New President of Sandvik Steel

Sandviken, SWEDEN

STOCKHOLM, Sweden, Jan. 16, 2002 (PRIMEZONE) -- Peter Gossas, Executive Vice President of Sandvik Steel and head of the company's tube and pipe division has been appointed the new President of the business sector, Sandvik Steel, effective 7 May 2002. Gossas succeeds Lars Pettersson who, effective as of the same date, has been appointed the new President and CEO of Sandvik AB, as previously announced. Lars Pettersson retains the position as President of the Sandvik Specialty Steels business area in which Sandvik Steel is included.

Peter Gossas, 52, has extensive experience in the steel industry. He worked within SSAB from 1974 until 1986 and, since that time, held various executive positions within AvestaPolarit. On 17 April 2001, he was appointed head of Sandvik Steel's tube division and Executive Vice President of Sandvik Steel. Gossas will continue to function as head of the tube and pipe division.

Sandvik is a high-technology engineering group with advanced products and world-leading positions in selected areas - tools for metalworking, machinery and tools for rock excavation, stainless steel, special alloys and resistance heating materials and process systems. The Group has 35,000 employees in 130 countries, with annual sales of approximately SEK 44 billion.

Sandvik Steel is a business sector within the Sandvik Specialty Steels business area and a world-leading manufacturer of highly refined products, tube, strip, wire and bar, in stainless steel and in special alloys. Annual sales are approximately SEK 10,000 M, with 7,000 employees.

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