2013 INTERIM REPORT Q2

Luossavaara- AB (publ) Org. nr. 556001-5835

Financial information from LKAB is available in Swedish and English and can be obtained from: LKAB Communications, Box 952, SE-971 28 Luleå, . Phone: +46 (0)771 76 00 00, Fax: +46 (0)771 76 00 01. Financial information is also available on LKAB’s website: www..com. APRIL–JUNE JANUARY–JUNE • Net sales decreased by 13 percent • Net sales decreased by 22 percent TO MSEK 5,460 (6,259). TO MSEK 10,783 (13,900). • Deliveries of iron ore totalled 5.8 (5.6) Mt. • Deliveries of iron ore totalled 12.1 (12.3) Mt. • Operating profit amounted to MSEK 1,367 (2,297). • Operating profit amounted to MSEK 2,896 (6,415). • Profit before tax totalled MSEK 1,391 (2,339). • Profit before tax totalled MSEK 2,958 (6,698). • Profit for the period amounted to MSEK 1,056 (1,713). • Profit for the period amounted to MSEK 2,294 (4,944). • Operating cash flow was MSEK 554 (1,311). • Operating cash flow was MSEK 254 (3,767). • A dividend of MSEK 5,500 (5,000) was paid to the owner. • A dividend of MSEK 5,500 (5,000) was paid to the owner.

COMMENTS BY THE PRESIDENT AND CEO

Global production of crude steel increased in the Achieving the growth target will require increased

NET SALES AND OPERATING PROFIT MSEK second quarter by 1.9 percent, compared with access to iron ore. In May, ’s new main level the same period last year, largely in Asia and the was inaugurated at 1,365 metres underground. 9,000 8,000 Middle East. Demand for steel was weak in China, One of Sweden’s biggest industrial enterprises is 7,000 6,000 which resulted in lower steel prices. This, com- thereby ready to begin production and will gradu- 5,000 bined with credit constraints, has led to less iron ally increase to full production by 2017. 4,000 3,000 ore being purchased on the seaborne spot mar- The planned growth program at LKAB (LKAB 2,000 ket, which, in turn, led to the spot price falling by 37), which entails a production increase to 37 Mt 1,000 0 10–15 percent over the period. The spot price for annually, is subject to investments being made in -1,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 iron ore (Platts IODEX 62 percent Fe CFR North the three new surface mines: Mertainen, Gruv- 2010 2011 2012 2013 China) continued to be highly volatile in the se- berget and Leveäniemi. On 3 July, the Land and Net sales Operating profit cond quarter. Environment Court issued a separate judgment on The lowering of the market price of iron ore the execution authorisation for Mertainen, which during the quarter influenced LKAB’s operating meant that the company could undertake prepa- RETURN ON Shareholders EQUITY profit and cash flow substantially, which indicates ratory work. On 8 August, the Land and Environ- 40% LKAB’s sensitivity to market price changes. ment Superior Court ruled to inhibit the execution Demand for LKAB’s pellet products remai- authorisation for Mertainen, which meant that 30% ned high during the quarter. Deliveries of iron ore LKAB immediately halted the ongoing preparatory

20% products totalled 5.8 Mt (5.6) in the second quar- work. The planned production increase is now in ter, an increase of 4 percent. Production for the jeopardy since Mertainen’s surface mine is an im- 10% quarter was 5.7 (5.8) Mt, a decrease of 2 percent. portant part of LKAB’s ongoing growth program. During the second quarter, production disruptions The LKAB 37 growth program is crucial to LKAB’s 0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2010 2011 2012 2013 in the pelletizing plants in Kiruna and Svappavaa- efforts to enhance its competitiveness. Higher Rolling 12-month Target return on equity ra affected production levels negatively. An action production volumes are a condition for lower cost program has been initiated that will reduce dis- per ton, which is a critical factor in achieving the ruptions in the pelletizing plants. results necessary for LKAB to attain its long term Operating cash flow MSEK Net sales totalled MSEK 5,460 (6,259) and goals. operating profit totalled MSEK 1,367 (2,297). Lo- Demand for LKAB’s products is expected to be 6,000

5,000 wer sales and earnings were mainly due to lower good for the remainder of 2013. 4,000 iron ore prices. A lower average dollar exchange In the second quarter, through the jointly ow- 3,000 rate, compared with the same period last year, ned venture capital firm Norrskenet AB, LKAB 2,000 was offset by slightly higher delivery volumes. participated in a consortium with Peab, Folksam 1,000 Operating cash flow was MSEK 554 (1,311). and Metso to create a new opportunity for North- 0

-1,000 Compared with the same period last year, cash land Resources to continue developing its mining -2,000 flow for the period was negatively affected by project. Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2010 2011 2012 2013 lower earnings and higher capital expenditures. Capital expenditures on property, plant and equip- ment amounted to MSEK 1,916 (1,477), of which MSEK 600 related to capital expenditures for the new main level in Kiruna’s underground mine, and MSEK 235 related to LKAB’s ongoing growth Lars-Eric Aaro program, LKAB 37. President and CEO

2 LKAB Interim Report APRIL–JUNE 2013 Luossavaara-Kiirunavaara AB (publ) • Corp. ID No. 556001-5835 THE LKAB GROUP IN SUMMARY

EVENTS DURING THE SECOND QUARTER od was negatively affected by lower earnings and higher Deliveries for the period totalled 5.8 (5.6) Mt, of which 5.0 capital expenditures. Capital expenditures on property, (4.6) Mt were pellets. The proportion of pellets in the se- plant and equipment amounted to MSEK 1,916 (1,477), of cond quarter of 2013 was 86 (82) percent. Production of which MSEK 600 related to capital expenditures for the iron ore products in the Mining Division totalled 5.7 (5.8) new main level in Kiruna’s underground mine, and MSEK Mt. Stocks of iron ore products amounted to 1.0 (1.9) Mt 235 related to LKAB’s ongoing growth program, LKAB 37. at the end of June. Net sales decreased by 13 percent to MSEK 5,460 EVENTS DURING THE FIRST SIX MONTHS (6,259). The decrease is broken down into these factors: Deliveries for the period totalled 12.1 (12.3) Mt, of which volume/mix 3 percent, price -13 percent and currency ef- 10.4 (10.3) Mt were pellets. The proportion of pellets in fect -3 percent. Without any hedging in USD, the currency the first six months of 2013 was 86 (84) percent. Produc- effect would have been -5 percent. tion of iron ore products in the Mining Division totalled The gross profit margin for the period was 30 (43) 11.9 (12.7) Mt. percent as a result of the price decline. The quarterly Net sales decreased 22 percent to MSEK 10,783 operating profit was encumbered by a provision of MSEK (13,900). In the iron ore operation, the decrease is broken 132 (-) for urban transformation costs incurred due to the down into these factors: price -19 percent, currency -2 effects of mining on the communities involved. percent and volume/mix -1 percent. Without any hedging Operating profit decreased 40 percent to MSEK 1,367 in USD, the currency effect would have been -4 percent. (2,297). Lower sales and earnings were mainly due to Operating profit decreased to MSEK 2,896 (6,415), lower iron ore prices. A lower average dollar exchange primarily due to lower iron ore prices, a lower average rate, compared with the same period last year, was offset dollar exchange rate and slightly lower delivery volumes. by slightly higher delivery volumes. Income from financial items was MSEK 62 (283). Income from financial items was MSEK 24 (42). Ex- Exchange losses totalled MSEK -94 (3). Net interest ex- change losses totalled MSEK 2 (-18). Net interest income pense was MSEK -2 (22). Return on market portfolios and was MSEK 4 (6). The year’s net interest income includes interest-bearing investments totalled MSEK 167 (247). interest on debts for urban transformation in the amount Net pension expense amounted to MSEK -45 (-40). Divi- of MSEK -25 (-). Return on market portfolios and interest- dends amounted to MSEK 43 (51). bearing investments totalled MSEK 13 (24). Net pension Operating cash flow for the first half of the year was expense amounted to MSEK -23 (-21). Dividends from se- MSEK 254 (3,767). Cash flow compared with the same curities totalled MSEK 38 (51). period last year was impacted negatively mainly by lower Operating cash flow was MSEK 554 (1,311). Compa- earnings but also by higher capital expenditures. red with the same period last year, cash flow for the peri-

THE GROUP IN SUMMARY

Q2 Q2 Q1-Q2 Q1-Q2 Full year (MSEK) 2013 2012 2013 2012 2012 Net sales 5,460 6,259 10,783 13,900 26,971 Operating profit 1,367 2,297 2,896 6,415 10,595 Income from financial items 24 42 62 283 428 Profit before tax 1,391 2,339 2,958 6,698 11,023 Profit for the period 1,056 1,713 2,294 4,944 8,789 Operating cash flow 554 1,311 254 3,767 5,471 Capital expenditures 1,916 1,477 3,014 2,746 5,808

3 LKAB Interim Report APRIL–JUNE 2013 Luossavaara-Kiirunavaara AB (publ) • Corp. ID No. 556001-5835 MARKETING AND SALES

THE STEEL AND IRON ORE MARKET provement in the market for the remainder of the year. Several players have taken steps to reduce their losses The global steel and iron ore industry by introducing cost-cutting and/or partially suspending The global outlook for the steel and iron ore markets was production. Production of crude steel within the EU27 fell revised down slightly in the second quarter. This occur- in the second quarter by 4.4 percent, compared with the red as a result of weaker growth in China and the over- same period last year. capacity that exists in the steel industry globally. Mainly in China, but also globally, the effective demand for steel The Middle East and North Africa (MENA) has not increased at the pace expected. Global produc- The region continues to show strong growth, particularly tion of crude steel increased in the second quarter by 1.9 in the construction sector. Demand is partly driven by percent, compared with the same period last year. major infrastructure and construction projects for the Several of the major expansion projects in the iron World Cup in Qatar in 2022. A huge construction boom ore industry are proceeding as planned and are expected is expected by 2015–2016. Production of crude steel in to reach the market in 2013–2015. MENA increased in the second quarter by 2.7 percent, The volatility of the spot price for iron ore (Platts compared with the same period last year. IODEX 62 percent Fe CFR North China) continued in the second quarter. At the end of the second quarter, the Chi- nese inter-bank rate increased significantly, which affec- THE INDUSTRIAL MINERALS MARKET ted the Chinese steel companies’ access to credit. This The building and construction industry was negatively hampered the financing of iron ore purchases on the spot affected in the first quarter and early in the second market for the steelworks, which had an impact on the quarter by what has been described as the coldest spot price. winter and spring in a long time in Europe. The lower market activity also affected other industries. Recovery China has been slower than expected and is not yet in line with In the second quarter, China’s economic development expectations. A number of project-based transactions was weaker than earlier forecasts. Nevertheless, crude were concluded during the period. Overall, sales volumes steel production increased by 6.9 percent, which led to were lower than planned in Europe, with one important an oversupply in the market and price pressure on steel exception: recycled refractory. An English company products. in this field, Richmond Refractories Ltd, was acquired during the period. USA The North American market continues to show more In the second quarter, the US showed stronger numbers positive signs, particularly in the construction and water than the market expected, with increased growth driven treatment industries. Increased employment and indu- by a strengthened housing market and declining debt/ strial activity make it possible for continued investments equity ratio. Capital expenditures in the US steel industry in marketing activities to increase volumes in other indu- continue to increase and plans for new direct-reduced stries as well. ironworks are on the rise with the increased availabi- lity of cheap gas. US production of crude steel fell in the second quarter by 5.5 percent, compared with the same period last year.

EU The financial turmoil of the European market has slowed somewhat. European steelworks reported heavy losses for the first quarter of 2013 and foresee no major im-

4 LKAB Interim Report APRIL–JUNE 2013 Luossavaara-Kiirunavaara AB (publ) • Corp. ID No. 556001-5835 MINING DIVISION

IRON ORE PRODUCTION AND Deliveries SALES AND EARNINGS Deliveries for the period totalled 5.8 (5.6) Mt, of which Net sales decreased to MSEK 4,957 (5,816) and operating 5.0 (4.6) Mt were pellets. Production of iron ore products profit totalled MSEK 1,205 (2,198). Lower sales and ear- in the Mining Division amounted to 5.7 (5.8) Mt in the se- nings were mainly due to lower iron ore prices. A lower cond quarter. Stocks amounted to 1.0 (1.9) Mt at the end average dollar exchange rate, compared with the same of June. period last year, was offset by slightly higher delivery vo- Deliveries for the period totalled 12.1 (12.3) Mt, of lumes. Quarterly operating profit was encumbered by a which 10.4 (10.3) Mt were pellets. Production of iron ore provision of MSEK 132 (-) for costs incurred due to the products in the Mining Division totalled 11.9 (12.7) Mt for effects of mining on the communities involved. the period. Net sales for the first six months of the year were MSEK 9,918 (13,009). Operating profit was MSEK 2,585 (6,177), primarily due to lower iron ore prices, a lower average dollar exchange rate and slightly lower volumes.

MINERALS DIVISION

Net sales totalled MSEK 468 (423) for the second quarter. effect on the division’s operating profit for the period. Operating profit fell to MSEK 22 (33). The mix of delivered Net sales for the first six months totalled MSEK 820 products changed for the second quarter of 2013 com- (863) and operating profit totalled MSEK 35 (71). pared to the same period last year, which had a negative

SPECIAL BUSINESSES

SALES AND EARNINGS Net sales decreased in the second quarter by 20 percent Net sales for the first six months totalled MSEK 1,014 to MSEK 512 (637). Operating profit totalled MSEK 59 (1). (1,272) and operating profit totalled MSEK 133 (90).

THE GROUP’S CAPITAL EXPENDITURES

Capital expenditures on property, plant and equipment totalled MSEK 3,100 (5,262). During the period, the Group for the second quarter totalled MSEK 1,916 (1,477). In- participated in a bond issue for Northland Resources via vestments in financial assets for the quarter amounted the LKAB-owned venture capital firm Norrskenet AB. to MSEK 3,234 (5,262), of which short-term investments

THE GROUP’S LIQUIDITY

Operating cash flow was MSEK 554 (1,311). Compared At the end of the quarter, outstanding forward ex- with the same period last year, cash flow for the period change contracts totalled MUSD 1,290, hedged at an av- was negatively affected, mainly by lower earnings and erage rate of 6.60 SEK/USD. At the same time last year, higher capital expenditures. Capital expenditures amoun- forward exchange contracts amounted to MUSD 1,335 ted to MSEK 1,916 (1,477). and the average rate was 7.01 SEK/USD. Cash and cash equivalents and short-term invest- ments amounted to MSEK 13,292 (16,968).

5 LKAB Interim Report APRIL–JUNE 2013 Luossavaara-Kiirunavaara AB (publ) • Corp. ID No. 556001-5835 PARENT COMPANY

Parent Company net sales for the second quarter totalled Expenditures on property, plant and equipment amoun- MSEK 4,944 (5,797), of which MSEK 36 (68) was invoiced to ted to MSEK 1,771 (1,309). Cash and cash equivalents subsidiaries. Profit before tax totalled MSEK 1,512 (2,924). and short-term investments amounted to MSEK 12,970 Quarterly earnings were encumbered by a provision of (16,720) at the end of the quarter. MSEK 157 (-) for costs incurred due to the effects of mi- ning on the communities involved.

TRANSACTIONS WITH RELATED PARTIES

No transactions that significantly affected the company’s financial position and earnings occurred between LKAB and related parties.

RISKS AND UNCERTAINTY FACTORS

As an international group, LKAB is exposed to various Considering the strong growth phase LKAB is now in and risks. Risk management is vital for minimising the impact the current high demand for iron ore products, protrac- of factors that lie beyond the Group’s control. Within the ted approval processes constitute a high risk that LKAB’s Group there are methods for ensuring that the risks to planned production increase will be substantially delayed. which the company is exposed are managed according to This is illustrated further in the Future Development sec- established guidelines and methods, as well as for asses- tion. sing and limiting these risks. For further information concerning risks, please refer Major risks are LKAB’s volume dependency, the pri- to LKAB’s 2012 Annual Report. cing of iron ore and transaction exposure in US dollars.

6 LKAB Interim Report APRIL–JUNE 2013 Luossavaara-Kiirunavaara AB (publ) • Corp. ID No. 556001-5835 FUTURE DEVELOPMENT

The iron ore market is growing and the demand for direct ding in the mines and in the vicinities of existing opera- reduction pellets for gas-based iron and steel production tions. The exploration organisation is being expanded and is particularly expected to increase in coming years. In total exploration costs are estimated at MSEK 93 in 2013. order to continue as a “preferred” supplier to its custo- The growth strategy calls for a rail haulage capacity mers, LKAB needs to deliver greater volumes. on the , for LKAB alone, of at least 40 Mt LKAB’s strategic plan for the coming years includes of iron ore products by 2015. This necessitates longer an increase in volume of more than 35 percent to an an- passing loops on the line between Luleå and . nual capacity of 37 Mt of iron ore products by 2015. Most The Swedish Transport Administration will extend four of the additional iron ore will come from new mines and passing loops along the Iron Ore Line. This is neces- mainly from the three surface mines in the so-called sary, especially since other actors operate on and plan field: Gruvberget, Mertainen and Leveäni- to operate on the railway. On 15 April, the Norwegian emi. Growth increases LKAB’s competitiveness through government presented its new national transport plan higher volumes, resulting in a lower cost per tonne. for 2013–2023. Of the NOK 8.3 billion to be spent on rail Growth requires increased availability of iron ore to pro- freight over the period, NOK 1.6 billion is earmarked for cess into high-quality, climate-smart iron ore products – the Line. mainly pellets. LKAB’s exposure on the electricity market is increa- In December 2012, production resumed in the Gruv- sing. The overall growth strategy will lead to increased berget pit, which is estimated to provide an extra two use of electricity, despite major energy conservation ini- million tonnes of ore in 2013. In June 2012, the Norrbot- tiatives. A long-term strategy was developed for energy ten County Administrative Board gave LKAB permission procurement and efficiency in order to address future to drain the water from the Leveäniemi surface mine. price trends and increased energy consumption. Drainage started in September 2012 and should be com- Continued initiatives are required in order to guaran- pleted in 2014. Additional studies of the ore body will be tee research and development if LKAB is to maintain its done in parallel. On 3 July, the Land and Environment technological leadership in iron ore pellets. Court issued a separate judgment on the execution aut- Ongoing investment projects and LKAB’s future plans horisation for Mertainen, which meant that the company involve major strategic investments, and thus considera- could undertake preparatory work. On 8 August, the Land ble expenditures in the coming years. Continued under- and Environment Superior Court ruled to inhibit the ex- ground mining in Kiruna and and the ope- ecution authorisation for Mertainen, which meant that ning of new mines in the Svappavaara field also entail LKAB immediately halted the ongoing preparatory work. high costs for dealing with impacts on communities in all The planned production increase is now in jeopardy since locations. LKAB must therefore remain financially strong Mertainen’s surface mine is an important part of LKAB’s and maintain a good earning capacity in order to meet ongoing growth program. future obligations imposed by the structural transforma- Exploration for additional iron ore deposits is procee- tion.

7 LKAB Interim Report APRIL–JUNE 2013 Luossavaara-Kiirunavaara AB (publ) • Corp. ID No. 556001-5835 Accounting principles

The interim report was prepared in accordance with IAS the preparation of the 2012 Annual Report except for the 34, Interim Financial Reporting. The condensed consolida- amendments and new standards as described in Note 1 ted interim report was prepared in accordance with IAS 34, of this report. Interim Financial Reporting, and the applicable provisions This report was not subject to limited review by the of the Annual Accounts Act. The interim report for the Pa- auditors. rent Company was prepared in accordance with Chapter 9 The Board of Directors and CEO certify that this inte- of the Annual Accounts Act, Interim Reporting. rim report gives a true and fair view of the company’s and All amounts in this interim report are stated in MSEK Group’s operations, financial position, and earnings and unless otherwise stated. Rounding differences may occur. describes the principal risks and uncertainties facing the The accounting principles applied in this interim re- company and the companies included in the Group. port conform with the accounting principles applied in

Luleå, 15 August 2013 Luossavaara-Kiirunavaara AB (publ)

Marcus Wallenberg Chairman of the Board

Hans Biörck Maija-Liisa Friman Lars-Åke Helgesson Board member Board member Board member

Sten Jakobsson Hanna Lagercrantz Maud Olofsson Lars Pettersson Board member Board member Board member Board member

Seija Forsmo Tomas Strömberg Jan Thelin Employee representative Employee representative Employee representative

Lars-Eric Aaro President and CEO

FINANCIAL INFORMATION DATE

Interim report Q3 2013 25 October 2013 Year-end report 2013 14 February 2014 Annual General Meeting 29 April 2014

Reports are available at www.lkab.com. Any questions concerning the second quarter interim report will be answered by Lars-Eric Aaro, President and CEO, +46 70-3738106, or Leif Boström, Senior Vice President, Finance, +46 70-3738162, after its publication at www.lkab.com about 1 p.m.

8 LKAB Interim Report APRIL–JUNE 2013 Luossavaara-Kiirunavaara AB (publ) • Corp. ID No. 556001-5835 THE LKAB GROUP

CONSOLIDATED INCOME STATEMENT

Q 2 Q 2 Q 1-2 Q 1-2 Full year (MSEK) 2013 2012 2013 2012 2012 Net sales 5,460 6,259 10,783 13,900 26,971 Cost of goods sold -3,815 -3,577 -7,318 -6,808 -15,177 Gross profit 1,645 2,682 3,464 7,093 11,794 Selling expenses -25 -124 -68 -194 -249 Administrative expenses -151 -164 -306 -302 -608 Research and development expenses -80 -83 -154 -155 -283 Other operating income 131 136 239 287 539 Other operating expenses -152 -150 -279 -313 -598 Operating profit 1,367 2,297 2,896 6,415 10,595 Financial income 103 93 283 384 744 Financial expenses -79 -51 -221 -101 -316 Net financial items 24 42 62 283 428 Profit before tax 1,391 2,339 2,958 6,698 11,023 Tax -335 -626 -664 -1,755 -2,234 Profit for the period 1,056 1,713 2,294 4,944 8,789

Attributable to Parent Company shareholders 1,056 1,713 2,294 4,944 8,789 Earnings per share after dilution (SEK) 1,508 2,447 3,227 7,062 12,555

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Q 2 Q 2 Q 1-2 Q 1-2 Full year (MSEK) 2013 2012 2013 2012 2012 Profit for the period 1,056 1,713 2,294 4,944 8,789 Other comprehensive income for the period Items not to be reversed to net profit for the year Actuarial gains and losses -13 -103 -13 -103 -214 Tax attributable to components of actuarial gains and losses 3 27 3 26 47 Total items not to be reversed to net profit for the period -10 -76 -10 -75 -167

Items to be reversed to net profit for the period Exchange rate differences on translation of foreign entities for the period 32 -1 -48 8 -18 Change in fair value of available-for-sale financial assets for the period -91 -156 -204 -90 -50 Change in fair value of cash flow hedges for the period -96 -59 -183 14 226 Change in fair value of cash flow hedges transferred to profit for the period -101 8 -170 65 65 Tax attributable to components of cash flow hedges 43 13 78 -21 -67 Total items reversed to profit for the period -212 -196 -527 -25 156 Other comprehensive income -222 -272 -537 -100 -11 Comprehensive income for the period attributable to Parent Company shareholders 834 1,441 1,757 4,843 8,778

9 LKAB Interim Report APRIL–JUNE 2013 Luossavaara-Kiirunavaara AB (publ) • Corp. ID No. 556001-5835 THE LKAB GROUP

SALES BY DIVISION

Q 2 Q 2 Q 1-2 Q 1-2 Full year (MSEK) 2013 2012 2013 2012 2012 Mining Division 4,957 5,816 9,918 13,009 25,144 of which intra-group revenue 36 68 77 144 235 Minerals Division 468 423 820 863 1,762 of which intra-group revenue 0 0 0 1 2 Special Businesses Division 512 637 1,014 1,272 2,350 of which intra-group revenue 439 548 891 1,099 2,049 Eliminations -476 -617 -968 -1,244 -2,286 Total revenue 5,460 6,259 10,783 13,900 26,971

OPERATING PROFIT/loss BY DIVISION

Q 2 Q 2 Q 1–2 Q 1–2 Full year (MSEK) 2013 2012 2013 2012 2012 Mining Division 1,205 2,198 2,585 6,177 10,127 Minerals Division 22 33 35 71 132 Special Businesses Division 59 1 133 90 230 Consolidation adjustments 81 65 143 76 106 Operating profit 1,367 2,297 2,896 6,415 10,595 Profit before tax 1,391 2,339 2,958 6,698 11,023

10 LKAB Interim Report APRIL–JUNE 2013 Luossavaara-Kiirunavaara AB (publ) • Corp. ID No. 556001-5835 THE LKAB GROUP

STATEMENT OF FINANCIAL POSITION

30 Jun 30 Jun 31 Dec (MSEK) 2013 2012 2012 ASSETS Non-current assets Intangible assets 219 274 277 Property, plant and equipment 31,942 28,096 30,173 Participations in associated companies 0 0 0 Financial investments 793 963 993 Non-current receivables 238 103 106 Total non-current assets 33,192 29,436 31,549

Current assets Inventories 2,267 2,807 2,515 Accounts receivable 2,696 2,397 3,060 Prepaid expenses and accrued income 197 186 93 Other current receivables 2,128 605 1,732 Current investments 11,986 13,003 13,235 Cash and cash equivalents 1,306 3,965 5,437 Total current assets 20,581 22,962 26,072 TOTAL ASSETS 53,773 52,398 57,621

SHAREHOLDERS EQUITY AND LIABILITIES Equity Share capital 700 700 700 Reserves 144 519 671 Retained earnings 37,083 36,516 40,300 Equity attributable to Parent Company shareholders 37,927 37,735 41,671 Total shareholders equity 37,927 37,735 41,671

Non-current liabilities Provisions for pensions and similar commitments 2,911 2,897 2,970 Provisions for urban transformation 5,001 3,569 4,934 Other provisions 161 176 160 Deferred tax liability 3,420 3,762 3,516 Total non-current liabilities 11,493 10,405 11,580

Current liabilities Trade payables 1,823 1,750 1,760 Other current liabilities 201 202 192 Accrued expenses and prepaid income 1,246 796 1,418 Provisions for urban transformation 1,063 1,400 943 Other provisions 19 109 57 Total current liabilities 4,352 4,258 4,370 Total liabilities 15,845 14,663 15,950 TOTAL Shareholders EQUITY AND LIABILITIES 53,773 52,398 57,621

11 LKAB Interim Report APRIL–JUNE 2013 Luossavaara-Kiirunavaara AB (publ) • Corp. ID No. 556001-5835 THE LKAB GROUP

CONSOLIDATED STATEMENT OF CHANGES IN Shareholders EQUITY

Equity attributable to Parent Company shareholder Reserves Profitbrought Fair forward incl. Share Translation value hedge profit for Total MSEK capital reserve reserve reserve the year equity Opening equity 1 January 2012 700 -103 666 -48 36,678 37,893 Profitfor the period 8,789 8,789 Other comprehensive income for the period -18 -50 224 -167 -11 Comprehensive income for the period -18 -50 224 8,622 8,778 Dividend -5,000 -5,000 Closing equity 31 December 2012 700 -121 616 176 40,300 41,671

Equity attributable to Parent Company shareholder Reserves Profitbrought Fair forward incl. Share Translation value hedge profit for Total MSEK capital reserve reserve reserve the year equity Opening equity 1 January 2013 700 -121 616 176 40,300 41,671 Profitfor the period 2,294 2,294 Other comprehensive income for the period -49 -204 -274 -10 -537 Comprehensive income for the period -49 -204 -274 2,284 1,757 Dividend -5,500 -5,500 Closing equity 30 June 2013 700 -170 412 -98 37,084 37,928

12 LKAB Interim Report APRIL–JUNE 2013 Luossavaara-Kiirunavaara AB (publ) • Corp. ID No. 556001-5835 THE LKAB GROUP

CONSOLIDATED STATEMENT OF CASH FLOW (INDIRECT METHOD)

Q 2 Q 2 Q 1-2 Q 1-2 Full year (MSEK) 2013 2012 2013 2012 2012 Operating activities Profit before tax 1,391 2,338 2,958 6,698 11,023 Adjustments for items not included in cash flow 719 303 1,453 679 2,845 Income tax paid -437 -780 -1,346 -1,965 -3,169 Cash flow from operating activities before changes in working capital 1,672 1,862 3,065 5,412 10,699

Disbursements for urban transformation -82 -72 -122 -133 -407

Cash flow from changes in working capital Increase (-)/Decrease (+) in inventories 1 -343 248 -358 -66 Increase (-)/Decrease (+) in operating receivables 451 1,610 260 2,447 1,412 Increase (+)/Decrease (-) in operating liabilities 418 -269 -193 -855 -366 Change in working capital 870 998 315 1,234 980 Cash flow from operating activities 2,460 2,788 3,258 6,513 11,272

Investing activities Acquisition of property, plant and equipment -1,916 -1,477 -3,014 -2,746 -5,808 Disposal of property, plant and equipment 10 10 6 Acquisition/divestment of financial assets -3,2341 -5,262 1,1151 -3,497 -3,729 Cash flow from investing activities -5,139 -6,739 -1,889 -6,243 -9,531

Financing activities

Dividend paid to Parent Company shareholders -5,500 -5,000 -5,500 -5,000 -5,000 Cash flow from financing activities -5,500 -5,000 -5,500 -5,000 -5,000

Cash flow for the period -8,180 -8,951 -4,131 -4,730 -3,259

Cash and cash equivalents at start of period 9,486 12,916 5,437 8,695 8,695 Cash and cash equivalents at end of period 1,306 3,965 1,306 3,965 5,437 Change in cash and cash equivalents -8,180 -8,951 -4,131 -4,730 -3,259

Subcomponents of cash and cash equivalents Cash and bank balances 485 1,241 642 Current investments (maturity < 90 days) 821 2,724 4,794 Cash and cash equivalents 1,306 3,965 5,437 LIQUIDITY Cash and cash equivalents 1,306 3,965 5,437 Current investments (90 days < maturity < 1 year) 11,986 13,003 13,235 13 292 16 968 18 672 1) Amount includes investment in a bond via Norrskenet AB for Northland Resources AB.

OPERATING CASH FLOW

Q 2 Q 2 Q 1-2 Q 1-2 Full year (MSEK) 2013 2012 2013 2012 2012 Cash flow from operating activities 2,460 2,788 3,258 6,513 11,272 Acquisition of property, plant and equipment -1,916 -1,477 -3,014 -2,746 -5,808 Disposal of property, plant and equipment 10 10 6 Operating cash flow (excluding current investments) 554 1,311 254 3,767 5,471 Acquisition/Divestment of financial assets -3,2341 -5,262 1,1151 -3,497 -3,729 Cash flow from financing activities – dividend paid -5,500 -5,000 -5,500 -5,000 -5,000 Cash flow for the period -8,180 -8,951 -4,131 -4,730 -3,259

1) Amount includes investment in a bond via Norrskenet AB for Northland Resources AB.

13 LKAB Interim Report APRIL–JUNE 2013 Luossavaara-Kiirunavaara AB (publ) • Corp. ID No. 556001-5835 THE LKAB GROUP

PERSONNEL

Q 1-2 Q 1-2 full year 2013 2012 2012 Average number of employees 4,261 4,246 4,357 - of which women 785 740 788 - of which men 3,476 3,506 3,569

KEY RATIOS IN PERCENT

Q 1-2 Q 1-2 full year 2013 2012 2012 Gross profit margin 32.1 51.0 43.7 Profit margin 27.7 48.2 40.9 Return on equity 16.2 30.4 22.1 Equity/assets ratio at end of period 70.5 72.0 72.3

14 LKAB Interim Report APRIL–JUNE 2013 Luossavaara-Kiirunavaara AB (publ) • Corp. ID No. 556001-5835 LKAB – PARENT COMPANY

INCOME STATEMENT

Q 2 Q 2 Q 1-2 Q 1-2 Helår (MSEK) 2013 2012 2013 2012 2012 Net sales 4,944 5,797 9,888 12,971 25,054 Cost of goods sold -3,570 -3,241 -6,960 -6,226 -14,145 Gross profit 1,374 2,556 2,928 6,745 10,909 Selling expenses -9 -99 -36 -148 -153 Administrative expenses -114 -131 -235 -241 -468 Research and development expenses -75 -79 -146 -147 -271 Other operating income 103 109 192 244 466 Other operating expenses -89 -89 -158 -208 -395 Operating profit 1,190 2,266 2,544 6,245 10,088 Income from financial items 322 658 322 851 754 Profit after financial items 1,512 2,924 2,866 7,096 10,842 Appropriations - - - - -2,358 Profit before tax 1,512 2,924 2,866 7,096 8,485 Tax -328 -739 -626 -1,843 -2,216 Profit for the period 1,184 2,185 2,240 5,254 6,269

STATEMENT OF COMPREHENSIVE INCOME

Q 2 Q 2 Q 1-2 Q 1-2 Helår (MSEK) 2013 2012 2013 2012 2012 Profit for the period 1,184 2,185 2,240 5,254 6,269 Other comprehensive income for the period - - - - - Comprehensive income for the period 1,184 2,185 2,240 5,254 6,269

15 LKAB Interim Report APRIL–JUNE 2013 Luossavaara-Kiirunavaara AB (publ) • Corp. ID No. 556001-5835 LKAB – PARENT COMPANY

BALANCE SHEET

30 Jun 30 Jun 31 Dec (Mkr) 2013 2012 2012 ASSETS Non-current assets Intangible assets 18 61 73 Property, plant and equipment 26,006 22,886 24,675 Financial assets Participations in Group companies 1,410 1,410 1,410 Participations in associated companies 0 0 0 Receivables from subsidiaries 1,003 1,225 1,142 Other non-current securities holdings 129 127 129 Other non-current receivables 316 171 185 Deferred tax asset 554 288 486 Total financial assets 3,412 3,221 3,352 Total non-current assets 29,436 26,168 28,100

Current assets Inventories 1,791 2,200 1,946 Current receivables Accounts receivable 2,370 2,085 2,918 Receivables from subsidiaries 1,943 1,578 1,398 Other current receivables 1,965 412 1,352 Prepaid expenses and accrued income 119 90 70 Total current receivables 6,397 4,164 5,738

Current investments 12,640 15,706 17,883 Cash and cash equivalents 330 1,014 457 Total current assets 20,981 23,084 26,024

TOTAL ASSETS 50,593 49,252 54,124

16 LKAB Interim Report APRIL–JUNE 2013 Luossavaara-Kiirunavaara AB (publ) • Corp. ID No. 556001-5835 LKAB – PARENT COMPANY

BALANCE SHEET

30 Jun 30 Jun 31 Dec (MSEK) 2013 2012 2012 Shareholders EQUITY AND LIABILITIES Equity Restricted equity Share capital (700,000 shares) 700 700 700 Statutory reserve 697 697 697 Non-restricted equity Retained earnings 19,159 18,389 18,390 Profit for the year 2,240 5,254 6,269 Total shareholders equity 22,796 25,040 26,056 Untaxed reserves 16,866 14,509 16,866 Provisions Provisions for urban transformation 5,001 3.569 4,934 Other provisions 1,589 1,674 1,616 Total provisions 6,590 5,244 6,550 Current liabilities Trade payables 1,408 1,185 1,394 Liabilities to Group companies 784 835 991 Other current liabilities 147 139 99 Accrued expenses and prepaid income 938 900 1,225 Provision for urban transformation 1,063 1,400 943 Total current liabilities 4,340 4,460 4,652

TOTAL Shareholders EQUITY AND LIABILITIES 50,593 49,252 54,124

Pledged assets 236 240 236 Contingent liabilities 194 145 126

KEY RATIOS IN PERCENT

Q 1-2 Q 1-2 Full year 2013 2012 2012 Gross profit margin 29.6 52.0 43.5 Profit margin 29.0 54.7 43.3 Return on equity 9.1 27.0 16.6 Equity/assets ratio at end of period 71.3 72.6 72.4

Definitions Gross profit margin: Gross profit as a percentage of net sales for the period Profit margin: Profit after financial items as a percentage of net sales for the period Return on equity: Profit after tax as a percentage of average shareholders equity (rolling 12-month figures) Equity/assets ratio: Shareholders equity as a percentage of total assets.

17 LKAB Interim Report APRIL–JUNE 2013 Luossavaara-Kiirunavaara AB (publ) • Corp. ID No. 556001-5835 LKAB

NOTE 1 Changed accounting principles and new standards IAS 1 Presentation of Financial Statements – Presentation of Other Comprehensive Income Revised IAS 19: Employee Benefits – Defined-Benefit Pension Plans Changes to IAS 1 Presentation of Financial Statements requires ad- The revised IAS 19 (IAS 19R) is applicable as of 1 January 2013. Among ditional disclosures in other comprehensive income so that items are other things, IAS 19 states that it is no longer permissible to report grouped into two categories: a) items that will not be transferred to actuarial gains and losses according to the so-called corridor method. earnings and b) items that will be transferred to earnings if certain The revised recommendation also contains guidance concerning how criteria are met. The way LKAB applied the changes introduced into taxes payable on pension benefits must be reported, so the Swedish IAS 1 is shown in the consolidated statement of comprehensive inco- Financial Reporting Board’s UFR 4 Reporting Special Contribution Tax me. These changes only affected the presentation of items reported in on Pension Expenses and Capital Gains Tax is no longer applied. When other comprehensive income but had no effect on reported financial reporting capital gains tax, a new declaration from the Swedish Fi- position or profit for 2012 nor are they anticipated to have any effect on nancial Reporting Board UFR 9 Reporting Capital Gains Tax is applied. future presentations of profit/loss. Because LKAB already reports actuarial gains and losses directly in other comprehensive income, the change to IAS 19R, which removes Revised IFRS 7 Financial Instruments: Disclosures the so-called corridor method, will have no significant effect on LKAB’s The changes to IFRS 7 entail future disclosure requirements regar- financial position and reported pension expenses. Previously, LKAB ding financial assets and liabilities whose value is offset in the balance also reported taxes payable on pension benefits according to a method sheet or which are subject to various legally binding master netting consistent with IAS 19R. This means that the introduction of IAS 19R agreements or other risk-reducing agreements. will not have any material effect on equity as per 1 January 2012 and 31 December 2012. Other IFRS changes No other new or revised IFRSs or interpretations from IFRIC other than According to IAS 19R, actuarial gains and losses are reported as a those mentioned above were applied or had any material effect on the revaluation of defined-benefit pension plans in other comprehensive Group’s or Parent Company’s financial position, profit or disclosures. income. Revaluations reported in other comprehensive income may not LKAB has chosen not to apply IFRS 10-12 and the changed standards be reversed to the income statement in subsequent periods. in IAS 27 and IAS 28 in advance, but will apply them commencing 1 Furthermore, IAS 19R explains that when calculating defined-benefit January 2014. pension expenses in the income statement, anticipated returns on plan

assets no longer constitute an assumption that must be reported in the income statement. Instead, the anticipated return on plan assets Note 2 Disclosures regarding financial instruments and the discount effect are replaced by net interest income which must The following tables show how fair value was determined for financial be calculated using the same discount rate used when calculating the instruments reported at fair value in the statement of financial posi- defined-benefit pension obligation. This means that the presentation tion. A breakdown of how fair value is determined is carried out on of pension expenses has changed as a result of the introduction of IAS three levels. 19R, which has also affected the reporting of items in other compre- According to prices quoted on an active market for such hensive income. The comparative figures for 2012 were restated in Level 1: instruments. compliance with the transition rules in IAS 19R. These changes had According to direct or indirect observable market data not a negative effect on net financial income/expense of MSEK 11 for the Level 2: included in Level 1. full year 2012 and MSEK 2.8 for Q2 2012. The corresponding amount According to input data that is not observable on the market. increased for the respective period in other comprehensive income. Level 3: Revised IAS 19 also resulted in changed principles for reporting ter- mination benefits. However, this change had no effect on LKAB’s finan- Group, 30 June 2013 cial statements. (MSEK) Level 1 Level 2 Level 3 Total Shares, financial assets 541 541 IFRS 13 Fair Value Measurement Shares, current holdings 1,751 1,751 The new IFRS 13 standard replaces earlier guidance provided in stan- Interest-bearing instruments 9,850 385 10,235 dards concerning fair value measurement. The standard applies to fair Non-current receivables 238 238 value measurement of both financial and non-financial items. Fair va- Cash and cash equivalents 1,306 1,306 lue is defined as the price that would have been received for the sale Forward exchange contracts (USD) -98 -98 of an asset or the compensation that would be paid for transferring a Total 13,448 525 13,973 liability in a normal transaction between market players at the time of valuation (exit price). IFRS 13 was applied prospectively as of 1 January The category “interest-bearing instruments” (Level 2) refers to bond 2013. However, this change had no material effect on LKAB’s financial obligations that are reported at prices quoted on the bond and deri- statements. vatives market. Non-current receivables (Level 2) are calculated by IFRS 13 requires that several quantitative and qualitative disclosures measuring the present value of capital cash flows. Forward exchange be presented in the annual report concerning fair value measurement. contracts (Level 2) are calculated based on a model using prices from As a result of the disclosure requirements in IFRS 13, IAS 34 Interim Reuters. Financial Reporting has also been updated and now requires interim Fair value calculation reports published as of 1 January 2013 to contain specific disclosures Following is a summary of the principal methods and assumptions regarding financial instruments reported at fair value. The change to used in determining the fair value of financial instruments reported in IAS 34 also requires disclosures to be made in interim reports regar- the previous table. ding the fair value of financial instruments reported at accrued cost. Refer to Note 2 for this information in the interim report. Securities For listed financial assets, fair value corresponds to the asset’s buying IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine rate on the closing date. Current mining operations in the LKAB Mining Division are carried out in underground mines. In 2013 mining began in the Gruvberget surface Derivative instruments mine in Svappavaara, which is currently LKAB’s only surface mine. In Forward exchange contracts are calculated at current market prices 2012, surface mining operations were limited so earnings and financial by using quoted market prices. The discount rate used is the market position for 2012 would not have been reported differently if IFRIC 20 interest rate on similar instruments quoted on closing day. had been applied in 2012. Commencing 1 January 2013, LKAB reports stripping costs as an asset written off on the basis of production. Other receivables and liabilities In compliance with the transition rules in IFRIC 20, stripping costs The carrying amount of other receivables and liabilities is equivalent are recognised according to the above principle and applied to strip- to fair value. ping costs that arose after 31 December 2011. Note 3 Provisions resulting from mining operations Commencing 1 January 2013 costs resulting from the effects of mining activities on the communities concerned will be reported on an ongoing basis during the year, and for Q2 said expenses amount to MSEK 157.

18 LKAB Interim Report APRIL–JUNE 2013 Luossavaara-Kiirunavaara AB (publ) • Corp. ID No. 556001-5835 LKAB ADDRESSES

LKAB INDUSTRIAL MINERALS LKAB Minerals France Group head office Representative Office, 85 Rue Jean Rache Box 952 LKAB Minerals Ltd. 59310 Saméon, Frankrike SE–971 28 Luleå, SWEDEN Flixborough Industrial Estate, Flixborough, Tel: +33 320 055 167 Tel +46 771 760 000. Fax +46 0771 760 001. North Lincolnshire, DN15 8SF, England. [email protected] [email protected] Tel +44 1724 277411. Fax +44 1724 866405. Lars-Eric Aaro, President and CEO [email protected] LKAB Minerals Greece Robert Boulton, President och Group CEO for Representative Office, 13, N.Kountouriotou str., LKAB Minerals Group 546 25 Thessaloniki, Greece. IRON ORE Tel: +30 2310 539073. Fax +30 2310 552882. LKAB Minerals AB [email protected] MARKETING AND LOGISTICS Box 952, 971 28 Luleå. Tel 0920-381 60. Fax 0920-190 88. LKAB Minerals Singapore LKAB [email protected] c/o LKAB Far East Pte Ltd Sales office, Scandinavia Roger Johansson, President 300 Beach Road #29-02, The Concourse, Box 952, SE–971 28, Luleå, Sweden. Singapore 199555. Tel +46 771 760 000. Fax +46 0771 760 001. LKAB Minerals Oy Tel +65 6392 49 22. Fax +65 6392 49 33. [email protected] Kaivoksentie 300, FI-71800 Siilinjärvi, Finland. [email protected] Johan Heyden, Sales Manager Tel +358 17 266 0160. Fax +358 17 266 0161. [email protected] SUBSIDIARIES LKAB S.A. Kari Laukkanen, President Chaussée de la Hulpe 150, BE–1170 Brussels, Belgium. LKAB Wassara AB Tel +32 2 663 36 70. Fax +32 2 675 05 91. LKAB Minerals, Inc. Rosenlundsgatan 52 [email protected] 2020 Scripps Center, 312 Walnut Street, SE 118 63 Stockholm. Göran Ottosson, President Cincinnati, OH 45202, USA. Tel +46 771 760 000. Tel +1 513 322 5530. Fax +1 513 322 5531. [email protected] LKAB SCHWEDENERZ GmbH [email protected] Peter Schmid, President Bredeneyer Strasse 182, D–45133 Essen, Germany Mats Drugge, President Tel +49 201 879 440. Fax +49 201 879 4444. LKAB Berg & Betong AB [email protected] LKAB Minerals GmbH Box 817, SE–981 28 Kiruna, Sweden. Göran Ottosson, President P.O. Box 10 25 54, DE -450 25 Essen, Germany. Tel +46 771 760 200. Fax +46 771 760 201. Tel +49 201 45060. Fax +49 201 4506 490. [email protected] LKAB FAR EAST Pte. Ltd [email protected] Peter Söderman, President 300 Beach Road #29-02, The Concourse, Thomas Tepper, President Singapore 199555. LKAB Mekaniska AB Tel +65 6392 49 22. Fax +65 6392 49 33. LKAB Minerals B.V. Tel +46 771 760 210. Fax +46 771 760 211. [email protected] Vlasweg 19, Harbour M164, P.O. Box 16, Stig Nordlund, President NL-4780 AA Moerdijk, The Netherlands. LKAB Kimit AB Tel +31 168 388 500. Fax +31 168 388 599. Tel +46 771 760 220. Fax +46 771 760 221. LKAB Malmtrafik AB [email protected] SE–981 86 Kiruna, Sweden. Yvonne Dirken, President LKAB Fastigheter AB Tel +46 771 760 500. Fax +46 771 760 002. SE –981 86 Kiruna, Sweden. Markus Petäjäniemi, President, pro tem LKAB Minerals Asia Pacific Ltd. Tel +46 771 760 300. Fax +46 771 760 301. 3407 China Resources Building, 26 Harbour Road, [email protected] LKAB Norge AS Wanchai, Hong Kong. Siv Aidanpää Edlert, President Postboks 314, NO–8504 Narvik, . Tel +852 2827 3000. Fax +852 2827 5574. Tel +47 769 238 00. Fax +47 769 449 25. [email protected] LKAB Nät AB Magne Leinan, President John Engel, President SE– 981 86 Kiruna, Sweden. Tel +46 771 760 700. Fax +46 771 760 002. LKAB LKAB Minerals (Tianjin) Minerals Co., Ltd. [email protected] Luleå malmhamn Junyi Industrial Park, Jungliangcheng, Dongli Box 821, SE–971 25, Luleå, Sweden. District, LKAB Försäkring AB Tel +46 771 760 000. Fax +46 0771 760 001. Tianjin, P.R. China 300301. Box 952, SE–971 28, Luleå, Sweden. Lars Andersson, General Manager Tel +86 22 2435 1706. Fax +86 22 2435 1708. Tel +46 771 760 600. Fax +46 0771 760 001. [email protected] [email protected] James Qi, President PRODUCTION LKAB Trading (Shanghai) Co., Ltd. Likya Minelco Unit 2007, 889 Yueda Plaza, LKAB ITOB Organize Sanay Bölgesi Tekeli Beldesi, 1111 Changshou Road, SE–981 86 Kiruna, Sweden. Menderes, Izmir, TÜRKIYE. Shanghai 200042 Tel +46 771 760 000. Fax +46 771 760 002. Tel: +90 232 799 01 60. Fax: +90 232 799 01 74. China Tel: +86 21 521 25103. Fax: +86 21 521 26029. LKAB LKAB Minerals Slovak Republic Email, office: [email protected] Svappavaara Representative Office, Panenska 13, [email protected] SE–981 86 Kiruna, Sweden. SK-81103 Bratislava, Slovak Republic. Anders Lundgren, President Tel +46 771 760 000. Fax +46 771 760 002. Tel +421 2 5930 5753. Fax +421 2 5930 5754. [email protected] LKAB Marian Zilinsky, Sales manager SE–983 81 Malmberget, Sweden. Tel +46 771 760 000. Fax +46 771 760 003. LKAB Minerals Spain Representative Office, C./Nord no. 2 Ent.5, 08500 Vic,Spain. Tel/Fax +34 93 886 1330. [email protected]

19 LKAB Interim Report APRIL–JUNE 2013 Luossavaara-Kiirunavaara AB (publ) • Corp. ID No. 556001-5835 Producerad av LKAB i samarbete med Vinter AB, Luleå. Box 952, SE 971 28 Luleå, Sweden. Sweden. SE 971 28 Luleå, 952, Box +46 (0)771-76 00 00 Tel. +46 (0)771-76 00 01 Fax www.lkab.com