Results for 2015

Strong cash flow despite tough market
The quarter

  · Sales were SEK 12,499 (15,200) million
  · Operating profit before depreciation/amortization, excluding items affecting
comparability, was SEK 157 (1,051) million
  · Operating profit/loss, excluding items affecting comparability, was SEK -802
(118) million
  · Operating loss after financial items, excluding items affecting
comparability, was SEK -1,051 (-82) million
  · Earnings per share were SEK -1.23 (-2.39)
  · Items affecting comparability had an impact of SEK -65 (-1,322) million on
the result after tax
  · Operating cash flow was SEK 1,788 (1,407) million and net cash flow was SEK
1,481 (728) million

The full year

  · Sales were SEK 56,864 (47,752) million
  · Operating profit before depreciation/amortization, excluding items affecting
comparability, was SEK 3,655 (3,695) million
  · Operating profit/loss, excluding items affecting comparability, was SEK -128
(894) million
  · Operating profit/loss after financial items, excluding items affecting
comparability, was SEK -1,051 (242) million
  · Earnings per share were SEK -0.93 (-3.33)
  · Items affecting comparability had an impact of SEK -104 (-1,778) million on
the result after tax
  · Operating cash flow was SEK 3,874 (1,737) million and net cash flow was SEK
2,283 (94) million
  · Net debt/equity ratio was 52% (56%)
  · Synergy target increased to SEK 1.8 billion with full annual run rate from
second half of 2016, which together with other efficiency actions will result in
savings in total of SEK 2.5 billion with full impact from 2017 onwards
  · A dividend is proposed of SEK 0 (0) per share

Comments by the CEO

SSAB posted an operating loss, excluding items affecting comparability, of SEK
802 million for the fourth quarter of 2015. Compared to the fourth quarter of
2014, earnings were down by more than SEK 900 million. This was primarily due to
lower volumes and prices for standard steel in North America and Europe, and to
maintenance outage at SSAB Special Steels. Despite weak earnings performance,
net cash flow was positive in the fourth quarter, at SEK 1.5 billion, primarily
because of lower tied-up working capital. Operating profit for the full-year
2015 were negative at SEK -128 (894) million and net cash flow was SEK 2.3 (0.1)
billion. The strong cash flow enabled us to reduce our net debt by SEK 1.5
billion during 2015 and the net debt/equity ratio was 52% (56%) at the end of
the year.

The fourth quarter was characterized by a tough market with global overcapacity,
volatile prices of raw materials and pressure on steel prices. Falling prices of
raw materials and continued high imports from Asia have exerted further pressure
on steel prices both in North America and Europe. Customers have delayed orders
and reduced their inventories hoping to take advantage of lower prices at the
beginning of 2016. Underlying demand for steel was higher than apparent demand
and we estimate that volumes will improve in all markets during the first
quarter of 2016, once apparent demand aligns with underlying demand.

Synergies of SEK 225 million from the acquisition of Rautaruukki were achieved
during the fourth quarter and the annual run rate at the close of the year was
SEK 1.1 billion. Realization of synergies is progressing better than planned.
Therefore we have raised our synergy target which now amounts to SEK 1.8
billion, with full annual run rate from second half of 2016 and with full effect
from 2017 onwards. In addition, we are also implementing other actions and
making continuous improvements to lower our costs and improve our
competitiveness. In conjunction with this, we have today announced that we plan
workforce reductions within our Nordic operations, involving a maximum of 465
employees in total. During 2016, we will through synergies and other efficiency
actions reduce costs by SEK 1.25 billion compared with 2015. During the full
year 2017, we will have reduced the cost level by SEK 2.5 billion on an annual
basis since completing the acquisition of Rautaruukki.

We have set ourselves the objective of achieving leading profitability in the
steel industry. We are well placed to do this since SSAB has a unique product
offering and have strong market positions in our home markets. We will achieve
our objective through a combination of efficiency and growth in chosen segments.
SSAB also has the advantage of high flexibility in production, which will enable
positive cash flow even during periods of low demand. We have the capability to
further reduce production capacity and to carry out structural measures should
demand not improve. The steel industry is facing a period of strong head winds,
where global overcapacity is exerting pressure on profitability. The measures we
are already working on will enable us to create the conditions to improve our
profitability and I am convinced that our own actions will enable us to
strengthen our position during 2016.

This information is such that SSAB must disclose in accordance with the
Securities Markets Act. The information was submitted for publication on
February 12, 2016 at 07.30 am.

Invitation to SSAB’s year-end report 2015 results briefing

SSAB invites you to a presentation of the year-end report 2015 at 09.30am CET on
Friday February 12, 2016.
The year-end report 2015 will be presented by SSAB’s President and CEO Martin
Lindqvist, and CFO Håkan Folin.

The press conference will be held in English and live webcast on SSAB’s website
www.ssab.com. It is also possible to participate in the briefing via telephone.

Venue and time of briefing: World Trade Center (WTC) Stockholm, Kungsbron 1,
Conference room Manhattan, 09.30am CET.

Telephone numbers:
+46 8 505 564 74 (Sweden),
+44 203 364 5374 (UK),
+1 855 753 2230 (USA).

Link to webcast: Go to webcast (http://edge.media-server.com/m/p/ykb97cfz)

For further information, please contact

Investor Relations: Andreas Koch, Head of Investor Relations,
andreas.koch@ssab.com, +46 8 454 57 29

Media: Viktoria Karsberg, Head of External Communications,
viktoria.karsberg@ssab.com, +46 8 454 5734
SSAB is a Nordic and US-based steel company. SSAB offers value added products
and services developed in close cooperation with its customers to create a
stronger, lighter and more sustainable world. SSAB has employees in over 50
countries. SSAB has production facilities in Sweden, Finland and the US. SSAB is
listed on the Nasdaq OMX Nordic Exchange in Stockholm and has a secondary
listing on the Nasdaq OMX in Helsinki. www.ssab.com.