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ANNUAL REPORT 2018 Toward Industry-Leading Profitability CONTENTS ANNUAL REPORT 2018 Toward industry-leading profitability CONTENTS 28 Businesses 60 Sustainable offering 145 Consolidated statement 29 SSAB Special Steels 61 Environmental benefits from of comprehensive income 33 SSAB Europe high-strength steels 146 Consolidated balance sheet 37 SSAB Americas 63 SSAB EcoUpgraded concept 147 Consolidated statement 41 Tibnor of changes in equity 44 Ruukki Construction 65 Sustainable operations 148 Consolidated cash flow 47 How we work with 66 Minimizing environmental statement BUSINESS REVIEW 2018 customers impact CORPORATE GOVERNANCE 49 Swedish Steel Prize 67 Material efficiency REPORT 2018 149 Parent Company 3 Introduction and recycling 149 Parent Company’s income 3 SSAB in brief 69 Energy consumption 106 Corporate Governance statement 5 2018 in brief and efficiency Report 2018 149 Parent Company’s other 6 Vision and values 71 Water recirculation 110 Board of Directors comprehensive income 7 SSAB’s value creation in the processes 114 Group Executive Committee 150 Parent Company’s balance 8 CEO’s review 72 CO2 efficient steel production sheet 10 SSAB as an investment 151 Parent Company’s statements 76 Responsible partner of changes in equity 11 Operating environment 77 High-performing 152 Parent Company’s cash flow 12 SSAB’s global presence organization statement 13 Global megatrends 84 Occupational health affecting SSAB SUSTAINABILITY and safety 153 5-year summary, Group 14 Steel market and REPORT 2018 87 Business ethics 154 Accounting and SSAB’s position and anticorruption valuation principles 17 Market development 51 Sustainability approach 89 Responsible sourcing 167 Notes in 2018 52 Sustainability strategy and 93 SSAB in the community FINANCIAL REPORTS 2018 214 Proposed allocation targets of profit 18 Strategy 53 Our contributrion to the 95 GRI report profile 123 Board of Directors’ 215 Auditor’s report 19 Taking the Lead! Sustainable Development 96 Reporting practice Report 221 Shares and shareholders 23 Financial targets Goals 97 Materiality assessment 224 Annual general meeting, 24 Sustainability 54 SSAB and the value chain 100 GRI index 145 Group Nomination Committee, 25 Sustainability targets 56 Sustainability governance 104 Auditor’s report on the 145 Consolidated income Calendar 26 HYBRIT 58 Stakeholder engagement statutory Sustainability Report statement 225 Addresses BUSINESS REVIEW 2018 3 Introduction 3 SSAB in brief 5 2018 in brief 6 Vision and values 7 SSAB’s value creation 8 CEO’s review 10 SSAB as an investment 11 Operating environment 12 SSAB’s global presence 13 Global megatrends affecting SSAB 14 Steel market and SSAB’s position 17 Market development in 2018 18 Strategy 19 Taking the Lead! 23 Financial targets 24 Sustainability 25 Sustainability targets 26 HYBRIT 28 Businesses 29 SSAB Special Steels 33 SSAB Europe 37 SSAB Americas 41 Tibnor 44 Ruukki Construction 47 How we work with customers 49 Swedish Steel Prize SSAB is listed on NASDAQ Stockholm (Large cap list) and has a secondary listing on NASDAQ Helsinki. SSAB 2018 BUSINESS REVIEW SUSTAINABILITY REPORT CORPORATE GOVERNANCE REPORT FINANCIAL REPORTS 2018 Introduction Operating environment Strategy Businesses 3 SSAB IN BRIEF SSAB is a highly-specialized global steel company driven by close relationships with our customers. SSAB develops high-strength steels and provides 75 50 3.45 services for better performance and sustainability. Net sales, SEK billion Employees in more than 50 countries Earnings per share, SEK The company is a leading producer on the global market for Advanced High-Strength Steels (AHSS) and Quenched & Tempered Steels (Q&T), strip, plate and tube products, as well as construction solutions. SSAB’s steels and services help to make end products lighter and increase their strength and lifespan. President & CEO Martin Lindqvist WE ARE UNIQUE 5.2 14,300 Headquarters • Global leadership in value-added high-strength steels Stockholm, Sweden • Most innovative services and applications EBIT, SEK billion Approximate number of employees • Home-market leadership in the Nordics and the US • Long-term customer relationships • Strong end-user focus • Globally recognized brands SSAB has been at the forefront of sustainability in many ways. With 2007 SSAB acquires the North confidence deriving from our traditions, we now strive to do even more. American steel company IPSCO Our plan is to eliminate all of our CO2 emissions by 2045. Read more about 1980 Tibnor becomes the HYBRIT initiative, which plays a key role in achieving this, on page 26. 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 SSAB 2018 BUSINESS REVIEW SUSTAINABILITY REPORT CORPORATE GOVERNANCE REPORT FINANCIAL REPORTS 2018 Introduction Operating environment Strategy Businesses 4 SSAB SSAB SSAB TIBNOR SPECIAL STEELS EUROPE AMERICAS Global steel supplier and service partner Leading Nordic-based premium steel producer Market-leading North American Leading supplier of steel, other metals in Quenched & Tempered Steels (Q&T) and of high-quality strip, plate and tube products producer of quality steel plate and coil and processing services in the Nordics Advanced High-Strength Steels (AHSS) Focus on the home market and selected Strong production base with an Global product brands with a unique growth areas like high-strength steels for the industry-leading quality and cost 11% 3% market position automotive segment position of SSAB Group’s of SSAB Group’s total sales total EBITDA Nearly 100% scrap-based production MAIN PRODUCTION SITE MAIN PRODUCTION SITES MAIN PRODUCTION SITES • Oxelösund, Sweden • Borlänge, Sweden • Mobile, Alabama, US • Hämeenlinna, Finland • Montpelier, Iowa, US • Luleå, Sweden • Raahe, Finland 23% 21% 36% 46% 22% 27% RUUKKI of SSAB Group’s of SSAB Group’s of SSAB Group’s of SSAB Group’s of SSAB Group’s of SSAB Group’s CONSTRUCTION total sales total EBITDA total sales total EBITDA total sales total EBITDA Sustainable building and construction products and services in Europe SSAB is structured across three steel divisions: SSAB has a cost-efficient and flexible production 8% 3% of SSAB Group’s of SSAB Group’s SSAB Special Steels, SSAB Europe and SSAB Americas, system. SSAB’s production plants in Sweden, Finland and the US have an annual steel production capacity total sales total EBITDA and two subsidiaries: Tibnor and Ruukki Construction. of approximately 8.8 million tonnes. SSAB 2018 BUSINESS REVIEW SUSTAINABILITY REPORT CORPORATE GOVERNANCE REPORT FINANCIAL REPORTS 2018 Introduction Operating environment Strategy Businesses 5 2018 IN BRIEF Sales Key figures 2018 2017 Sales, SEK million 74,941 66,059 SSAB Special Steels 23% Operating profit before depreciation/amortization, 8,952 7,591 EBITDA1), SEK million SSAB Europe 36% Operating profit1), SEK million 5,181 3,838 SSAB Americas 22% Tibnor 11% Profit after financial items1), SEK million 4,644 2,863 Ruukki Construction 8% Earnings per share, SEK 3.45 2.23 Operating cash flow, SEK million 5,969 6,511 Dividend per share, SEK – 2018 proposal 1.50 1.00 1) Energy consumption, GWh 9,448 9,208 Share of EBITDA Carbon dioxide emissions2), thousand tonnes 9,833 9,854 SSAB Special Steels 21% Employees3) 14,313 14,925 SSAB Europe 46% Lost time incident frequency (LTIF)4) 6.1 5.6 SSAB Americas 27% 1) Excluding items affecting comparability 4) Number of accidents resulting in an absence of more than Tibnor 3% 2) Direct emissions from production (Scope 1) one day per million working hours, including contractors Ruukki Construction 3% 3) Permanent employees at year end 1) Operating profit/loss before depreciation/ amortization (EBITDA) per business segment Total sales Operating profit/loss1) 1) SEKm SEKm Employees 80,000 6,000 5,000 SSAB Special Steels 20% 60,000 4,000 SSAB Europe 48% 3,000 SSAB Americas 9% 40,000 2,000 Tibnor 7% 1,000 20,000 Ruukki Construction 13% 0 14 15 16 17 18 Other 3% 0 14 15 16 17 18 -1,000 1) Excluding items affecting comparability 1) Permanent employees at year end SSAB 2018 BUSINESS REVIEW SUSTAINABILITY REPORT CORPORATE GOVERNANCE REPORT FINANCIAL REPORTS 2018 Introduction Operating environment Strategy Businesses 6 VISION AND VALUES OUR VALUES CUSTOMERS’ 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 EXCEEDING EXPECTATIONS OUR VISION • We are dedicated, ambitious and proud of what we do A stronger, lighter and more sustainable world • We are straightforward, results-oriented and quickly take action • We don’t do things that don’t create value for our stakeholders • To achieve top performance, we always challenge ourselves and Together with our customers, we will go further than anyone else in realizing the full further enhance our expertise potential of lighter, stronger and more durable steel products. SSAB 2018 BUSINESS REVIEW SUSTAINABILITY REPORT CORPORATE GOVERNANCE REPORT FINANCIAL REPORTS 2018 Introduction Operating environment Strategy Businesses 7 SSAB’S VALUE CREATION SSAB’s value creation model describes
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