SSAB’s rights issue oversubscribed

The preliminary result of SSAB AB’s (publ) (“SSAB”) rights issue, for which the
subscription period ended on June 17, 2016, indicates that 472,855,180 class B
shares, corresponding to approximately 98.4 per cent of the class B shares
offered, were subscribed for by the exercise of subscription rights.
Additionally, applications for subscription without subscription rights of
190,420,454 class B shares, corresponding to approximately 39.6 per cent of the
class B shares offered, have been received. Thus, the rights issue is
oversubscribed. As a result of the rights issue, SSAB will receive proceeds
amounting to approximately SEK 5 billion before transaction costs.
“In the current challenging situation where the steel industry is suffering
heavily from global overcapacity, we appreciate the trust shown in us by our
existing shareholders and by the interest in SSAB from new investors, who
decided to participate in the rights issue. Completion of the rights issue and
the refinancing package that we now have in place will enable us to secure
SSAB’s long-term possibilities to continue to develop our activities to achieve
our goal of industry-leading profitability. A strongly improved financial
position will mean we are well placed to take advantage of the opportunities in
the market while driving growth in our well-defined focus areas,” said Martin
Lindqvist, President and CEO of SSAB.

The final results of the rights issue will be published on or around June 27,
2016. Allotment of shares that were subscribed for without subscription rights
will be made in accordance with the principles outlined in the prospectus.
Notification regarding the allotment of shares to be registered at Euroclear
Sweden and traded on Nasdaq Stockholm will be sent only to those who have been
allotted shares. Notification regarding allotment of shares to be registered at
Euroclear Finland and traded on Nasdaq Helsinki will be sent both to those who
have been allotted shares and to those who have not been allotted shares. As a
result of the rights issue, SSAB’s share capital will increase by SEK
4,229,190,380.80 from SEK 4,833,360,488.00 to SEK 9,062,550,868.80 in total, and
the total number of shares will increase by 480,589,816 from 549,245,510 to
1,029,835,326.

The new class B shares subscribed for with subscription rights are expected to
be registered by the Swedish Companies Registration Office (“SCRO”, Sw.
Bolagsverket) on or about June 23, 2016. The last day of trading in the interim
shares (“BTA”) is expected to be on June 30, 2016. Trading of the new class B
shares is expected to begin on Nasdaq Stockholm and Nasdaq Helsinki on July 6,
2016.

The new class B shares subscribed for without subscription rights are expected
to be registered by the SCRO on or about July 5, 2016 and are expected to start
trading on Nasdaq Stockholm and Nasdaq Helsinki on July 7, 2016.

Syndicate of banks and legal advisers

Crédit Agricole Corporate and Investment Bank, Handelsbanken Capital Markets,
Nordea Bank AB (publ) and Swedbank AB (publ) are acting as Joint Global
Coordinators and Mannheimer Swartling Advokatbyrå as legal adviser to SSAB in
connection with the rights issue.

For further information, please contact

Liisa-Maija Seppänen, Investor Relations Manager
liisa-maija.seppanen@ssab.com, +358 20 593 92 32

Viktoria Karsberg, Head of External Communications,
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 June 22, 2016 at 8:30am
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 previously published.

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,
British 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 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.