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ANNUAL REPORT TOWARD INDUSTRY-LEADING PROFITABILITY 2017 Worldreginfo - D6579638-Fa07-46A4-A6fe-3D1d76305641 CONTENTS

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ANNUAL REPORT TOWARD INDUSTRY-LEADING PROFITABILITY 2017 Worldreginfo - D6579638-Fa07-46A4-A6fe-3D1d76305641 CONTENTS ANNUAL REPORT TOWARD INDUSTRY-LEADING PROFITABILITY 2017 WorldReginfo - d6579638-fa07-46a4-a6fe-3d1d76305641 CONTENTS 113 Environmental impacts 139 Materiality assessment 127 Social impacts 142 GRI content index 146 Auditor’s report on the 138 GRI report profile statutory sustainability report 138 Reporting practice BUSINESS CORPORATE GOVERNANCE REVIEW 2017 REPORT 2017 3 Introduction 35 SSAB Americas 82 Corporate governance report 2017 3 SSAB in brief 38 Tibnor 86 Board of Directors 5 2017 in brief 41 Ruukki Construction 90 Group Executive Committee 6 Vision and values FINANCIAL 7 SSAB’s value creation 44 Sustainable ofering REPORTS 2017 8 CEO’s review 45 How we work with customers 10 SSAB as an investment 47 Environmental benefits from 148 Board of Directors’ Report 176 Parent Company’s special steels balance sheet 11 Operating context 49 SSAB EcoUpgraded concept 171 Group 177 Parent Company’s statements 12 SSAB’s global presence 51 Sustainable construction solutions 171 Consolidated income of changes in equity 13 SSAB’s markets 52 Corporate identity and brands statement 178 Parent Company’s cash flow 14 Market development in 2017 GRI 171 Consolidated statement of statement 15 Global megatrends and 54 Sustainable operations REPORT 2017 comprehensive income SSAB’s response 55 Production sites 172 Consolidated balance sheet 179 5-year summary, Group 56 Sustainable and efcient 99 Sustainability approach 173 Consolidated statement of 180 Accounting and valuation 17 Our strategy production 99 Sustainability strategy and targets changes in equity principles 18 Taking the Lead! 100 Our contribution to the Sustainable 174 Consolidated cash flow 190 Notes 23 Financial targets 63 Responsible partner Development Goals statement 233 Proposed allocation of profit 24 Sustainability strategy 64 Responsible business practices 102 SSAB and the value chain 234 Auditor’s report 25 Sustainability targets 67 High-performing organization 104 Sustainability management 175 Parent Company 240 Shares and shareholders 70 Health and safety 106 Business ethics 175 Parent Company’s income 243 Annual general meeting, 26 Our businesses 74 Responsible sourcing 107 Stakeholder engagement statement Nomination Committee, 27 SSAB Special Steels 78 SSAB in the community 175 Parent Company’s other Calendar 31 SSAB Europe 80 Swedish Steel Prize 110 Disclosures comprehensive income 244 Addresses 110 Economic impacts WorldReginfo - d6579638-fa07-46a4-a6fe-3d1d76305641 BUSINESS REVIEW 2017 3 Introduction 38 Tibnor 3 SSAB in brief 41 Ruukki Construction 5 2017 in brief 6 Vision and values 44 Sustainable ofering 7 SSAB’s value creation 45 How we work with customers 8 CEO’s review 47 Environmental benefits from 10 SSAB as an investment special steels 49 SSAB EcoUpgraded concept 11 Operating context 51 Sustainable construction 12 SSAB’s global presence solutions 13 SSAB’s markets 52 Corporate identity and brands 14 Market development in 2017 15 Global megatrends and 54 Sustainable operations SSAB’s response 55 Production sites 56 Sustainable and efcient 17 Our strategy production 18 Taking the Lead! 23 Financial targets 63 Responsible partner 24 Sustainability strategy 64 Responsible business 25 Sustainability targets practices 67 High-performing organization 26 Our businesses 70 Health and safety 27 SSAB Special Steels 74 Responsible sourcing 31 SSAB Europe 78 SSAB in the community 35 SSAB Americas 80 Swedish Steel Prize SSAB is listed on Nasdaq Stockholm (Large cap list) and has a secondary listing on Nasdaq Helsinki. WorldReginfo - d6579638-fa07-46a4-a6fe-3d1d76305641 SSAB 2017 BUSINESS REVIEW CORPORATE GOVERNANCE REPORT GRI REPORT FINANCIAL REPORTS 2017 INTRODUCTION OPERATING CONTEXT OUR STRATEGY OUR BUSINESSES SUSTAINABLE OFFERING SUSTAINABLE OPERATIONS RESPONSIBLE PARTNER 3 SSAB IN BRIEF SSAB is a highly-specialized global steel company driven by close customer relationships. SSAB develops high- 66 50 2.23 strength steels and provides services for Net sales SEK billion Employees in more than 50 countries Earnings per share, SEK better performance and sustainability. The company is a leading producer on the global market for Advanced High-Strength Steels (AHSS) and Quenched President & CEO & Tempered Steels (Q&T), strip, plate and tubular products, Martin Lindqvist as well as construction solutions. SSAB’s steels and services 3.8 15,000 Headquarters help to make end products lighter and increase their Stockholm, Sweden strength and lifespan. EBIT SEK billion Approximate number of employees WE ARE UNIQUE • Global leadership in value-added high-strength steels • Most innovative services and applications • Home-market leadership in the Nordics and US • Long-term customer relationships 2007 SSAB acquires the North • Strong end-user focus American steel company IPSCO • Globally recognized brands 1980 Tibnor becomes part of SSAB 2014 SSAB and Finnish 1976 Rautaruukki combine Tibnor into one company 1960 Rautaruukki 1956 IPSCO 1940 Norrbottens Järnverk, Luleå 1913 Oxelösunds Järnverk AB 1878 Domnarvets Järnverk, Borlänge 1978 Domnarvets Järnverk, Oxelösunds Järnverk AB and Norrbottens Järnverk become SSAB WorldReginfo - d6579638-fa07-46a4-a6fe-3d1d76305641 SSAB 2017 BUSINESS REVIEW CORPORATE GOVERNANCE REPORT GRI REPORT FINANCIAL REPORTS 2017 INTRODUCTION OPERATING CONTEXT OUR STRATEGY OUR BUSINESSES SUSTAINABLE OFFERING SUSTAINABLE OPERATIONS RESPONSIBLE PARTNER 4 SSAB SPECIAL STEELS SSAB EUROPE SSAB AMERICAS TIBNOR Global steel supplier and service partner Leading Nordic-based steel producer of Market-leading North American producer Leading Nordic supplier of steel, other in Quenched & Tempered Steels (Q&T) and high-quality strip, plate and tube products of quality steel plate and coil metals and processing services Advanced High-Strength Steels (AHSS) Focus on the home market and selected Strong production base with an industry- 11% 4% Global product brands with a unique growth areas like high-strength steels for leading quality and cost position Share of SSAB Share of SSAB market position: the automotive segment Group’s total sales Group’s total EBITDA Nearly 100% scrap-based production MAIN PRODUCTION SITES: • Borlänge, Sweden MAIN PRODUCTION SITES: • Hämeenlinna, Finland • Mobile, Alabama, USA MAIN PRODUCTION SITE: • Luleå, Sweden • Montpelier, Iowa, USA • Oxelösund, Sweden • Raahe, Finland 22% 26% 42% 56% 17% 10% Share of SSAB Share of SSAB Share of SSAB Share of SSAB Share of SSAB Share of SSAB RUUKKI CONSTRUCTION Group’s total sales Group’s total EBITDA Group’s total sales Group’s total EBITDA Group’s total sales Group’s total EBITDA Sustainable building and construction SSAB is structured across three steel divisions: SSAB has a cost-efcient and flexible production products and services in Europe SSAB Special Steels, SSAB Europe and SSAB Americas, system. SSAB’s production plants in Sweden, Finland and the US have an annual steel 8% 4% and two subsidiaries: Tibnor and Ruukki Construction. production capacity of 8.8 million tonnes. Share of SSAB Share of SSAB Group’s total sales Group’s total EBITDA WorldReginfo - d6579638-fa07-46a4-a6fe-3d1d76305641 SSAB 2017 BUSINESS REVIEW CORPORATE GOVERNANCE REPORT GRI REPORT FINANCIAL REPORTS 2017 INTRODUCTION OPERATING CONTEXT OUR STRATEGY OUR BUSINESSES SUSTAINABLE OFFERING SUSTAINABLE OPERATIONS RESPONSIBLE PARTNER 5 2017 IN BRIEF Sales KEY FIGURES 2017 2016 Sales, SEK million 66,059 55,354 SSAB Special Steels 22% Operating profit before depreciation/amortization, 7,591 4,951 EBITDA, SEK million SSAB Europe 42% SSAB Americas 17% Operating profit, SEK million 3,838 1,213 Tibnor 11% Profit after financial items, SEK million 2,863 324 Ruukki Construction 8% Earnings per share, SEK 2.23 1.04 Operating cash flow, SEK million 6,511 3,207 Dividend per share, SEK – 2017 proposal 1.00 0.00 Share of EBITDA1) Energy consumption, GWh 9,210 8,990 Carbon dioxide emissions1), thousand tonnes 9,828 9,989 SSAB Special Steels 26% Employees2) 14,925 14,980 SSAB Europe 56% SSAB Americas 10% Lost time incident frequency (LTIF)3) 5.6 6.8 Tibnor 4% 1) Direct emissions from production (Scope 1) 3) Number of accidents resulting in an absence of more than Ruukki Construction 4% 2) Permanent employees at year end one day per million working hours, including contractors 1) Operating profit/loss before depreciation/ amortization (EBITDA) per business segment Total sales Operating profit/loss1) 1) SEKm SEKm Employees 70,000 4,000 60,000 3,000 SSAB Special Steels 19% 2,000 50,000 SSAB Europe 46% 1,000 40,000 SSAB Americas 8% 0 13 14 15 16 17 30,000 Tibnor 7% -1,000 20,000 -2,000 Ruukki Construction 17% 10,000 -3,000 Other 3% 0 13 14 15 16 17 -4,000 1) Excluding items afecting comparability 1) Permanent employees at year end WorldReginfo - d6579638-fa07-46a4-a6fe-3d1d76305641 SSAB 2017 BUSINESS REVIEW CORPORATE GOVERNANCE REPORT GRI REPORT FINANCIAL REPORTS 2017 INTRODUCTION OPERATING CONTEXT OUR STRATEGY OUR BUSINESSES SUSTAINABLE OFFERING SUSTAINABLE OPERATIONS RESPONSIBLE PARTNER 6 VISION AND VALUES OUR VALUES CUSTOMER’S BUSINESS IN FOCUS • We constantly listen to and understand our customers’ needs • We aim to always take an active, long-term interest in our customers’ business • We want to earn our customers’ trust • We want to be our customers’ innovation partner TAKING RESPONSIBILITY • We build strong, long-lasting relationships by being professional, cooperative and honest • We keep our promises • We work safely and responsibly • We respect people and strive for diversity OUR VISION EXCEEDING EXPECTATIONS A stronger, lighter and more sustainable
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