banking day following the expiration of the Offer Period (including any extended
or discontinued extended Offer Period) (the "Completion Date"), preliminarily on
May 21, 2014. The purchase and sale of Rautaruukki Shares is considered
completed at the moment when the Board of Directors of SSAB accepts the
subscriptions of the New Shares based on the acceptances of the Share Exchange
Offer, see "-Transfer of Title" below.

On the Completion Date, the interim shares of Rautaruukki will be converted into
New Shares at a share exchange ratio in accordance with the terms and conditions
of the Share Exchange Offer. The New Shares will be delivered to Rautaruukki
shareholders who have accepted the Share Exchange Offer after the New Shares
have been registered with the Swedish Companies Registration Office and the New
Shares given in exchange for Rautaruukki Shares in the Share Exchange Offer have
been issued in the Swedish book entry-account system and registered in Euroclear
Finland Ltd's nominee account. The New Shares will be delivered to the book-
entry accounts of the shareholders who have accepted the Share Exchange Offer on
or about the seventh (7) Finnish banking day following the expiration of the
Offer Period (including any extended or discontinued extended Offer Period),
preliminarily on May 21, 2014.

Sale of fractional entitlements will be conducted by Danske Bank as soon as it
is practically possible which preliminary means the eighth (8) Finnish banking
day following the expiration of the Offer Period (including any extended or
discontinued extended Offer Period), preliminarily on May 22, 2014. Sale of any
fractional entitlements will be settled on or about the eleventh (11) Finnish
banking day following the expiration of the Offer Period (including any extended
or discontinued extended Offer Period), preliminarily on May 27, 2014. Proceeds
from the sale of any fractional entitlements to New Shares will be deposited
into the management account of the shareholder's book-entry account who have
accepted the Share Exchange Offer on or about the twelfth (12) Finnish banking
day following the expiration of the Offer Period (including any extended or
discontinued extended Offer Period), preliminarily on May 28, 2014. If the bank
account of the shareholder is with a different banking institution than such
shareholder's book-entry account, the possible fractional entitlements will be
paid to the bank account of the shareholder, in accordance with the schedule of
money transactions between banking institutions.

In the event of a Subsequent Offer Period, SSAB shall in connection with the
announcement thereof announce the terms of payment and settlement for the
Rautaruukki Shares tendered during the Subsequent Offer Period. The sale and
purchase of the Rautaruukki Shares validly tendered in accordance with the terms
and conditions of the Share Exchange Offer during the Subsequent Offer Period
shall, however, be executed at least within two (2) week intervals.

SSAB reserves the right to postpone the payment of the Share Consideration if
payment is prevented or suspended due to a force majeure event, but shall
immediately effect such payment once the force majeure event preventing or
suspending payment is resolved.

Transfer of Title

Title to Rautaruukki Shares in respect of which the Share Exchange Offer has
been validly accepted, and not validly withdrawn, will pass to SSAB when the
Board of Directors of SSAB approves the subscriptions based on the acceptance of
the Share Exchange Offer and when such Rautaruukki Shares are transferred to
SSAB's book-entry account, preliminarily on May 19, 2014.

Title to the New Shares issued in Share Exchange Offer will pass to Rautaruukki
shareholders who have accepted the Share Exchange Offer preliminary on May
21, 2014, the day following the registration of the New Shares. The New Shares
will be registered with the Swedish Companies Registration Office, preliminarily
on May 20, 2014.

Share Exchange Offer Acceptance Payments

SSAB will pay any transfer tax that may be charged in Finland in connection with
the sale of Rautaruukki Shares pursuant to the Share Exchange Offer.

Each Rautaruukki shareholder is liable for payments that, based on an agreement
made with the shareholder, an account operator may charge as well as for the
fees and commissions charged by account operators, custodians, administrators of
nominee-registered Rautaruukki Shares or other parties related to the release of
collateral or the revoking of any other restrictions preventing the sale of
Rautaruukki Shares. Each Rautaruukki shareholder is liable for fees that relate
to a withdrawal of an acceptance made by the shareholder.

SSAB is liable for other customary costs caused by the registration of entries
in the book-entry system required by the Share Exchange Offer, the execution of
trades pertaining to Rautaruukki Shares pursuant to the Share Exchange Offer and
the payment of the Share Consideration.

Should a competing tender offer be published by a third party during the Offer
Period and should a shareholder of Rautaruukki therefore or otherwise withdraw
its acceptance of the Share Exchange Offer, certain account operators may charge
the shareholder separately for the registration of the relevant entries
regarding the acceptance and withdrawal as explained under "-Right of Withdrawal
of Acceptance" above.

Trading in the New Shares

SSAB intends to take the steps necessary for all the New Shares to be issued in
connection with the Share Exchange Offer to be admitted to trading on the
official list of NASDAQ OMX Stockholm AB (the "Stockholm Stock Exchange"). SSAB
will also file an application to the Helsinki Stock Exchange to list its shares
issued in the Share Exchange Offer on the official list of the Helsinki Stock
Exchange. Trading in the New Shares is expected to commence on the official list
of the Stockholm Stock Exchange on or about the seventh (7) Finnish banking day
following the expiration of the Offer Period (including any extended or
discontinued extended Offer Period), preliminarily on May 21, 2014. Trading in
the New Shares is expected to commence on the official list of the Helsinki
Stock Exchange on or about the eighth (8) Finnish banking day following the
expiration of the Offer Period (including any extended or discontinued extended
Offer Period), preliminarily on May 22, 2014 after which date it will be
possible to sell New Shares both on the Stockholm Stock Exchange and the
Helsinki Stock Exchange.

Other Matters

The Share Exchange Offer Document and the Share Exchange Offer shall be governed
by Finnish law and any disputes pertaining thereto shall be settled exclusively
in a Finnish court of law.

SSAB reserves the right to amend the terms and conditions of the Share Exchange
Offer in accordance with Chapter 11, Section 15 of the Finnish Securities Market
Act. Should the FFSA give an order regarding an extension of the Offer Period,
SSAB reserves the right to decide upon the withdrawal of the Share Exchange
Offer in accordance with Chapter 11, Section 12 of the Finnish Securities Market
Act.

SSAB reserves the right to dispose of the Rautaruukki Shares it has acquired
before, during or after the expiration of the Offer Period as it deems
appropriate.

Should a competing tender offer be published by a third party during the Offer
Period, SSAB reserves the right, as stipulated in Chapter 11, Section 17 of the
Finnish Securities Market Act, to (i) decide upon an extension of the Offer
Period; (ii) decide upon an amendment of the terms and conditions of the Share
Exchange Offer; and (iii) decide, during the Offer Period but before the
expiration of the competing offer, to let the Share Exchange Offer lapse.

SSAB will decide on all other matters related to the Share Exchange Offer.


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