Report for the second quarter of 2009

Report for the second quarter of 2009 

The quarter
•	Sales declined by 56% to SEK 6,583 (14,957) million                      
•	Operating profit of SEK -952 (3,149) million          
•	Profit after financial items of SEK -1,096 (3,006) million        
•	Profit after tax of SEK -636 (2,031) million, entailing earnings per share of
SEK -1.95 (6.16)          
•	Operating cash flow of SEK 2,119 (2,536) million and cash flow from current
operations of SEK 1,917 (1,379) million
•	Net debt/equity ratio was 52%, unchanged compared with the end of the first
quarter.              

The half year
•	Sales declined by 48% to SEK 14,618 (27,867) million           
•	Operating profit of SEK -1,086 (5,897) million            
•	Profit after financial items of SEK -1,311 (5,378) million           
•	Profit after tax of SEK -483 (3,732) million, entailing earnings per share of
SEK -1.45 (11.32)                
•	Operating cash flow of SEK 3,043 (5,326) million and cash flow from current
operations of SEK 1,541 (3,118) million                
•	The return on capital employed for the most recent twelve-month period was 5
(17)% and the return on equity was 7 (22)%. 


Comments by the CEO      
The steel market continues to be sluggish. The second quarter has been
characterized by weak demand and continued pressure on prices. As a consequence,
we are reporting an operating loss of SEK 952 million for the quarter. At the
same time, our efficiency and cost-savings programs have had a more rapid impact
than we had previously calculated. Accordingly, we have a positive operating
cash flow of SEK 2,119 million and are able to report significantly lower fixed
costs than last year. 

Production during the quarter has remained well under 50 percent of capacity.
Following the extended summer outages at our Swedish production plants, we now
expect to resume production at one of our blast furnaces in Oxelösund as well as
the blast furnace in Luleå towards the end of August. 

Our raw materials costs will be lower. Prices in the coal agreements are approx.
36 percent lower in Swedish kronor than last year, but the impact will not be
felt until towards the end of the year. SSAB's negotiations regarding iron ore
pellet agreements have not yet been completed, but agreements reached on the
world market show significantly greater price reductions for pellets compared
with fines, a factor which benefits SSAB's pellet-based operations. The
indicated price reduction for pellets would, in Swedish kronor, mean a decrease
of approx. 34 percent for SSAB. 

The global steel market is characterized by major uncertainty and it is not yet
possible to foresee the full impact of the financial and economic crisis. It is
too early to talk about a definite turnaround. What we can note is
stabilization. Prices during the second quarter were lower than during the first
quarter, but together with volumes have stabilized at this level. 

During the third quarter we expect market conditions to be similar to those in
the second quarter. We expect that the result for the third quarter will be
weaker than for the second quarter, primarily due to seasonal variations as a
consequence of our customers' holiday outages.                            

The trend going forward is still difficult to assess. By the end of the year,
inventory liquidation at end users may have led to a certain strengthening in
demand and an improvement on the market. 

In the long term, I remain optimistic. Thus far this year, customer interest in
cooperating with SSAB in developing new products has been greater than ever. The
world needs steel and SSAB is well equipped to meet future needs for lighter and
more sustainable steel products.

For further information, please contact:
Helena Stålnert, EVP, Communications 	Phone: +46 8 45 45 734  
Catarina Ihre, Director, Investor Relations	Phone: +46 706 07 92 63  

SSAB is a global leader in value added, high strength steel. SSAB offers
products developed in close cooperation with its customers to reach a stronger,
lighter and more sustainable world. SSAB employs 9,200 people in over 45
countries around the world and operates production facilities in Sweden and the
US. SSAB is listed on the NASDAQ OMX Nordic Exchange, Stockholm.

This information is such that SSAB must disclose in accordance with the
Securities Markets Act. The information was submitted for publication on July
27, 2009 at 08.30 am.