Resolutions adopted at SSAB’s Extraordinary General Meeting

An Extraordinary General Meeting (EGM) in SSAB was held today, May 27, 2016, in
Stockholm. The EGM resolved to amend the articles of association in accordance
with the Board of Directors’ proposal. The EGM also resolved to approve the
resolution by the Board of Directors on a new issue of class B shares with
preferential rights for all existing shareholders (A and B shares).
The terms of the rights issue entitle persons registered as holders of shares in
SSAB on the record date, May 31, 2016, to receive one (1) class B subscription
right for each share held in SSAB, irrespective of share class. Eight (8)
subscription rights entitle to subscription of seven (7) new class B shares. The
subscription price is SEK 10.50 per new share. As regards subscription of new
class B shares that will be registered with the central securities depository
Euroclear Finland and listed on Nasdaq Helsinki, payment shall be made in EUR
with an amount corresponding to the subscription price of SEK 10.50 per new
share, based on the European Central Bank’s reference exchange rate at 15.00 CET
on May 31, 2016. The EUR amount will be announced around 16.30 on May 31, 2016.

The rights issue is expected to raise a maximum of SEK 5,050 million, before
deduction of rights issue costs.

The number of shares is expected to increase from 549,245,510 shares to
1,029,835,326 shares, corresponding to an increase of approximately 87.5%. The
share capital will increase from SEK 4,833,360,488 to SEK 9,062,550,868.80.

The reason for the rights issue is to strengthen the balance sheet and improve
the financial flexibility in order to support the target of achieving industry
leading profitability, but also to create financial preparedness for managing
periods with low demand for steel.

Indicative timetable for the rights issue

May 27, 2016:                    Last day of trading in the shares including
right to participate in the rights issue

May 30, 2016:                    First day of trading in the shares excluding
right to participate in the rights issue

May 31, 2016:                    Record date for participation in the rights
issue, i.e. shareholders who are registered in the share register as of this day
will receive subscription rights for participation in the rights issue

May 31, 2016:                    Estimated date for the publication of the
prospectus

May 31, 2016:                    Announcement of the subscription price in EUR

June 3 – June 13, 2016:     Trading in subscription rights on Nasdaq Helsinki

June 3 – June 15, 2016:     Trading in subscription rights on Nasdaq Stockholm

June 3 – June 17, 2016:     Subscription period

June 3 – June 30, 2016:     Trading in paid subscribed shares

June 22, 2016:                   Announcement of preliminary results of the
rights issue

June 27, 2016:                   Announcement of final results of the rights
issue

For further information, please contact

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

Viktoria Karsberg, Head of External Communications,
viktoria.karsberg@ssab.com (http://file://sto
-file23/allmdata2$/Investment_Banking/Investment%20Banking%20Sweden/Corporate%20
F 
inance/Industrial%20Markets/PROJEKT/SSAB/Projekt%20H%C3%A4vringe/Mandate%20phase
/ 
ECM/Pressmeddelanden/Offentligg%C3%B6rande/viktoria.karsberg@ssab.com), +46 8
454 57 34

SSAB AB (publ) discloses the information in this press release according to the
Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading
Act. The information was provided for public release on May 27, 2016 at 11.15am
CEST.

IMPORTANT NOTICE

The information in this press release does not contain or constitute an offer to
acquire, subscribe or otherwise trade in shares, subscription rights or other
securities in SSAB. Any invitation to the persons concerned to subscribe for
shares in SSAB will only be made through the prospectus that SSAB estimates to
publish on or around May 31, 2016.

This press release may not be released, published or distributed, directly or
indirectly, in or into Australia, Japan, Canada, the United States or any other
jurisdiction where participation would require additional prospectuses,
registration or measures besides those required by Swedish, Finnish, Danish, UK
and Irish law. Nor may this press release be distributed in or into such
countries or any other country or jurisdiction in which distribution requires
such measures or otherwise would be in conflict with applicable regulations. Any
failure to comply with the restrictions described may result in a violation of
applicable securities regulations.

No subscription rights, paid subscribed shares or shares in SSAB have been or
will not be registered under the United States Securities Act of 1933, as
amended (the “Securities Act”) or the securities legislation of any state or
other jurisdiction in the United States and no subscription rights, paid
subscribed shares or shares may be offered, subscribed for, sold, resold,
delivered or otherwise transferred, directly or indirectly, in or into the
United States except under an available exemption from, or transaction not
subject to, the registration requirements under the Securities Act and in
compliance with the securities legislation in the relevant state or any other
jurisdiction of the United States. There is no intention to register any
securities referred to herein in the United States or to make a public offering
of the securities in the United States.

This press release contains certain forward-looking information that reflects
SSAB’s present view of future events as well as financial and operational
development. Words such as “intend”, “assess”, “expect”, “may”, “plan”,
“believe”, “estimate” and other expressions entailing indications or predictions
of future development or trends, not based on historical facts, constitute
forward-looking information. Forward-looking information is inherently
associated with both known and unknown risks and uncertainties as it depends on
future events and circumstances. Forward-looking information is not a guarantee
of future results or development and actual outcomes may differ materially from
the statements set forth in the forward-looking information.
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.