SSAB divests IPSCO Tubulars for USD 4,025 million in cash

SSAB divests IPSCO Tubulars for USD 4,025 million in cash

SSAB divests its North American tubular operations (“IPSCO Tubulars”) to Evraz
for 
USD 4,025 million in cash. 
•	The transaction allows SSAB to better focus on and more rapidly develop its
high-strength steel niche 
•	SSAB retains the majority of IPSCO's steel production capacity and also the
full synergy potential declared at the time of the acquisition of IPSCO
•	Proceeds to be used for debt reduction. SSAB's net debt/equity ratio pro forma
31 December 2007 decreases from 148% to 62%


SSAB today announces an agreement with Evraz Group S.A. (“Evraz”) to sell SSAB's
North American Tubulars operations, IPSCO Tubulars, for USD 4,025 million on a
debt and cash free basis. IPSCO Tubulars was acquired as part of SSAB's
acquisition of IPSCO in 2007 and had sales of  USD 2,4 billion and EBITDA of USD
0,4 billion in 2007. No capital gain or loss is expected from the transaction.
The transaction is expected to close in the second quarter of 2008 and is
subject to approvals from US and Canadian regulatory authorities.
The agreement between SSAB and Evraz involves the sale of 12 tubular locations,
including, the Regina and Koppel steel mills, that directly supply the tubular
operations, the Regina coil processing facility, and related scrap facilities.
IPSCO Tubulars has approximately 3,250 employees.
SSAB will retain the majority of the steel production capacity it acquired as
part of its acquisition of IPSCO, including steel mills located in Mobile
(Alabama) and Montpelier (Iowa) together with four cut-to-length facilities. In
aggregate, these facilities have an annual capacity of approximately 2,5 million
tonnes of crude steel production. The retained units have approximately 1,050
employees.
The IPSCO brand is closely associated with the tubular business and is included
in the transaction. The steel operations retained within SSAB will operate as a
Division within SSAB. SSAB will retain the right to use the IPSCO brand during a
transition period.
“This transaction allows us to focus on our core business - to be a global
leader within our high strength steel niches. We can further grow and develop
our steel operations and expand into new markets. IPSCO Tubulars will get an
owner with an interest and focus in the tubular business”, says Olof Faxander,
President and CEO of SSAB.

About SSAB
SSAB is a leading producer of high-strength steel. The group's steel operations
consist of three divisions - the Strip Products Division (main centres are
Borlänge and Luleå), the Plate Division (Oxelösund) and the North American
Division as well as two subsidiaries - Plannja representing processing and
Tibnor which is the group's trading company. In 2007, the group's turnover was
approximately SEK 48 billion. SSAB employs approximately 13,000 employees in
operations or offices in over 40 countries and a worldwide sales presence.

About Evraz
Evraz Group S.A. is one of the largest vertically-integrated steel and mining
businesses. In 2007, Evraz Group produced 16.3 million tonnes of crude steel.
Evraz Group's principal assets include three of the leading steel plants in
Russia: Nizhny Tagil (NTMK) in the Urals region and West Siberian (Zapsib) and
Novokuznetsk (NKMK) in Siberia, as well as Palini e Bertoli in Italy, Evraz
Vitkovice Steel in the Czech Republic, Evraz Oregon Steel Mills and Claymont
Steel headquartered in the USA. Its fast-growing mining businesses comprise
Evrazruda, the Kachkanarsky (KGOK) and Vysokogorsky (VGOK) iron ore mining
complexes, Yuzhkuzbassugol company and an equity interest in the Raspadskaya
coal company. The mining assets enable Evraz Group to be a vertically-integrated
steel producer. Evraz Group also owns and operates the Nakhodka commercial sea
port, in the Far East of Russia. Evraz vanadium operations comprise Strategic
Minerals Corporation, USA, and Highveld Steel and Vanadium Corporation, South
Africa. 

Advisers and Counsel
Deutsche Bank is acting as exclusive financial advisor to SSAB. White & Case is
acting as legal counsel to SSAB.

Press and analyst conference, and webcast details
There will be a presentation for media and analysts at 10.00 am CET at World
Trade Center (WTC), Kungsbron 1, Stockholm in Conference room: “Stockholm”,
which will be webcast live on SSAB's website at www.ssab.com. If you want to
participate in the press conference via telephone or if you want to ask
questions during the press conference, please dial the following numbers: +46
(0)8 505 598 53 (Sweden), +44 (0)20 3043 2436 (UK), +1 866 458 40 87 (USA).
Questions regarding webcast, please contact Heidi Wendt, phone: +46 (8) 45 45
756.

Further details regarding the transaction is included in the pdf-version of the
press release.


For further information, please contact: 
Helena Stålnert, Executive Vice President, Communications 	Phone: +46 (8) 45 45
734