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RAUTARUUKKI CORPORATION CONTENTS

CEO’S REVIEW 3

RUUKKI IN 2013 5 Financial performance 7 Strategy 8

MARKET ENVIRONMENT AND COMPETITORS 10 Market position 10 Competitive edges and competitors 11 Business environment 12

BUSINESS AREAS 13 Corporate structure 13 Ruukki Building Products 15 Ruukki Building Systems 16 Ruukki Metals 17

SUCCESS STORIES 19

CORPORATE RESPONSIBILITY IN 2013 23 Energy-efficient construction 24 Special steels 25

CORPORATE GOVERNANCE 26 Remuneration report 27 Board of Directors 31 December 2013 30 Corporate Executive Board 31 December 2013 34 Risk management 38

INFORMATION FOR SHAREHOLDERS 43 Largest shareholders 45 Share performance and trading 45 Financial reporting in 2014 46 CEO’S REVIEW

SAKARI TAMMINEN PRESIDENT & CEO RAUTARUUKKI CORPORATION

The continuing economic downturn was EUR 39 million. Actions taken of more effective sales steering and in Europe impacted negatively on under our efficiency programmes a general improvement in business Ruukki’s business environment in resulted in improved earnings process functioning. 2013. Demand for steel across the performance totalling around EUR 70 Ruukki Building Systems’ operating EU was down by about 2% year on million. Just as we had anticipated a result for the whole year remained year and capacity utilisation rates year earlier, the challenging business negative despite significant in the steel industry remained low. climate showed the necessity of profitability improvement, because Construction activity in Europe was efficiency actions across all our of some loss-making steel structure at a lower level than in earlier years. business areas. There are still some contracts, which had already started Construction activity in Finland was couple of tens of million tonnes of in 2012. Improving the use of the twofold. Renovation construction excess structural capacity in the production network, scaling capacity continued at the previous year’s good European steel industry and demand in response to demand, cutting level, but activity in new construction has remained at a low level. Ruukki SGA costs and better tendering was especially weak. In Russia, Metals’ good operating results since guidance were key to profitability construction activity remained at a the second quarter show the success improvement. The margin level of good level, especially in agricultural of our cost savings programme. Ruukki Building Systems’ order book and industrial construction, despite Despite a production capacity was good at the end of the year. the slowing pace of economic growth. utilisation rate of around only 80%, Ruukki Building Products has a good Comparable net sales for 2013 we posted a positive operating result. market position and is pursuing were EUR 2.4 billion. Ruukki Metals’ profitable growth especially through delivery volumes were slightly Energy-efficient construc- energy-efficient building components higher than a year earlier and order tion as a growth driver and residential roofing products. volumes showed only a slight decline. Ruukki Building Products showed the We aim to increase the share also of However, both order intake value best performance improvement in renovation construction. Development and comparable net sales were the company and profitability for the of components and solutions to down year on year because of clearly whole year rose to a good level. On optimise a building’s lifecycle energy lower average selling prices. Partly top of the efficiency programme, a efficiency is a key aspect. In Ruukki weakened new construction activity more favourable geographical spread Building Systems, our main aim is still was reflected in our construction of sales of residential roofing products profitable earnings and improved businesses in the form of somewhat and a significant share of renovation profitability through better offer and lower orders. construction contributed to operating project management, and more cost- Despite difficult market conditions, profit growth. Building components, efficient manufacturing. comparable operating profit improved i.e. insulated panels, showed by EUR 89 million year on year and excellent development on the back

CEO’s review | Annual report 2013 3 Aiming for EUR 850 million and many standard product lines, for Our Board of Directors recommends in sales of special steels in example. The working capital freed shareholders to accept this offer. 2015 up has been invested in construction, Solidium, Rautaruukki’s largest owner, Good progress was made with specialisation and the engineering has likewise expressed its support accelerating sales growth of special business. Withdrawal from long for the combination and has given steels by acquiring new customers, steels in particular, together with an undertaking to accept the share developing new products and development of the roofing and exchange offer. I believe that the applications and by expanding into sandwich panel business, and combination of Ruukki and SSAB gives new market areas. The past year acquisition of Ventall in Russia, have an excellent opportunity to continue saw a significant expansion of the proved to be important decisions the rationalisation of the cost base global distribution and sales network with regard to improving our market and investments in customer service. for special steels. New recruitments position and profitable growth. The combined company will be a strengthened the sales team. Concerning our engineering business, Nordic steel company that will, Compared to a year earlier, the results the financial crisis brought about a from a solid base, transit the steel were seen in clearly growing delivery significant change in our customers’ business towards a global special steel volumes in many market areas. business models to which our way company. There will also be synergy Likewise, order intake for special or working was no longer suited. potential and excellent possibilities steels showed clear growth year on We found a natural way to continue for profitable growth in the combined year. The actions taken began to be our engineering business operations construction businesses. visible especially during the fourth together with Komas, through the I would like to thank all our quarter, when sales of special steel creation of Fortaco in 2012. shareholders, customers and business products rose to account for 37% of Our focus on special steel partners for their continued trust, Ruukki Metals’ net sales. We aim to technology and production initiated confidence and cooperation over the considerably grow volumes of special at the turn of the millennium past year and also the past ten years. steel products and to increase sales was given momentum through I also express my thanks particularly of special steels to EUR 850 million in strong product development work, to all Ruukki’s people for their support 2015 (EUR 558 million in 2013). marketing, commercialisation and as colleagues and for their great work international expansion. Between in what at times has been a tough Ruukki’s transition to a 2004 and 2013, Ruukki paid its owners business environment. customer-driven construc- around EUR 1.3 billion in dividends, tion and steel specialist made over EUR 2.4 billion profit During the course of the past decade and invested EUR 1.1 billion in its Sakari Tamminen or so, Ruukki has evolved into a production facilities. On the basis President & CEO customer-driven steel specialist. of investments, know-how, market The years 2004-2008 were a period position achieved and efficiency of strong demand, growth and programmes Ruukki continues to go excellent profitability which ended forward. in the recession triggered by the financial crisis. Since then, we have Ruukki’s story continues as seen the “new normal”, a period part of a competitive Nor- of depressed demand, overcapacity dic special steels company and lower growth, especially in the On 22 January 2014, Sweden-based European steel business. Ruukki’s SSAB, a rival we know well, and strategies with regard to construction Ruukki announced a plan to combine and special steels now form a the two companies. During spring foundation for future profitable 2014, SSAB will make a recommended growth. In the steel business, we public share exchange offer to have withdrawn from long products Rautaruukki’s shareholders.

CEO’s review | Annual report 2013 4 RUUKKI IN 2013

Ruukki specialises in steel and steel Vision Brand construction. We provide customers Our vision is to be an innovative and The Ruukki brand reflects our with energy-efficient steel solutions acknowledged provider of energy- intention to be an innovative and for better living, working and efficient steel solutions to build a acknowledged provider of energy- moving. better living environment together efficient steel solutions to build a with our customers. better living environment together We have around 8,600 employees and with our customers. an extensive distribution and dealer Ruukki sees energy efficiency Energy-efficiency is at the heart network across some 30 countries as a business opportunity of our brand. We are committed including the Nordic countries, Russia We are responding to the growing to providing our customers with and elsewhere in Europe and the interest of our customers on this front solutions that consume less energy. emerging markets, such as India, by innovating and producing energy- China and South America. efficient steel solutions that cut energy costs throughout the life cycle of an end-user product or solution.

Values Ruukki’s values describe our way to work and the things that are important to us. Values guide our choices and decision- making. Responsibility is one of our core values.

We take responsibility We succeed together We challenge tomorrow • We are worth our customers’ trust • We succeed together with our • We understand our customers’ future • We keep our promises customers needs • We work safely and responsibly • We deliver results • We are curious about new things • We work safely and responsibly as • We trust each other • We quickly take action individuals • We benefit from our multicultural • We encourage continual renewal and expertise learning

Ruukki in 2013 | Annual report 2013 5 Ruukki Building Products provides lifecycle- and energy- efficient envelope, roofing and foundation building components for commercial, office and industrial construction, harbour and transport infrastructure construction. In addition, we provide residential roofing products, installation and other services.

Ruukki Building Systems provides foundation, frame and envelope structures, including design and installation, for commercial, office and industrial construction.

Ruukki Metals provides special steel products, including high-strength, wear- resistant and special-coated products for demanding applications. Steel service centres supply steel products and related prefabrication, logistics and storage services. We also manufacture and supply standard steel products in different forms: flat steels, tubes and profiles.

Ruukki officially • Official name in English: Rautaruukki Our principal channel for investor > read more at ruukki.com Corporation (in Finnish: Rautaruukki Oyj) communication and reporting is www. • The company uses the marketing ruukki.com. We publish our annual name Ruukki report in electronic format only. This > read more at Investors section • Registered office in Helsinki, Finland can be found on the navigation bar in • Business ID: 0113276-9 our investor section at www.ruukki. • VAT No. 01132769 com/Investors/Annual-report-2013. > read more at Annual report archive • Share quoted on NASDAQ OMX Helsinki You can download the financial (Rautaruukki Oyj: RTRKS). statements as pdf and excel documents from our annual report > read more at Corporate responsibility material bank. Earlier reports are available in our annual report archive. Our Corporate Responsibility report for 2013 has been published on our website at www.ruukki.com > Corporate responsibility.

Ruukki in 2013 | Annual report 2013 6 FINANCIAL PERFORMANCE

Clear improvement in operating profit year on year, cash from operating activities rose to EUR 184 million

January-December 2013 (2012) • Comparable operating profit was Guidance for 2014 • Net cash from operating activities was EUR 39 million (-50). Comparable net sales in 2014 are EUR 184 million (172). • Comparable result before taxes was estimated to grow compared to 2013. • Order intake was EUR 2,376 million -EUR 1 million (-88). Comparable operating profit in 2014 (2,605). is estimated to improve compared to • Comparable net sales were EUR 2,404 Dividend proposal 2013. million (2,597). The Board of Directors proposes that no dividend be paid for 2013 (0.20).

Key figures 10-12/13 10-12/12 2013 2012 Comparable figures Comparable net sales, EUR m 590 634 2 404 2 597 Comparable operating profit, EUR m 8 -34 39 -50 Comparable operating profit as % of net sales 1,3 -5,3 1,6 -1,9 Comparable result before income tax, EUR m -3 -42 -1 -88 Reported figures Reported net sales, EUR m 590 677 2 405 2 796 Reported operating profit, EUR m 4 -59 34 -101 Reported result before income tax, EUR m -6 -67 -6 -139 Net cash from operating activities, EUR m 80 79 184 172 Net cash before financing activities, EUR m 60 56 101 78 Earnings per share, EUR -0,07 -0,41 -0,10 -0,85 Return on capital employed, % 1,8 -4,9 Gearing ratio, % 68,5 71,2 Equity ratio, % 45,0 45,6 Personnel on average 8 638 10 468 8 955 11 214 Net sales and operating profit for 2012 have been restated for reasons of structural comparability. Part of Ruukki Engineering’s business was divested at the end of 2012. The units excluded from the arrangement have been part of Ruukki Metals since the start of 2013. Ruukki Engineering units transferred to Fortaco and other Ruukki Engineering units have been eliminated from comparable figures.

Ruukki in 2013 | Annual report 2013 7 STRATEGY

Our vision is to be an innovative and strategic choices and the efficiency position in the Nordic countries. acknowledged provider of energy- programmes under way will play a key Strengthening our own international efficient steel solutions to build a role since no significant pick-up in the distribution and service network and better living environment together market is expected. our network of Certified Partners with our customers. The construction market offers as well as growing our portfolio of Ruukki’s strategic focus is on growth potential, especially in Russia special steels are key in the special construction and developing the and elsewhere in Central Eastern steels business. Demand growth special steels business. Europe. Growth is being pursued for special steels is outpacing that We are pursuing growth in especially in residential roofing for standard steels both in the specialisation and in emerging products and in the Russian market. emerging and developed markets. markets. Demand for Ruukki’s residential The profitability of special steels is roofing products is consumer driven also better than that of standard Focus areas and renovation construction accounts grades. In the Nordic countries and • global focus in the steel business on for a significant share of this demand. Baltic states, the aim is to further special steel products, with the target Renovation construction demand strengthen the company’s good of achieving annual sales of special is significantly less dependent on market position. This is where steel steel products of €850 million in 2015 economic business cycles than new service centres and prompt service (2013: €558 million) construction is. Ruukki’s strengths in have a key role. • growth in the construction business roofing products also include a strong – especially in Russia and roofing brand and product portfolio, an own Strengths products distribution network and installation • focused range of building products • growth focus on emerging markets services. In Russia, the location of and services • product repeatability and balanced Ruukki’s production facilities in the • extensive sales and manufacturing business structure immediate proximity of the Moscow network • energy-efficient products expansion area is a major advantage. • strong foothold in emerging markets, • innovations The plan is to further develop especially in Russia and Central • cost competitiveness distribution and service concepts. Eastern Europe Good business opportunities are also • energy-efficient solutions The global economic outlook is seen in energy-efficient construction, • strong market position in the Nordic uncertain. At Ruukki, economic especially in northern Europe. countries uncertainty has been reflected Ruukki Metals’ main focus points • strong know-how in steel and especially in the fall in investment- are to develop the special steels extensive range of special steel decision-driven demand. Ruukki’s business and a strengthened market products

Ruukki in 2013 | Annual report 2013 8 Strategy by business area project business and cost efficiency are prompt service also have a key role. Ruukki Building Products pivotal in turning around a loss-making Special steel products are notably Ruukki is focusing strongly on energy­- business to profitability. more profitable than standard products efficient construction solutions that and their prices fluctuate less during meet customer needs and which Strengths business cycles. The aim is not to combine own design and standardised • strong foothold in Russia, incl. in increase the total steel output through cost-efficient production. In agricultural construction increased sales of special steels, but as residential roofing products, growth • design expertise the share of special steels grows the is being pursued by developing our • repeatable solutions and concepts goal is to scale down sales volumes of own distribution and service network. • modern production network less profitable, underperforming mild In infrastructure construction, the • strong position in the Nordic markets steel. company seeks to primarily maintain (incl. power plant and industrial its market position in its existing construction) Strengths markets. New business opportunities • energy-efficient solutions • comprehensive range of quality are being pursued in new geographical special steels, including wear- market areas and by developing and Focus areas resistant and high-strength steels, for identifying new fields of application. • strong, profitable growth in Russia, demanding applications especially in concept buildings • unrivalled products such as ultra-thin, Strengths • clear improvement in profitability high-strength strip steels and tubes • focused, harmonised range of made from wear-resistant Raex steel products and services Ruukki Metals • prefabrication know-how in special • well-known brand Ruukki Metals’ main focus areas are to steels and network of service centres • energy-efficient solutions grow the special steels business and to offering prefabrication services • repeatable products and concepts further strengthen its market position • growth opportunities in emerging • strong position in the Nordic markets in the Nordic countries. In special markets • strong foothold in Central Eastern Europe steel products, Ruukki benefits from • strong technological know-how • modern production network its strong technological know-how • modern production technology • own Ruukki Express distribution and and modern, flexible manufacturing • market position in the Nordic service network for roofing products capacity. The target is to grow net countries and Baltic states sales of special steels products to €850 • broad customer base and extensive Focus areas million during 2015 (2013: €558m). distribution network • strong profitable growth from Sales of special steel products such • comprehensive range of residential roofing products especially as high-strength, wear-resistant and prefabrication services in the Nordic countries, Poland and special coated steels are increasingly • technical customer service and Russia being more strongly directed towards application support • strengthening of market position the growing markets such as China, in commercial and industrial India, Brazil and Turkey, where the Focus areas construction components in the Nordic market outlook for special steels is • strong growth in special steel products countries and Central Eastern Europe promising. • further expansion of product • maintaining good profitability and Strengthening our own international portfolio - will enable also to scale market position in infrastructure distribution and service network and down volumes of some lower- construction our network of Certified Partners margin standard steel products as well as growing our portfolio of • further development of international Ruukki Building Systems special steels are key in the special manufacturing and sales network, Ruukki Building Systems is pursuing steels business. Demand growth for especially in rapidly emerging markets growth in Russia. Our aims on this front special steels is outpacing that for • Strengthened market position in the are supported by good location in the standard steels both in the emerging Nordic countries and Baltic states immediate proximity of the Moscow and developed markets. Ruukki is • continuous improvement of expansion area, sound know-how clearly strengthening its sales network customer service in concept building, strong design covering all main market areas. • continuous product development expertise and one of the largest steel In the Nordic countries, Ruukki is and improvement in delivery structure production facilities in strengthening its market position by reliability Russia. In other market areas, Ruukki’s further improving customer service, focus is on commercial and industrial delivery accuracy and the quality of construction. RBS provides complete products and services throughout the frame and envelope deliveries, supply chain. The steel business will including design and installation, in all continue to give priority also to cost market areas. Development of our own efficiency. Steel service centres and

Ruukki in 2013 | Annual report 2013 9 MARKET ENVIRONMENT AND COMPETITORS

MARKET POSITION

Ruukki Building Products Ruukki Building Systems Ruukki Metals The main market areas are the The main market areas are the Strong position in core markets in the Nordic countries, Central Eastern Nordic countries, Russia and selected Nordic countries and Baltic states. Europe and the Baltic states. Ruukki international customers. Ruukki has a Global, cutting-edge manufacturer of has a strong market position in all strong market position in Scandinavia special steel products. Diverse range segments (commercial and industrial and Russia. of services in steel service centres in construction, residential construction Growth is expected especially Finland, Sweden, Norway, Poland and and infrastructure construction) in the Russian market. In Russia, Russia. in Scandinavia and also in roofing the location of Ruukki’s production Sales of special steel products such products in Central Eastern Europe. facilities in the immediate proximity as high-strength, wear-resistant and Growth is expected especially of the Moscow expansion area is special coated steels are increasingly in residential roofing products a major advantage. At the same being more strongly directed towards and energy-efficient building time, we are capitalising on Russian the growing markets such as China, components. Demand for Ruukki’s investments to increase self- India, Brazil and Turkey, where the residential roofing products is sufficiency in agriculture. The aim is market outlook for special steels is consumer driven, with renovation to further develop the partnership promising. construction accounting for network in Russia. Our own project a significant share. Demand business and production network will for renovation construction is be developed for other business areas significantly less dependent on in response to existing demand. economic business cycles than new construction is. The plan is to further develop distribution and service concepts.

Market environment | Annual report 2013 10 COMPETITIVE EDGES AND COMPETITORS

Ruukki Building Products Ruukki Building Systems Ruukki Metals

Competitive edges Competitive edges Competitive edges in special steel • lasting customer relationships and a • lasting customer relationships and a products strong market position in the Nordic strong market position in the Nordic • strong, growing customer base in countries and Baltic states countries Europe • good foothold in growing markets in • good foothold in the growing Russian • strong technology and materials Central Eastern Europe market expertise • Europe-wide production network • one of the largest steel construction • modern production capacity • innovative, energy-efficient products, production plants in Russia in the • strong partner and distribution solutions and services immediate proximity of the Moscow network • well-known brand, especially in expansion area residential roofing products • strong project management Competitive edges in the Nordic • infrastructure construction solutions, competence (design, project countries products and strong project management and installation) • strong market position competence that stand out from the • Europe-wide production network • comprehensive prefabrication and competition • frame and envelope delivery, processing services • strong materials know-how including installation, from one • extensive, flexible distribution supplier network We are pursuing a cutting edge • strong materials know-how • steel products tailored to meet by innovating new lifecycle- and customer-specific needs energy-efficient solutions to promote We are pursuing a competitive edge safety and speed up and rationalise by innovating with investors new We help customers to develop construction. We serve designers, lifecycle- and energy-efficient optimal end-products and work with investors and construction companies solutions to promote safety and speed customers to design new applications locally with a range of products and up and rationalise construction. for steel. services based on international steel We serve designers, investors and construction know-how. We focus on construction companies locally with Competitors lasting customer relationships. a range of products and services • manufacturers of special steel from design to installation based products such as SSAB, Dillinger Hütte Competitors on international steel construction and Salzgitter • component suppliers such as know-how. We focus on lasting • Nordic steel suppliers such as BE Kingspan, Trimo, Lindab, Weckman customer relationships. Group, Tibnor, Kontino and Norsk Stål Steel, Metall Profil, Balex Metal and • international steelmakers such as Blachy Pruszynski Competitors ArcelorMittal, ThyssenKrupp and Tata • construction business of global steel • steel frame suppliers such as Normek, Steel Europe companies Contiga and Polimex Mostostal • small, local companies • system suppliers such as Lindab and • alternative construction materials LLENTAB • small, local companies • alternative construction materials

Market environment | Annual report 2013 11 BUSINESS ENVIRONMENT

Global economic growth slowed in more favourable, especially as regards Chinese steel industry replenished 2013. Recession and a lack of market residential construction. Towards the its inventories. However, the price confidence in Europe also impacted end of the year, there were signs of a development of raw materials levelled on demand from Ruukki’s customers. weakening in industrial construction off towards the end of the year. During the second half of the year, in Norway. In Poland, construction Customer caution and the wait- however, some signs began to be activity took a turn for the better and and-see sentiment of the market seen of a turn for the better in the in the second half of the year there were reflected in Ruukki Metals’ European economy. The eurozone were signs of positive development, business throughout the year. Ruukki Purchasing Managers’ Index (PMI) particularly in commercial and Metals’ order intake value was down strengthened steadily and GDP industrial construction. In general, 10% year on year. This was mostly growth returned to positive across weakened construction activity was attributable to lower prices of raw the eurozone mostly in the slipstream somewhat reflected in Ruukki’s materials and clearly lower average of German economy. In the United building business areas in the form selling prices in the wake of weakened States, confidence in the economic of lower order intake in many market market conditions. Order volumes for outlook improved throughout the areas, especially in the project steel products were down slightly. year, the purchasing manager’s index business in the Nordic countries. Average capacity utilisation rate in strengthened and the Fed’s decision, Despite growth peaking, construction steel production during 2013 was as expected, to taper bond buying activity in Russia remained at a good around 80%. further served to boost confidence in level, particularly in agricultural and Demand for special steels economic growth. As regards Ruukki’s industrial construction. outstripped demand for standard most important markets, the pace Apparent steel demand across the steels in many market areas, even of economic growth in Sweden and EU was down by about 2% year on though the general weakening of Norway considerably outperformed year in 2013, with weakened demand the steel market was also reflected average growth in the eurozone, strongest in the first half of the in special steels, especially in whereas the situation in Finland year. The improved outlook for the average selling prices, which were remained difficult. The Finnish global and also European economy, down year on year. Weakened economy shrank for the second year together with recovery measures by demand in the mining industry running and this was reflected at China resulted in a levelling off of slowed market growth in hot-dip Ruukki by clearly weakened demand the long downturn in the demand galvanised flat products. The growing in both the construction business for steel during the second half of interest of sectors using steel in and the steel business. In Poland, the the year, with demand for steel improving energy efficiency and economy continued to recover driven showing slight growth during the the strengthened export outlook of by domestic consumption and export fourth quarter. After restocking of equipment manufacturers increased growth. Russian economic growth seasonal inventories in the early part optimism in the special steel markets slowed and investment activity was of the year, inventory levels of steel in Europe. Among other things, this weaker than in previous years. Also wholesalers in Europe declined to a was reflected in a modest pick-up growth in the emerging economies lower year-end level than in earlier in demand in the lifting, handling was more modest than in earlier years. and transportation industry and years because of the pace of growth The rise in prices of seasonal steel in the construction machinery peaking in China. products during the first quarter of industry towards the end of the Construction activity in Europe the year was more modest than a year. Demand for special steels in remained throughout the report year earlier. Since then steel prices market areas outside Europe varied period at a lower level than in declined until the end of the third and towards the end of the year also previous years. The business quarter. The anticipated price rises the weakening of certain foreign environment in Finland was weak and during the fourth quarter also failed currencies impacted negatively on fewer building permits were granted to materialise. Market prices of iron order flow. In China, there was clearly than a year earlier. Also in Sweden, ore and coking coal, the main raw lower demand for special steels in the construction activity declined materials in steel production, fell lifting, handling and transportation compared to the previous year, but during the early part of the year, equipment industry compared to the in Norway development was clearly but rose during the summer as the previous year.

Market environment | Annual report 2013 12 BUSINESS AREAS

CORPORATE STRUCTURE

Business areas | Annual report 2013 13 Ruukki Building Products provides lifecycle- and energy- efficient envelope, roofing and foundation building components for commercial, office and industrial construction, harbour and transport infrastructure construction. In addition, we provide residential roofing products, installation and other services.

Net sales 2013 €430 million

> read more at Ruukki Building Products

Ruukki Building Systems provides foundation, frame and envelope structures, including design and installation, for commercial, office and industrial construction.

Net sales 2013 €292 million

> read more at Ruukki Building Systems

Ruukki Metals provides special steel products, including high-strength, wear- resistant and special-coated products for demanding applications. Steel service centres supply steel products and related prefabrication, logistics and storage services. We also manufacture and supply standard steel products in different forms: flat steels, tubes and profiles.

Net sales 2013 €1,679 million

> read more at Ruukki Metals

Business areas | Annual report 2013 14 RUUKKI BUILDING PRODUCTS

Lifecycle- and energy-efficient Products and services Customers, end-users and envelope, roofing and foundation • steel roofs, rainwater and roof decision-makers building components for commercial, safety systems and foundations for Investors in commercial, industrial, office and industrial construction, residential construction agricultural, logistics, office and harbour and transport infrastructure • solutions for single- and multi-storey sports centre premises, as well as construction, as well as residential commercial, office and industrial infrastructure services investors, roofing products and installation construction, including foundation, energy companies, designers, services. roof and wall components architects, installation companies • building components such as and contractors, residential roofing We offer customers the best end- sandwich panels (for example energy dealers, roofers and consumers. result by combining our competitive and life panels), load-bearing sheets products and cost-efficient and façade claddings Strategic choices production with strong design • safety barriers and noise barriers • to balance business cyclicality excellence. Our products are fast • piles, retaining wall structures and through growth in consumer-driven and safe to install, and we provide foundations for harbour construction residential roofing products services ranging from design support • strengthened market position to installation. Core business segments with the aim of achieving market Ruukki Building Products business • commercial and industrial leadership or 2# position in core area employs a total of around 1,200 construction business areas people. • residential construction • to further improve the lifecycle • infrastructure construction efficiency of buildings through commercial, office and industrial construction solutions driven by end- user needs

Business areas | Annual report 2013 15 RUUKKI BUILDING SYSTEMS

Lifecycle- and energy-efficient Products and services Customers, end-users and foundation, frame and envelope • solutions for single- and multi-storey decision-makers structures, including design and commercial, office and industrial Investors in commercial, industrial, installation, for commercial, office construction, including foundation, agricultural, logistics, office and and industrial construction. frame, roof and wall components sports centre premises, as well as • system halls such as Spider halls infrastructure services investors, We offer customers the best end- energy companies, designers, result by combining competitive Core business segments architects, installation companies and products and cost-efficient • commercial and industrial contractors. production with strong design and construction product management excellence. Our • agricultural construction in Russia Strategic choices products are fast and safe to install, • further improved efficiency in and we provide services ranging from the construction process through design support to installation. commercial, office and industrial Ruukki Building Systems business construction solutions driven by end- area employs a total of around 2,000 user needs people. • strengthened market position with the aim of achieving market leadership or 2# position in core business areas • growth in the Russian market.

Business areas | Annual report 2013 16 RUUKKI METALS

Ruukki is an internationally Ruukki Raex wear-resistant steels of special steel products to €850 operating manufacturer of special prolong the useful life and lighten million by the end of 2015. In 2013, steel products, with a portfolio the structure of end-products, special steels accounted for 33% of that includes high-strength, whilst reducing lifecycle costs. Ruukki Metals’ net sales. Europe is our wear-resistant and special-coated Applications include tipper bodies, core market area, although we are products. We also manufacture and excavator buckets, cutting edges for also pursuing growth in the rapidly supply standard steel products in earthmoving machines, wearing parts emerging markets such as China, different forms: flat steels, tubes and for mining machines, concrete mixers Brazil, India and Turkey. The growth profiles. and wood processing machines, of, for example, construction and the various base structures, feeders and mining industry in these markets will We are one of the leading funnels. accelerate the demand for special manufacturers and suppliers of steel Ruukki Optim high-strength steels steels. products in the Nordic countries and enable lighter, longer-lasting end- In the Nordic markets, our strength Baltic states. Our steel service centres products, lower fuel consumption and lies in our extensive service centre in the Nordic countries, Russia, higher payloads. Applications include network to ensure prompt accurate Poland and China ensure prompt, various lifting equipment booms, deliveries, as well as the prefabrication accurate deliveries, as well as the vehicle frame structures, tipper of products to meet customer-specific prefabrication of products to meet bodies, steel structures, bridges and needs. We are the only the only steel customer-specific needs. containers. tube manufacturer in the Nordic Ruukki Metals’ main focuses are Galvanised Litec products are countries with an extensive selection development of the special steel used, for example, in various safety of tubular products and profiles to products business, strengthening applications requiring very high meet the needs of the construction the market position in the Nordic strength in the automotive industry. and manufacturing industries. We countries and Baltic states, and Colour-coated Pural and Purex are strengthening our position by the continued improvement of cost products are the leading solutions continuously developing our processes, efficiency. on the market for lasting steel roofs. further improving our customer In special steel products, Ruukki has PVDF is a durable coating used service, delivery accuracy and the both strong technological know-how especially in façades. quality of our products and services and modern manufacturing capacity. We aim to increase annual sales throughout the supply chain.

Business areas | Annual report 2013 17 Ruukki is a technological leader Products and services Customers in its field. We have been working • Special steel products • companies in the construction, hard for a number of years to • high-strength structural steels engineering, mining, transportation improve energy efficiency and (Ruukki Optim) equipment and white goods industries reduce emissions. Since 2000, Ruukki • wear-resistant steels (Ruukki Raex) • steel suppliers has developed direct quenching • special-coated steels (Ruukki Litec, technology to enable efficient, high- Ruukki Pural, Ruukki Purex, PVDF Strategy quality production of high-strength • protection steels (Ruukki Ramor) • international development of sales and wear-resistant steel grades. • Steel products and distribution of special steel Today, Ruukki is one of the world’s • hot- and cold-rolled steel products products leading users of direct quenching • metal- and colour-coated steels • strengthened market position in the technology in steel production. • tubes, bars, beams and profiles Nordic countries Ruukki Metals employs a total of • Other products and services • continuous improvement in cost- around 5,200 people. • stainless steel and aluminium sold efficiency as trading products • product-related prefabrication, parts processing, logistics and storage services • mineral products generated as by-products in steelmaking Picture by A. Aunola

Raahe Works The Raahe Works in Finland is in the steel industry. Consumption toughness. The molten steel is cast Ruukki’s largest production unit of, for example, the carbon raw and cooled in slabs measuring about and manufactures hot-rolled steel materials needed in steel production 14 metres long and 21 cm thick. plates and coils. Special steels, has been successfully minimised by These slabs are made into strip which include wear-resistant and utilising modern technology and the and flat products by rolling. Ruukki’s high-strength steels, account for an company’s own know-how. Raahe Works uses a unique direct increasingly higher share of products Hot metal is made into steel by quenching process whereby the delivered to customers. reducing its carbon content to a very hot-rolled steel is quickly cooled by low level. Around 20-25% of recycled spraying with water. This gives special Molten pig iron or hot metal is made steel is used in steel-making. Alloys steels the required properties energy in the two blast furnaces at the are added to the molten steel to efficiently. works. These blast furnaces rank give the end product the required Around 2,400 Ruukki people are among the most energy efficient properties such as strength and employed at the Raahe Works.

Business areas | Annual report 2013 18 SUCCESS STORIES

Itella’s logistics centre, New type of tram for Helsinki Ruukki Classic Solar Thermal Finland City Transport, Transtech, Roof, Finland Finland

Itella’s logistics centre in Orimattila is an impressive sight. The building The traditional free-turning bogie These days, single-family homes is 548 metres long and 122 metres solution under the new type of tram are not just saving energy, but also wide, to create a total area of 77,000 made by the Finnish company Transtech producing it themselves. Ruukki Classic square metres. The logistics centre has been combined with a modern solar thermal roof has been designed features an airtight wall structure to low floor. The new tram is ideal for the for installation on single-family homes keep the heat inside in winter and difficult track and weather conditions to harness thermal energy from the the heat outside in summer. The that often prevail in Helsinki. sun. At best, the roof can heat almost walls of the building were created The tram bodies are made of high- half of the annual domestic hot water using Ruukki’s energy panel system. strength, weather-resistant Optim 550W required in a single-family home and Airtightness measurements indicate Steel developed by Ruukki. The use of also be used for heating. that the airtightness of the building high-strength steel for the tram bodies The solar collectors are integrated is even better than planned and that is in keeping with sustainability. A body virtually invisibly into the surrounding calculated savings in annual energy made of colour-coated Optim special roof. Ruukki Classic solar thermal roof costs are in the range of €25,000- steel and effectively protected against utilises renewable energy and can €40,000. Ruukki’s energy panel rust will last the entire service life of the improve the energy performance of a system cost only slightly more than tram, yet can be easily repaired where building and thus increase its value. conventional panels and this extra necessary after any collision damage. cost can be recouped in 1-2 years, The development of Transtech’s low- Mälarenergi’s combined heat depending on weather conditions. floor tram was based on safety and best and power plant, Sweden Energy saving was the main motive overall value for money. This means high for choosing energy panels. In a reliability and availability as well as low building of this size, any shift towards operating and maintenance costs. Use energy efficiency generates significant of high-strength steels helps to make savings and reduces the company’s lighter tram structures because the steel carbon footprint, which is what Itella used can be thinner and still retain the was aiming to do. properties required. Mälarenergi’s new combined heat and The first new trams began operating on power plant being built in Västerås, tramlines in Helsinki in 2013. Tests are Sweden will house the world’s largest being carried out before starting serial recovered fuel fired boiler. The plant production of the trams. will reduce the company’s carbon

Success stories | Annual report 2013 19 dioxide emissions by 300,000 tonnes elements and structures enable quick Fassi’s loader cranes, Italy a year. installation and thus reduce building Ruukki supplied Metso, which costs. is responsible for supplying the recovered fuel fired boiler, with the Mossovet Theatre roof steel frame for the boiler house and renovation, Russia precast concrete base blocks for the power plant, along with 12,000 square Italian Fassi Gru S.p.A is one of the metres of sandwich panels and 2,300 world’s leading manufacturers of square metres load-bearing sheets. loader cranes. To further increase The 55-metre tall boiler house product quality and performance, features modern architecture. Fassi imposed a new toughness Ruukki’s yellow, grey and white Ruukki supplied the roofing structures requirement on the material used for sandwich panels cladding the outside for the Mossovet Theatre when the its cranes. Since Ruukki Optim 700 MC walls give the power plant building an building was undergoing restoration. Plus best met the requirement, it was impressive look. The panels in three The restoration plans sought to duly the steel of choice. different colours come together to respect the original appearance of the The steel used in cranes is required create a mosaic pattern. theatre building, which dates from to have high strength, high toughness, The power plant will come on the 1950s. The original roof no longer good welding and bending properties. stream in the second half of 2014. protected the historically important The greatest problem in crane building structures and interior. manufacture is structural bending. Buildings for Poultry Restoration sought to return the Cranes were earlier short and heavy. Akashevskaya’s poultry building to its original appearance Thanks to high-strength steels lifting facility, Russia and this also meant that the roofing booms are now lighter and shorter material would look the same as the and bending is under control. Good original. Ruukki’s galvanised steel transversal impact properties guarantee roofing material proved to be the best loader cranes perform well in all option for the project. Galvanised conditions and at all temperatures. machine-seamed steel without colour Ruukki is a forerunner in the coating was used for the roof of the production and development of ultra- Ruukki’s complete building solutions Mossovet Theatre. The roof now looks high-strength structural steels. One are ideal for agricultural, logistics the same as the original roof and focus area for Ruukki has been the and commercial buildings. Thanks to blends in naturally with the urban use of Optim ultra-high-strength rapid modernisation of the Russian landscape. structural steels in crane booms agriculture sector, for example, our Weather resistance was also a and welded steel frame structures. complete building solutions are in requirement for the new roofing Ruukki is continuously improving the demand. material. Moscow can experience harsh steel properties and increasing the Poultry Akashevskaya Agroholding winter conditions and so the roofing knowledge of the use of ultra-high is one of the largest poultry material had to be able to withstand strength steels. Ruukki produces high- companies in Russia. During 2013, the wear of ice and snow during winter, strength Optim QC structural steels and Ruukki delivered hundreds of and especially the strain on the roof wear-resistant Raex steels using its individual buildings for Poultry caused by clearing the snow off of it. own unique direct quenching method. Akashevskaya’s new poultry meat Ruukki’s steels have also been facility in the Mari El Republic. used in the repair and renovation of Symaga’s metal silos for Ruukki’s delivery included the other historic buildings in Russia. Such storage of foodstuffs, frames, structures, wall panels and projects include the restoration of the Spain steel roofs for the buildings. Our former Kryukovsky Barracks for the strengths include high quality and use of the Central Naval Museum in St delivery reliability. Our own sandwich Petersburg. For this project, the roofing panel plant in Russia enables us to solution chosen was Ruukki’s steel make prompt deliveries. sheets coated with Ruukki Pural Matt. The new buildings comprise Also in this project, it was important to distinct, lightweight structural retain the original historical appearance Symaga is a Spanish company components that can be modified for of the building whilst using modern specialising in the design, various applications. Thanks to their material. manufacture and marketing of simple structure, the buildings can metal silos. Use of Ruukki’s steels, be quickly tailored to meet specific which have high yield strength, customer needs. Highly prefabricated enables Symaga to design and build

Success stories | Annual report 2013 20 higher silos to meet end-customer Link-Belt’s Telescopic crane steels were chosen as the material to needs. Steel strength becomes more booms, USA make the bunks. important as silos become higher Timber is transported over long since the structures must be able to distances, which is why savings can support larger loads. be achieved by reducing the dead Ruukki supplies metal-coated weight of timber trucks. Use of Optim steels in grades HX340LAD and S350GD, steels instead of traditional steel with a thick Z600 coating. Thicker resulted in weight savings of over than normal coatings improve the Building cranes that are stronger, 120 kg, representing a decrease of corrosion resistance of the silos. The longer lasting and farther reaching roughly 50% in the weight of the surface quality of Ruukki products is how US company Link-Belt bunk compared to earlier. This enables is among the best available and Construction Equipment Company the end user to load higher payloads many customers like the look of final became a global leader in the material on a lighter vehicle, increasing the products made with Ruukki steels. lifting equipment industry. But cargo loading rate and thus reducing Also the tone of Ruukki’s steel is very unlike some other crane makers, the the number of journeys. Use of high- consistent, which is an important company also puts great emphasis on strength steels also improves the asset for some customers. the quality design and appearance of durability of the bunks and so makes its cranes. them safer. Strengthening sales of special Appearance and performance to steels in North America, Sales match quality are exactly the reasons Fima’s conveyor systems, offices in the USA and Canada Link-Belt turned to Ruukki special silos and funnels, Peru steels for building its next generation of telescopic crane booms. Ruukki’s Optim brand of ultra-high-strength steel not only achieves or exceeds Link-Belt’s specifications for strength, lightness and durability, but the Ruukki aims to expand its global sales steel’s exceptional surface quality Specialising in providing engineering work in the special steels business means savings for the company and services and equipment, Fima is one into growing markets. The aim is for its customers. of the main suppliers of equipment a sales network covering all main to the mining industry in Peru. Fima market areas to strengthen the New type of timber bunk also exports products to more than 30 existing partnership network. Growth structure, Unylaser, Brazil countries. is being pursued in Asia, Africa, North Fima is providing, for example, and Latin America, and Europe. In equipment, for the expansion of 2013, new sales offices were opened the concentration plant for a large in among other places Pittsburgh, mine in the Arequipa in Peru and is Toronto and Santiago, for which new responsible for the plant’s materials employees were recruited to strength handling systems, including conveyor sales and technical customer service. Unylaser Metallic Products and systems, silos and funnels. Material Being close to our customers Components is one of the largest processed in a copper mine is abrasive, also geographically will enable us metal engineering workshops in which means wear resistance is a very to deliver an even faster and more southern Brazil. Located in Caxias do important aspect in materials handling flexible service than earlier. Among Sul, the company specialises in the equipment. The equipment must be other sectors, the construction and manufacture of parts, components able to withstand hard wear and tear mining industries offer us significant and other matal products. Unylaser’s since maintenance shutdowns are growth potential in many developed products are used, for example, in costly. Mining sites are often located and emerging markets. road building, agricultural machinery, in remote areas where equipment Newcomers to Ruukki, Bryan Kusic the mining industry, cranes and in maintenance is demanding and (left), Jim Anderson and Gerry Carr other lifting equipment. difficult. When mining equipment serve North American customers at Working together with PCP Produtos breaks down, operations may be the Pittsburgh office opened last Siderúrgicos, Ruukki’s certified partner interrupted for extended periods of autumn. in Brazil, Unylaser’s engineering time. Exceptionally high-strength Raex department developed the Fueiro steels are a safe and durable production Raptor 800 timber bunk, a new bunk material that can significantly reduce intended for the transportation of the shutdowns and costs resulting from timber. Ruukki’s high-strength Optim component wear and breakage.

Success stories | Annual report 2013 21 Wear-resistant Ruukki Raex 500 Cie Egaña’s thermosolar bC, India –special steel was chosen as the plant, Morocco International Trade Fair for material for the mine funnels and Construction Machinery, Building silos. The steel grade chosen is three Material Machines, Mining Machines times harder than conventional and Construction Vehicles structural steel. This makes it ideal for applications where steel is exposed to abrasion and very strong surface pressure. The Spanish company CIE EGAÑA is Despite its harness and high manufacturing support arms for the strength, Raex 500 can be easily parabolic reflectors of a thermosolar welded and formed. Fima has been plant under construction in Morocco. In February 2013, Ruukki participated very pleased with the cooperation The new 125-megawatt plant will be in bC India, the international trade fair between Ruukki and our local one of the world’s largest and the for construction machinery, mining certified partner Comercial del Acero. first thermosolar plant to be built in machines and construction vehicles, Morocco. Ruukki’s metal-coated high- which was held in Mumbai, India. IAG’s lightweight, strength steel is being used to make At the fair, we presented special armoured vehicles, UAE the support structures. steels, including ultra-high-strength Metal-coated high-strength steels structural steels (Optim), wear- will both strengthen and lighten the resistant steels (Raex) and ultra-high- thermosolar plant structures. The strength formable steels (Litec). Galfan coating provides corrosion The building machinery and protection, thus prolonging the equipment market in India is amongst product’s lifetime. Since thermosolar the fastest growing in the world and International Armored Group or IAG plant structures are constantly many global OEMs have strengthened manufactures VR7 Toyota Land Cruiser exposed to extreme weather their presence in the country. 200 Convoy vehicles from Ruukki Ramor conditions, protection is of key Because Ruukki is focusing strongly 500 protection steel in the United Arab importance. on the emerging markets, India is an Emirates. Ruukki is one of the few important market also for us. Armoured vehicle manufacturer manufacturers able to deliver high- Ruukki serves its local and global IAGand Ruukki have been working strength formable steels with the customers in India in partnership with together since 2009. Delivery within thick Galfan coating recommended for Steelforce, our partner in Mumbai. A short time frames and direct access to these types of applications. Lighter, stock of special steels has also been specialists at Ruukki’s steel mill make long-lasting solutions go hand in established in Mumbai to guarantee for easy cooperation, as does having a hand with sustainability. prompt, flexible deliveries to local representative in the Middle East. Ruukki’s high-strength formable customers manufacturing, for example, Use of Ramor reduces vehicle weight steels enable CIE EGAÑA to employ equipment for the mining industry and thus fuel consumption. With innovative forming technology, of (e.g. buckets and platforms) together IAG’s production being project driven which they have extensive experience with mobile lifting equipment. and sometimes difficult to predict in from the automotive industry. The Use of ultra-high-strength and advance, having a local stock of Ramor method can be used to bring down wear-resistant special steels result in 500 has been immensely important the weight and costs of the support lighter-weight products with lower for a smooth vehicle manufacturing arms and at the same time speed fuel consumption and higher payloads, process. Just in time deliveries save IAG up assembly and installation of the which in turn impact on the total time, inventory costs and the hassle of products. Earlier, these types of performance of applications where import formalities. structure were made by using welded such steels are used. Standard steels Ramor protection steel is used tube products. are still commonly used in India, by, inter alia, vehicle manufacturers which offers enormous opportunities offering their customers protection. for Ruukki’s ultra-high-strength and Hard, high-strength Ramor steel creates wear-resistant steels. Designers and safety for vehicles which need to be other visitors to bC India considered capable of withstanding explosions the technical support provided by and ballistic threats. Besides vehicles, Ruukki to be very useful. They received Ramor protection steel can also be information about special steels and used to increase the safety of doors, their diverse applications, together window frames, walls, bank counters with ideas about to get maximum and vaults, protected containers and benefit from the excellent mechanical military vehicles and equipment. properties of the steel.

Success stories | Annual report 2013 22 CORPORATE RESPONSIBILITY IN 2013

Responsibility is an inherent part of Focus areas and objectives Highlights in 2013 business competence and everyday of corporate responsibility Energy efficiency was highly profiled work at Ruukki. This is reflected in, at Ruukki in new products in 2013. It is among other things, Ruukki’s vision, Energy efficient products, the energy estimated that projects completed in strategy, values, Code of Conduct, efficiency of our own operations and 2013 using the Ruukki energy panel policies and management system. the development of competence and system will achieve annual savings safety are competence and safety of around 15-20% in energy costs. Our vision is to be an innovative and are the focus areas of corporate Material efficiency was promoted acknowledged provider of energy- responsibility at Ruukki. Good through, among other things, new efficient steel solutions to build a profitability and a good financial services to recycle steel and panel better living environment together position are a foundation on which waste. Ruukki received recognition with our customers. Ruukki’s values to develop and successfully deliver for active annual participation describe the way we work and reflect in the other aspects of corporate in the Climate Action recognition the things that are important to responsibility. programme. Young engineers from Ruukki people. Our values guide The expectations of our most Ruukki were announced as the our choices and the decisions we important stakeholders, i.e. our own European-CIS Regional Champions make. Ruukki’s values are: we people, customers and partners, in worldsteels’ Virtual Steelmaking take responsibility, we succeed together with our owners and Challenge. Ruukki promoted the together and we challenge tomorrow investors, also serve as a basis for our research and development of steel Responsible operations are a key work on the corporate responsibility construction and special steels. element of Ruukki’s strategic focus front. areas. Energy-efficient products form the Ruukki has published a separate focus area of Ruukki’s strategy and corporate responsibility report for are a growing business opportunity. 2013. The corporate responsibility We want to provide customers with report gives a comprehensive solutions that consume less energy. account of Ruukki’s work to promote This imposes high standards on the sustainability. development of energy-efficient products and the competence of our people. During 2013, Ruukki continued to address further development of energy-efficient products and production, as well as the potential of integrating renewable energy generation into steel construction.

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Corporate responsibility in 2013 | Annual report 2013 23 ENERGY-EFFICIENT CONSTRUCTION

Global energy prices are rising in • Ruukki energy panels, for instance, In spring 2013 Ruukki launched world’s reaction to a variety of factors, enable an airtight façade structure first roof for installation on single- including limited resources, unceasing and allow our customers to save up family homes to harness solar thermal population growth, rising energy to 30% in heating costs compared to energy. It has been designed to demands and energy regulation, conventional structures. generate energy both for domestic hot such as the EU’s 20/20/20 climate and • Construction customers further water and for heating. During summer energy goals. benefit from our energy pile solutions, Ruukki launched energy panels that Ruukki is focusing strongly on which combine building foundations produce solar power. The panel energy-efficient construction with ground-source heat, utilising is installed on walls and converts solutions that meet customer needs renewable local energy to meet up sunlight into electricity. and which combine own design to approximately 70% of building’s and standardised cost-efficient heating need and all of its required production cooling. Ruukki has developed cost- • Ruukki has also developed a efficient ways to save energy in photovoltaic system that is fully buildings: energy panels, integrated integrated into a panel façade and solar panel façades and energy piles. converts sunrays into electricity, even We innovate solutions that not only in overcast conditions reduce energy consumption, and • Winter 2014 Ruukki launched a new thereby cut costs and CO2 emissions, renovation construction solution to but also increase property values and make old commercial and industrial improve the working environment. buildings energy efficient. Ruukki’s concept makes use of the building’s existing frame and installs panels on the walls to improve the building’s energy performance.

> watch our Eneregy-efficient building solutions video

Corporate responsibility in 2013 | Annual report 2013 24 SPECIAL STEELS

Transportation is the fastest growing Africa, the Americas and in Europe. • The use of high-strength Ruukki sector in terms of energy consumption Among other sectors, the construction Optim steel can reduce the thickness in the EU. It presently accounts and mining industries offer growth of steel and the weight of the tipper for about 20 percent of the EU’s potential both in emerging and bodies by 20%. In addition to fuel total energy consumption and fuel developed markets. savings for the vehicle, end-users can costs generally constitute the most During 2013, Ruukki accelerated benefit by higher payloads on each significant cost factor for operators of global sales of special steels by trip. moving vehicles or machines. opening new sales offices in Toronto • For example use of Ruukki Optim Ruukki Metals’ strategy is to grow (Canada), Santiago (Chile), Pittsburgh high-strength steel can reduce special steel products to account for (USA) and in Vienna (Austria). In material thickness and the weight a greater share of net sales and to addition, a total of some 40 new of the boom and other crane parts develop the special steels distribution experts were recruited to strengthen by 20%. In addition a lower unladen and partner network. The aim is for special steels sales and technical weight reduces maintenance and fuel rapid growth in special steel products customer service in almost all the costs. In an example case the fuel so as to achieve a sales target of EUR countries it has operations in. Being costs were reduced by 1.2% (some 850 million in 2015. close to customers also geographically €2,800) over the lifecycle of a crane. Ruukki’s special steels business will enable Ruukki to deliver an even • Wear-resistant Ruukki Raex steel consists of high-strength, wear- faster and more flexible service than prevents the wear and damage of resistant and special-coated steels. earlier. structural parts and decreases repair Customer benefits include a prolonged Utilisation of high-strength costs for road building and mining product service life and higher Optim and wear-resistant Raex machinery. The lifetime of a bucket payloads as a result of the lightweight steels can save energy in moving made of Ruukki Raex can be 2.5 times structures enabled by special steels. vehicles. Longer lifetime and reduced greater than that of structural steels. Use of special steels in heavy vehicles maintenance work provide efficiency reduces dead weight, thus cutting fuel in material usage. High-strength and consumption and resulting in lower wear-resistant steels enable lighter

CO2 emissions. structures, higher payloads and Ruukki aims to establish a separate thus reduce fuel consumption and sales network for special steels to carbon emissions, while additionally cover all main market areas to support prolonging the lifespan of the mobile its existing effective network of machines. partners. The company is pursuing > watch our Energy-efficiency with growth in special steels in Asia, special steels video

Corporate responcibility in 2013 | Annual report 2013 25 CORPORATE GOVERNANCE

Good governance supports Regulatory environment business Rautaruukki Corporation is a Rautaruukki’s Board of Directors’ Audit This corporate governance Finnish limited company and the Committee and Board of Directors statement has been prepared responsibilities and obligations of its have considered this corporate in compliance with the Finnish management bodies are provided by governance statement. The company’s Corporate Governance Code 2010 the law of Finland, the company’s auditor, KHT audit firm KPMG Oy Ab, and with Chapter 7, Section 7 of the Articles of Association and principles has checked that this statement Securities Market Act. The Statement of corporate governance determined has been issued and that the main also covers other core areas of by the company’s Board of Directors. features of the internal control and governance and is issued separately Corporate governance and risk management systems relating from the report of the company’s decision-making at Rautaruukki to the financial reporting process in Board of Directors. are in compliance with the Limited it are consistent with the company’s Liability Companies Act - Finland, financial statements. other similar legislation, other rules Rautaruukki prepares consolidated applying to publicly listed companies, financial statements and interim the company’s Articles of Association reports in compliance with and rules and regulations applying International Financial Reporting to listed companies issued by NASDAQ Standards (IFRS) as adopted by the OMX Helsinki Ltd and the Financial EU, the Finnish Securities Market Act, Supervisory Authority (FIN-FSA). In as well as the Finnish Supervisory addition, Rautaruukki complies with Authority’s standards and the stock the Finnish Corporate Governance exchange rules of NASDAQ OMX Code 2010 published by the Securities Helsinki Ltd. The Board of Directors’ Market Association. report and the parent company’s An unofficial English translation of financial statements are prepared the Finnish Corporate Governance Code is in compliance with the Finnish in the public domain and may be viewed Accounting Act and the opinions and on the Securities Market Association guidelines of the Finnish Accounting website at www.cgfinland.fi. Board.

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Corporate governance | Annual report 2013 26 REMUNERATION REPORT

Remuneration at Rautaruukki is Performance bonuses – short- Share-based incentive plan based on motivating the personnel to term incentive plans 2011–2013 achieve the financial and operational The company’s short-term incentive In December 2010, the Board of targets in line with the company’s plan, the bonus plan, supports the Directors decided to launch a new strategy. The company aims to achievement of corporate strategic share-based incentive plan for 2011- provide a competitive remuneration and financial targets. The Board of 2013. The plan aims to align the package to attract, motivate and Directors confirms the plan and its objectives of shareholders and key retain talented key resources. bonus conditions and criteria annually employees to enhance the value of on the recommendation of the the company, commit key employees The remuneration of Rautaruukki’s Remuneration and HR Committee. to the company and to offer them a management is based on total salary, Any bonuses payable to competitive reward plan based on which consists of a monthly base salary management are based on the ownership of shares in the company. and benefits, as well as a short-term achievement of the financial targets The plan is targeted at 100 key performance incentive bonus and long- set for the programme. These employees. term share-based incentive plans. targets apply to corporate-wide The plan includes three one- business performance, business area year earning periods, which are the Decision-making performance or to corporate function calendar years 2011, 2012 and 2013. The Board of Directors decides the costs. In addition, personal operational Furthermore, the plan includes one principles of remuneration and the targets apply to each person covered three-year earning period, 1 January remuneration of the company’s by the plans. The maximum annual 2011-31 December 2013. The company’s President & CEO. The Board of Directors’ bonus is 50% of taxable annual Board of Directors will decide on the Remuneration and HR Committee salary, excluding performance bonus, earning criteria and the targets to be is responsible for management for the President & CEO and 40% for established for them at the beginning remuneration plans and the other top management. Payment of of each earning period. The share remuneration of members of a bonus is based on evaluation of incentive for the earning period 2013 the Corporate Executive Board. the achievement of the targets set. was based on Rautaruukki’s earnings Remuneration reflects the The Board of Directors’ Remuneration per share (EPS) and return on capital company’s financial performance and HR Committee evaluates the employed (ROCE) and, for the earning and remuneration levels for similar performance of the President & CEO period 2011-2013, on corporate positions in peer companies. and the Board of Directors confirms strategic targets. The Annual General Meeting the bonus payable. The direct Any share incentives for the decides the fees paid to members of supervisor evaluates the performance earning period 2011-2013 will be paid the Board of Directors. of other management, which his or her in 2014. The incentive payable on the supervisor confirms. basis of the plan during three years Remuneration of the will not exceed three years’ gross President & CEO and other Share bonuses – long-term salary of the key person concerned. management incentive plans For 2013, the Board of Directors The remuneration of the President & The Board of Directors decides long- decided on the additional incentive CEO is based on a fixed total salary, term share-based incentive plans and made for the company’s management which consists of a monthly base salary the Annual General Meeting decides within the limits of the existing and benefits (car, cell phone and, in the authorities regarding the purchase share-based incentive plan 2011-2013. some cases, housing benefit), as well and transfer of own shares related The shares may not be transferred as an annual performance bonus and to the programmes. Share ownership during the restriction period, which long-term incentive plans such as plans seek to align the objectives of will end three years after the end pension benefits and share-based shareholders and key employees to of the earning period. Should a key incentive plans. increase shareholder value and to person’s employment or service in commit key persons to the company. a group company end during the Rautaruukki has had long-term restriction period, he or she must share ownership plans as long-term return, gratuitously, the shares performance incentive plans for received to the company. Members of management and key employees since the Corporate Executive Board must 2000. hold shares also after the restriction

Corporate governance | Annual report 2013 27 period such that the total value of Pension arrangements – plan with the right to retire at the age their shareholding corresponds to the long-term plans of 60, receiving the statutory pension value of their gross annual salary. The company’s Finnish executives are that he would receive at the age of Such number of shares must be held covered by the Finnish Employees’ 63. Everyone covered by Section A of for as long as their employment or Pension Act (TyEL) scheme, which Rautaruukki’s Pension Fund who has service in a group company continues. provides for pension security based opted for a reduced retirement age The calendar year period 2011 on years of service and earnings as retires at the age of 60. One member entitled the participants to 11.5% of stipulated by law. Under the Finnish of the Corporate Executive Board the maximum reward, and therefore earnings-based pension system, base belongs to this group. The amount of the key personnel received in April salary, including taxable benefits, and supplementary pension paid by the 2012 in total 30,811 shares. The criteria bonuses are considered as earnings, Pension Fund depends on the number set for the share incentives for 2012, but income from share ownership of earning years and is generally 2013 and the 2013 additional incentive plans is not. The age of retirement between 30-60% of retirement pay. were not fulfilled and no share is between the ages of 63 and 68 No new defined benefit supplementary incentives were awarded for that according to own choice. pension plans have been introduced in part. The separate three-year earning The company has had different the company since 2006. period ended in 2013 and 16.66% of types of supplementary pension plans Two members of the Corporate the maximum reward was awarded at different occasions The President Executive Board have a defined and the key personnel will receive in & CEO and part of the Corporate contribution supplementary pension total 40,600 shares for this period. Executive Board members are entitled plan and one member has individual Persons covered by the share- to retire at the age of 60. The level of pension insurance. The defined based incentive plan do not supplementary pension depends on contribution pension plan does not participate in the employee profit the supplementary pension plan to guarantee the level of future pensions, sharing scheme. which the individual belongs to. which depend on the pension The President & CEO is entitled insurance contributions made and Option programmes to retire at the age of 60. He is the return on investments. The Board Rautaruukki has no option additionally, at the age of 60, entitled of Directors decides annually the programmes in effect. to a defined benefit supplementary supplementary insurance premium pension of 60% of average salary to the defined contribution plan as a calculated during the past three years. percentage of annual salary. One member of the Corporate Executive The supplementary pension costs of Board is entitled to the old and already the President & CEO amounted to closed defined benefit supplementary € 144,804 in 2013 (342,250).

Corporate governance | Annual report 2013 28 Remuneration paid to the President & CEO and to the rest of the Corporate Executive Board

The Corporate Executive Board had a total of 9 members, including the President & CEO, during 2013.

Regular base Supplementary Performance Share- 2013 salary and pension pre- Total € bonuses bonuses benefits miums President & CEO 663 720 82 031 0 144 804 890 555 Other Corporate Executive Board 1 773 764 194 013 0 304 111 2 271 888 members Total 2 437 484 276 044 0 448 915 3 162 443

Regular base Supplementary Performance Share- 2012 salary and pension pre- Total € bonuses bonuses benefits miums President & CEO 656 406 78 750 37 228 342 250 1 114 634 Other Corporate Executive Board 1 590 861 194 462 112 416 330 070 2 227 809 members Total 2 247 267 273 212 149 644 672 320 3 342 443

Fees and benefits paid to the Board of Directors The Annual General Meeting decides each year the fees paid to the Board of Directors for one term of office at a time. The 2013 Annual General Meeting approved the following annual fees to the Board of Directors:

Annual fee in € Chairman 72 000 Deputy chairman 44 000 Members 34 000

In addition, an attendance fee of € 600 per meeting is paid for Board and Board Committee meetings. Travel expenses are reimbursed according to the company’s travel rules. In accordance with the resolution of the Annual General Meeting, 40 per cent of the annual fees are to be paid in the form of Rautaruukki Oyj shares which, under the resolution, must be purchased on the market within two weeks of publication of the company’s interim report for the first quarter of 2013

Fees paid to the Board of Directors 20131 20122 Chairman 83 400 81 600 Deputy chairman 53 600 54 800 Other members of the Board 223 400 220 400 Total 362 200 356 800

1 40% of the annual fees for 2013 was paid in the form of the company’s shares on 2 May 2013, some of the fees for the period of office are allocated to 2014. 2 40% of the annual fees for 2012 was paid in the form of the company’s shares on 2 May 2012, some of the fees for the period of office are allocated to 2013.

Corporate governance | Annual report 2013 29 BOARD OF DIRECTORS 31 DECEMBER 2013

Chairman Kim Gran

b. 1954 Chairman of Rautaruukki’s Board (2012-) Chairman of the Remuneration and HR Committee (2012-) Independent member of the Board BSc (Econ) Nokian Tyres Plc, President and CEO (2000-) Previous main occupations Nokian Tyres Plc, Car and Van Tyres, Vice President (1995-2000) Pechiney Cebal (UK), Managing Director (1992-1995) Cebal-Printal (UK), Managing Director (1988-1995) Printal Oy-Huhtamäki, Marketing Director (1987-1988) Gran-Transport Ltd, Director (1985-1987) Other elected positions Ilmarinen Mutual Pension Insurance Company, Supervisory Board member (2006-2012), Board of Directors member (2012-) YIT Corporation, Board member (2008-), HR Committee member (2013-) Chemical Industry Federation of Finland, Vice Chairman of the Board (2007-) Finnish-Russian Chamber of Commerce (FRCC), Board member (2006-) Nokian Tyres Plc, Board member (2002-) The Rubber Manufacturers’ Association, Chairman of the Board (2001-) Previous elected positions Konecranes Plc, Board member (2007-2012) M-Real Plc, Chairman of the Audit Committee (2004-2008) Rautaruukki shares: 1 January 2013: 4,033 31 December 2013: 9,920

Deputy Chairman Matti Lievonen

b. 1958 Member of Rautaruukki’s Board (2010-), Deputy Chairman (2013-) Chairman of the Audit Committee (2013-) Independent member of the Board BSc (Eng), eMBA Neste Oil Corporation, President and CEO (2008-) Previous main occupations UPM-Kymmene, President of Fine and Speciality Papers Division (2004-2008); Executive Vice President, Business & Technology Optimization (2002-2003) and other senior positions at UPM (1986-2002). Member of UPM Executive Team (2002-2008) Other elected positions Confederation of Finnish Industries, Board member (2013-) The Finnish Fair Corporation, Supervisory Board member (2012-) Chemical Industry Federation of Finland, Board member (2009-2010), Deputy Chairman of the Board (2011-2012), Chairman (2013-) Ilmarinen Mutual Pension Insurance Company, Supervisory Board member (2008-2011), Chairman of the Supervisory Board (2012-) National Emergency Supply Agency, Member of Advisory Board (2010-) Nynäs AB, Board member (2008-), Chairman of the Board (2009-2012), Deputy Chairman of the Board (2013-) Previous elected positions EUROPIA – European Petroleum Industry Association, Board member (2012) Excellence Finland, Chairman of Advisory Board (2009-2012) Finnish Oil and Gas Federation, Board member (2009-2010) The Confederation of European Paper Industries, Deputy Chairman of the Board (2004-2008) Oy Keskuslaboratorio - Centrallaboratorium Ab, Deputy member of the Board (2003-2008) Rautaruukki shares 1 January 2013: 3,489 31 December 2013: 7,087

Corporate governance | Annual report 2013 30 Timo U. Korhonen

b. 1952 Member of Rautaruukki’s Board (2013-) Member of the Audit Committee (2013-) Independent member of the Board MSc (Civil Eng) NCC AB, Executive Adviser (2012-) Previous main positions NCC Finland Ltd/NCC Construction Ltd, President (2001-2012) NCC International Oy, President (1998-2001) Lemminkäinen Construction Ltd, Vice President (1994-1998) Rakennustoimisto A. Puolimatka Oy/ Rakennus-Ruola Oy, Vice President (1993-1994) Rakennus-Ruola Oy, Vice President (1989-1993) Lemminkäinen Oy, Project Manager (1983-1988) Insinööritoimisto Auvo Kallio, Project Manager (1980-1983) Insinööritoimisto Y-Suunnittelu, Construction Designer (1978-1980) TVH, bridge design office, Bridge Designer (1976-1977) Other elected positions Federation of Industries and Employers (TT), Trust Board, member (2012-) Tapiola Group, Administrative Council, member (2008-) Real Estate and Construction Industry Advisory Board, member (2007-) Council of the Helsinki Region Chamber of Commerce, member (2002-) Previous elected positions NCC AB, Executive Team, member (2001-2012) Etera Mutual Pension Insurance Company, Board member (2005-2012) Confederation of Finnish Industries (EK), Board member (2009-2010) Confederation of Finnish Construction Industries (RT), Board member (2002-2010), Dep- uty Chairman of the Board (2007-2008) and Chairman of the Board (2009-2010) Rautaruukki shares: 1 January 2013: - 31 December 2013: 6,780

Matti Kähkönen

b. 1956 Member of Rautaruukki’s Board (2013-) Member of the Remuneration and HR Committee (2013-) Independent member of the Board MSc (Eng) Metso Corporation, President and CEO (2011-) Previous main positions Metso Corporation, Executive Vice President and Deputy to the CEO (October 2010 - February 2011) Mining and Construction Technology, President (2008-2011) Metso Minerals, President (2006-2008) Metso Automation, President (2001-2006) Metso Automation, Field Systems, Division President (1999-2001) Neles Jamesbury, Neles Controls, Division President (1993-1999) Neles Jamesbury, different positions in marketing and sales (1988-1993) Neles, UK Sales Office, Sales Engineer (1987-1988) Neles, Product Development Engineer (1984-1987) Rauma-Repola, Lokomo Works, Marine Technology, Project Engineer (1980-1983) Other elected positions Metso Corporation, Chairman of the Executive Team (2011-) Metso Minerals, Chairman of the Executive Team (2011-) Metso Automation, Chairman of the Executive Team (2011-) Ilmarinen Mutual Pension Insurance Company, Supervisory Board member (2012-) Confederation of Finnish Industries (EK), Council of Representatives member (2011-) Laatukeskus Excellence Finland, Advisory Board member (2011-) The Finnish Fair Corporation, Supervisory Board member (2011-) The Federation of Finnish Technology Industries, Board member (2011-) Previous elected positions Metso Paper, Chairman of the Executive Team (2011-2013) Rautaruukki shares 1 January 2013: - 31 December 2013: 2,780

Corporate governance | Annual report 2013 31 Liisa Leino

b. 1960 Member of Rautaruukki’s Board (2007-) Member of the Audit Committee (2013-) Independent member of the Board MSc (Education) Leinovalu Ltd, CEO (2011-) Previous main occupations Nurmi Group & Perkko Oy, Managing Director (2003-2004) Sitra, Business Director (2002-2003) Gillette Central East Europe, Business Director (1999-2002) Gillette Braun Finland Oy, Managing Director (1996-1999) Nestlé Finland Ltd, various key positions in marketing (1989-1996) Other elected positions Partiovaruste Oy, Board member (2013-) Elomatic Ltd, Board member (2011-) Varma Mutual Pension Insurance Company, Supervisory Board member (2007-2010), Deputy member of the Board of Directors (2011-) The Federation of Finnish Technology Industries, Board member (2011-) Finnish Business and Policy Forum EVA, Supervisory Board member (2010-) Metsä Board Corporation, Board member (2009-) Leinovalu Oy, Chairman of the Board (2006-) Previous elected positions Confederation of Finnish Industries EK, Board member (2011-2012) Alko Inc., Board member (2009-2012) Rautaruukki shares 1 January 2013: 4,489 31 December 2013: 7,269

Saila Miettinen-Lähde

b. 1962 Member of Rautaruukki’s Board (2012-) Member of the Audit Committee (2012-) Independent member of the Board MSc (Engineering) Talvivaara Mining Company Plc, Chief Financial Officer (2005-) and Deputy CEO (2012-) Previous main occupations SIDOS Partners Oy, Founding Partner (2004-2005) Carnegie Investment Bank, Director (2000-2004) Orion Pharma, Vice President, Business Development (2000) Sitra, Director (1998-1999) Leiras Oy, various managerial positions (1993-1998) Tekes/Office of Industry and Technology (UK), Assistant Industrial Attaché (1992-1993) Tampere University of Technology, Scientist (1989-1991) Other elected positions Talvivaara Management Oy, Board member (2010-) Valuecode Oy, Board member (2008-) Previous elected positions Biohit Oyj, Board member (2011-2013) Jyrso Oy, Board member (2003-2013) Talvivaara Mining Company Plc, Board member (2007-2012) Rautaruukki shares 1 January 2013: 1,904 31 December 2013: 4,684

Corporate governance | Annual report 2013 32 Jaana Tuominen

b. 1960 Member of Rautaruukki’s Board (2010-) Member of the Remuneration and HR Committee (2013-) Independent member of the Board MSc (Chemical Engineering) Paulig Group, CEO (2008-) Previous main occupations GE Healthcare (former Instrumentarium Corporation), General Manager, Monitoring Solutions and Managing Director, GEHC Finland Oy (2002-2008) NAF Oy and NAF AB, Managing Director of NAF Oy and NAF Industries Oy and Director, Sales and Marketing, NAF AB (1998-2002) Instrumentarium Oy/Datex-Ohmeda, Marketing Manager, Product Manager (1993-1998) Valmet Automation AB, Area Sales Manager (1989-1993) Other elected positions The Finnish Fair Corporation, Supervisory Board member (2012-2013), member of the Board of Directors (2014-) Finnish Food and Beverage Industries’ Federation, Board member (2009-) Several Paulig Group companies, Chairman of the Board (2008-) Previous elected positions Paulig Group companies, Chairman of the Board (2008-2009) GE Healthcare group companies, Chairman of the Board and Board member (2002-2008) NAF group companies, Chairman of the Board and Board member (1998-2002) Rautaruukki shares 1 January 2013: 3,489 31 December 2013: 6,269

Corporate governance | Annual report 2013 33 CORPORATE EXECUTIVE BOARD 31 DECEMBER 2013

Chairman Sakari Tamminen

b. 1953 MSc (Econ) President & CEO Joined the company in 2003 Corporate Executive Board member since 2003 Previous main occupations Metso Corporation, Executive VP and CFO, Deputy to the President and CEO (1999-2003) Rauma Corporation, Executive VP and CFO, Deputy to the President and CEO (1991-1999) Elected positions Eurofer, Board member (2004-), Vice President (2012-) Association of Finnish Metal and Steel Producers, Board member (2004-), Chairman of the Board (2011-) Sanoma Corporation, Board member (2003-), Deputy Chairman of the Board (2009-) Finnish Fair Cooperative, Supervisory Board member (2004-) Federation of Finnish Technology Industries, Board member (2004-) World Steel Association, Board member (2004-) Finnish Foundation for Share Promotion, Board member (2003-) Previous elected positions Registered Association Finnish-Russian Chamber of Commerce, Board member (2012-2013) TT Foundation, Board member (2008-2013), Chairman of the Board (2011-2013) Finnish Business and Policy Forum EVA and Research Institute of the Finnish Economy ETLA, Board member (2009-2013) Varma Mutual Pension Insurance Company, Supervisory Board member (2004-2007), mem- ber of the Board of Directors (2008-2013), Chairman of the Board of Directors (2009-2013) Technology Industries of Finland Centennial Foundation, Board member (2007-2012) Technology Academy Finland, Board member (2009-2011) Confederation of Finnish Industries EK, Board member (2006), Chairman of the Board (2009-2010) Lemminkäinen Corporation, Board member (2003-2009) Rautaruukki shares 1 January 2013: 79,526 31 December 2013: 79,526

Mikko Hietanen

b. 1953 MSc (Econ) Executive Vice President, Business Development; acting Chief Financial Officer Joined the company in 2004 Corporate Executive Board member in 2004-2011, 2013- Previous main occupations Rautaruukki Corporation, CFO (2004-2010) Stonesoft Corporation, CFO (2001-2004) Metsä-Tissue Corporation, CFO (1999-2001) Elcoteq Network Corporation, CFO (1993-1999) Lohja Corporation, CFO (1991-1993) Elected positions Fortaco Group Oy, Board member (2013-) Previous elected positions VTT Technical Research Centre of Finland, Board member (2010-2012) Lohjan Puhelin Oy, Board member (1993-2011) Rautaruukki shares 1 January 2013: 23,561 31 December 2013: 23,56

Corporate governance | Annual report 2013 34 Tommi Matomäki

b. 1967 MSc (Tech) Executive Vice President, Ruukki Building Systems Joined the company in 2008 Corporate Executive Board member since 2008 Previous main occupations Ruukki Construction, Executive Vice President (2011-4/2013) Ruukki Engineering, President (2008-1010) Technip Offshore Finland Oy, Managing Director (2003-2008) Metso Works Oy (1995-2002) Elected positions Leinovalu Oy, Board member (2010-) Rautaruukki shares 1 January 2013: 2,934 31 December 2013: 2,934

Olavi Huhtala

b. 1962 BSc (Eng) Executive Vice President, Ruukki Metals Joined the company in 1987 Corporate Executive Board member since 2003 Previous main occupations Ruukki Fabrication, President (2003-2004) Rautaruukki Metform, marketing and executive duties (2000-2003) Rautaruukki shares 1 January 2013: 34,890 31 December 2013: 34,890

Corporate governance | Annual report 2013 35 Marko Somerma

b. 1966 LicSc (Tech) Executive Vice President, Ruukki Building Products Joined the company in 2004 Corporate Executive Board member since 2005 Previous main occupations Rautaruukki Corporation, Chief Strategy Officer (1-4/2013) Ruukki Engineering, Executive Vice President (2011-2012) Rautaruukki Corporation, Chief Strategy Officer (2004-2010 and 2012) Instrumentarium Ltd, Chief Process & Information Technology Officer (2002-2004) Gustav Paulig Ltd, Business Development Director (1997-2002) Elected positions Fortaco Group Oy, Board member (2013-) Rautaruukki shares 1 January 2013: 20,484 31 December 2013: 20,484

Toni Hemminki

b. 1975 MSc (Tech) Chief Strategy Officer Joined the company in 2001 Corporate Executive Board member since 2011 Previous main occupations Rautaruukki Corporation, Senior Vice President, Technology, Energy and Environment (2012-4/2013) Rautaruukki Corporation, VP, Energy and Environment (2007-2011) Rautaruukki Corporation, specialist and management responsibilities, energy and environment (2001-2007) Elected positions Fennovoima Oy, Deputy member of the Board (2012), Board member (2013-) FIMECC Ltd, Deputy member of the Board (2012), Board member (2013-) Voimaosakeyhtiö SF Oy, Deputy member of the Board (2011), Board member (2012-) Suomen ElFi Oy, Deputy member of the Board (2007), Board member (2008-), Chairman of the Board (2009-2011) Rajakiiri Oy, Board member (2008-) Previous elected positions Finnish Business & Society Ry, Board member (2011-2012) Rautaruukki shares 1 January 2013: 903 31 December 2013: 903

Corporate governance | Annual report 2013 36 Taina Kyllönen

b. 1967 MSc (Econ) Senior Vice President, Marketing and Communications Joined the company in 2004 Corporate Executive Board member since 2011 Previous main occupations Rautaruukki Corporation, SVP, Marketing (2007-2011) Rautaruukki Corporation, VP, Corporate Communications and Branding (2004-2007) Metso Corporation/Rauma Corporation, VP, Investor Relations (1996-2004) Aktia Securities, Equity Analyst (1994-1996) Jaakko Pöyry Consulting Group, Market and Financial Analyst (1989-1994) Rautaruukki shares 1 January 2013: 11,939 31 December 2013: 11,939

Ismo Platan

b. 1953 BSc (IT) Senior Vice President, IT, SCM, Opex and Real Estate Joined the company in 2003 Corporate Executive Board member since 2011 Previous main occupations Rautaruukki Corporation, CIO (2003-2011) Metso Corporation, CIO (1999-2003) Rauma Corporation, CIO (1993-1999) Neles-Jamesbury, IT Director (1980-1993) Rautaruukki shares 1 January 2013: 20,417 31 December 2013: 20,417

Corporate governance | Annual report 2013 37 Sami Ärilä

b. 1974 LLM Senior Vice President, Human Resources Joined the company in 2007 Corporate Executive Board member since 2013 Previous main occupations Rautaruukki Corporation, VP, Human Resource Management (2012-2013) CPS Color Group, VP, Global HR (2011-2012) Rautaruukki Corporation, Director, Human Resource Management (2007-2011) TietoEnator Corporation, various VP level HR positions (2004-2007) PricewaterhouseCoopers, consultant, tax and legal services (2001-2004) Rautaruukki shares 1 January 2013: 328 31 December 2013: 328

RISK MANAGEMENT

Long-term risk management is used achievement of targets and to ensure insurance instructions and corporate to identify and evaluate risks and to business continuity. Identifying and security principles are annexed to ensure business continuity. classifying risks consistently so as to the risk management policy. Ruukki’s enable comparison leads to effective insurance instructions define the In 2013, Ruukki continued work on risk management processes and strategy to manage and contain risks developing strategic and proactive the transparency required by good to ensure adequate and appropriate risk management. corporate governance. insurance cover for the personnel, Risk management is guided by operations, property and profitability. Ruukki has defined risk as an external the corporate risk management The roles and obligations relating or internal uncertainty that could processes and actions defined in the to corporate security management prevent the company from carrying risk management policy approved are described in Ruukki’s corporate out its strategy, achieving its targets by Ruukki’s Board of Directors. Risk security principles. or continuing its business. management takes into account Risk management seeks to international generic standards and underpin Ruukki’s strategy and methods such as SFS-ISO 31000. The

Corporate governance | Annual report 2013 38 Enterprise risk management is part of the management system Risk management at Ruukki is based on consistent risk identification, assessment and reporting across the company. Risk management is organised as an integrated part of the management system and the risk aspect is incorporated into the everyday operations and decision-making of all core business areas and business support processes. The risks in each area are identified and evaluated each year in all Ruukki’s operations and the associated risk management strategies are determined as part of business planning and leadership. The corporate risk management function assists with evaluation and compiles a summary risk report. The evaluation results and key risks are reported to corporate management and the Risk classification helps Risks are assessed on the basis of Board of Directors. Implemented and identification and assessment their likelihood, seriousness, possible planned corrective measures are also Ruukki divides risks into four main development, manageability and on assessed in conjunction with results. groups: the basis of various strategy scenarios. • strategic risks Risk assessments are performed Ruukki employs a continuous • operative risks systematically in Ruukki’s units, risk assessment programme • financial risks within business areas and at the Ruukki’s risk assessment programme • hazard risks corporate level. combines an evaluation of hazard Risk management measures are risks, together with an evaluation Classification in this way makes it aimed at risk avoidance, elimination of strategic, operative and financial easier to understand the nature of or minimising the likelihood of them risks. the risks and the potential ways of occurring. It is also important to In 2013, over 20 risk assessments managing them. contain the impact of risks and every were performed at 15 different In addition, Ruukki examines risks effort is made to ensure continuity of sites and functions. Business area from a strategic aspect and classifies operations if a risk materialises. executives and persons in charge of them into three groups: sites, processes and business support Key risks facing Ruukki functions participated in these 1. Risks that jeopardise strategy assessments. More than 100 persons implementation and targets 1. Risks that jeopardise strategy were interviewed in the process. Risks implementation and targets were assessed using the bottom- 2. External risks jeopardising up and top-down approaches and business performance and over external expertise was also drawn on which the company has limited Steel market and competitive in the process. control position Declining demand, over capacity and 3. Internal and external risks that price competition in the steel market threaten corporate operations can make Ruukki’s position difficult in and over which the company has the main market area. International significant control comparison shows Ruukki’s steel production to be competitive, but small in terms of production volume. Crude steel production takes place in two blast furnaces integrated into one production unit. This means steel

Corporate governance | Annual report 2013 39 publicity. Corporate responsibility might also involve reputation risks. In consultation with the personnel, Ruukki has defined the values that form the basis for the company’s ways of working. Risks to reputation are prevented also by performing comprehensive environmental and social responsibility audits, and by improving safety at work. The company has prepared for any crisis situations by providing crisis communication guidelines and by regular training in crisis management and communication.

2. External risks jeopardising business performance and over which the company has limited control

Availability and prices of steel feedstock and critical services production has limited flexibility global deliveries also at short notice. The prices, including freight charges, compared to large competitors, Efforts will be made to increase sales of iron ore, coking coal and other who have a number of production in the emerging markets. main raw materials used in steel units enabling them to optimise production are determined on the production between units. Ruukki has Major change in competitive global markets. This can cause the prepared for this risk by improving position in the steel business in cost of raw materials to fluctuate cost efficiency and by aligning costs the home market greatly even at short notice. The to business volumes. The company Ruukki sells most of its steel products supply of main raw materials is in is securing its position on the home in Finland and the other Nordic the hands of a few large suppliers. market and developing customer- countries. Any major change in the A considerable share of value in specific service and further improving competitive position in main markets the processing chain has shifted to delivery accuracy, flexibility and or, for example, the relocation of producers of raw materials. China- quality. customers to lower-cost countries, driven consumption increases prices might affect the company’s business. and causes volatility in the prices Rapid growth of the special Ruukki has prepared for such of raw materials. Many large steel steels business scenarios by, among other things, companies have acquired or are in the Ruukki’s strategic intent is profitable developing its international process of acquiring their own raw business growth in special steel distribution network for special steel material reserves. Ruukki’s operations products and construction solutions. products and by securing its market also depend on, for example, the Quick, profitable growth of the special share by improving distribution, availability and cost of icebreaking steels business encompasses the goal delivery reliability and customer and logistics services. of becoming lead supplier to as many service in the Nordic countries. Ruukki Raw material risks have been customers as possible. Ruukki has is strongly focusing on products and carefully identified to manage risks. prepared for these risks by growing segments where it can achieve a The price risk hedging policy has value added sales so that they account strong market position. also been reviewed. Ruukki has for a greater share of total sales and sufficiently long supply contracts with by training and guiding salespersons. Reputation risks several suppliers. The availability of Sales must have a deep insight into A good corporate image based on competitively priced raw materials has customers’ businesses. In sales, the facts and a positive image among been ensured especially with regard emphasis is on the importance of stakeholders are important to to coking coal and iron ore. Particular focusing on suitable and profitable Ruukki. Reputation risks faced by attention has been given to ensuring customer segments. Distribution the company might result from the availability of icebreaking, channels for special steel products various crisis situations or from logistics and other competitive must be developed to ensure prompt unmanageable or negative media infrastructure services.

Corporate governance | Annual report 2013 40 Costs arising from regulation greatly and cause value changes in environment in Russia. These risks are The company’s competitiveness the company’s investments. Exchange managed through exercising caution is affected by additional costs rate movements also give rise to the in growing the business and by arising from increasingly stricter risk of a write down in balance sheet actively monitoring Ruukki’s position environmental legislation and carbon values. in Russia. Alertness in choosing emissions trading, especially when Ruukki’s financing, financial and partners, a good relationship with the same rules of play do not apply credit risk management is centralised the authorities and categorical equally to all players on the field. The at the parent company’s Financing compliance with Ruukki’s Code of Sulphur Directive entering into force function in accordance with the Conduct are also critical success across the European Union in 2015 financing and credit policy approved factors. will have a particular impact since it by the Board of Directors. Derivatives will affect freight costs. Coking coal are used to hedge currency risks. The 3. Internal and external risks that consumption in steel production at company has continuous access to threaten corporate operations Ruukki is almost at the minimum undrawn committed credit limits and and over which the company has possible using current processing liquid assets to manage the liquidity significant control technology and the company is one risk. Ruukki’s financial reserves are at of the most carbon efficient in the an adequate level and the long-term world. To reduce emissions, Ruukki maturity structure has been spread Major breakdown in production has switched over to using iron pellets across different banks and financiers. There is a high risk of breakdown in instead of iron ore in steelmaking. It can be assumed that counterparty the company’s own steel production, The company has taken thorough risk will also increase as the emerging especially upstream in the process. steps to forecast and actively track markets account for a growing share This is why much attention has been changes in environmental legislation. of the company’s business Ruukki’s given to risk management at the All the company’s main production customer credit risks are extensively steel mill. Ruukki’s other production sites operate in compliance with monitored and the amount of credit facilities clearly constitute smaller, the ISO 14001:2004 environmental losses compared to net sales has individual risks. Modern, systematic management standard. Ruukki been very minor over recent years. proactive maintenance and the is capitalising on new business The group’s currency, interest rate, replacement of processes and systems opportunities spawned by increasing commodity price, liquidity and credit are a key part of risk management and regulation by developing energy- risks are detailed in the notes to the can help to prevent the occurrence of efficient solutions, such as building- financial statements. disruptions in production. Risks are integrated solar and energy panels. also mitigated by setting up standard Energy-efficient, sustainable Labour market disruptions procedures to choose suppliers and construction is a key element in the Delivery accuracy is an increasingly other partners, and to ensure the development of Ruukki’s construction critical competitive factor and quality of unfinished products in business. Higher payloads are one of delivery disruptions thus exert a own production. From the business the ways customers can benefit from growing economic impact. Labour continuity aspect, it is important improved energy efficiency as a result market disruptions, especially illegal to ensure adequate operational of using Ruukki’s special steels. strikes, are a main cause of delivery readiness of core processes in all disruption. These disruptions can be situations, also with regard to data Financial risks prevented proactively by improving networks, the enterprise resource Ruukki’s business is exposed among supervisory work and leadership. planning system and communication other things to risks caused by Decision-making mechanisms are systems. The group has extensive currency fluctuations. Business being clarified and the role and property damage, business volatility requires adequate financial competence of work management interruption and logistics insurance reserves to be maintained. Weakened are being strengthened. The entire programmes. profitability increases the gearing personnel have been set the goal ratio and together with business of continuously improving delivery Contract and product liability risks volatility could jeopardise the accuracy. As the degree of upgrading in company’s financial position and Ruukki’s products and services rises, push up finance costs. Currency, Business risks in Russia the liability of product and service credit and interest rate risks affect Ruukki’s business risks in Russia relate functionality and the content of the cash flow and capital structure. to questions regarding the macro contracts signed with customers There is a refinancing risk associated economy, such as the fact that the become more important. This must with large loans and committed Russian economy is largely based be taken into account particularly credit facilities in different market on revenues from energy exports. when operating in new markets and conditions. Currency exchange rates Dependency on the energy prices can when selling larger concepts. The in emerging markets might fluctuate add to rapid changes in the business company reviews its own operational

Corporate governance | Annual report 2013 41 processes to eliminate quality and share of renovation construction in the activities. Internal customer feedback product liability risks. For larger deals, roofing business and in other building from internal risk assessments the company carries out systematic component businesses. performed is also collected as part of project reviews both at the start the risk management development of and during deliveries. Contract Injuries process. risks are mapped in all business Ruukki is pushing for a safe, accident- In 2013, work continued on activities and contractual expertise free working environment. This aim developing strategic, proactive risk is ensured for all significant deals. can be achieved by complying with management by risk management The company operates adequate common safety operating models. training in, for example, the areas quality management systems to avoid Safety has been integrated into the relating to corporate security and quality and product liability risks management system and everyday insurance, and by drawing on the in its products and solutions and supervisory work. To avoid injuries, data-system-based risk assessment has appropriate liability insurance Ruukki is particularly focusing on tools. Company-wide insurance cover for its business. The company’s personnel training and an extensive was improved and the use of insurance integrated quality and environmental oversight of operations. Safety in the brokers centralised and made more management system complies with working environment is continuously efficient. This work particularly ISO 9001:2000 and 14001:2004. monitored at all sites using a common took into account the expansion of The company has a cost-effective, reporting system and operating business operations into new market comprehensive, corporate-wide process. Best safety practices are areas. Focus areas identified on the liability insurance programme. pursued by comparing activities basis of risk evaluation as needing within the company and with other development include fire safety and Project business risks companies. corporate security, and the continuous Ruukki’s project business risks are development of crisis management intertwined with the cyclicality of Work continued in 2013 on developing and business continuity management. the construction industry. Customers strategic, proactive risk management To assess and develop the level of are major actors with sound project Ruukki is continuously improving its this, the company also participated in management expertise. Ruukki’s overall risk management by taking programmes and training arranged by project business typically has a into account the changes in the the National Emergency Supply Agency. number of separate major projects business environment and operating under way at the same time and a delay in one such project can impact on the performance of the entire business area. These risks Responsibility for risk management are managed by developing project management competence, increasing Board of Directors Responsible for the corporate risk management contract risk management skills policy and oversees its implementation. Approves and by further improving project the risk management policy. management methods. President & CEO Responsible for the proper arrangement of risk management. Ruukki Building Products – profitable business growth CFO Responsible for risk management model and The cyclicality of the construction reporting. industry is also viewed as a risk that Corporate Executive Board Participates in risk identification, assessments, threatens Ruukki Building Products’ accountability and control. profitable growth. Weak development Heads of business areas and Responsible for identifying and managing risks in of the Finnish economy can have a business support functions their own area and for implementing and reporting significant impact on Ruukki Building risk management development measures. Products’ performance. This risk is managed by strengthening efforts in Corporate Risk Manager Responsible for supporting the business areas and marketing, technological development other functions in risk management, developing risk and value added sales. Outside Finland, management and for maintaining risk information. Ruukki Building Products is also pursuing Internal audit Evaluates corporate risk management. growth in the other Nordic countries, Central Eastern Europe and Russia. The Each employee Responsible for identifying and assessing work- aim is for pursue modular solutions for related or any other risks and for reporting them to all business models and to increase the his or her supervisor.

Corporate governance | Annual report 2013 42 INFORMATION FOR SHAREHOLDERS

Investor relations other financial information about the Dividend Rautaruukki Investor Relations is company. The website also has an The company aims to pay out 40-60 responsible for providing the capital archive containing releases, annual per cent of the result for the financial markets with information about and interim reports and other investor year as dividend. The aim is for a events at the company and the material published by the company. steadily growing dividend whilst company’s financial performance. The company publishes its annual taking into account the needs of The main principles guiding investor report, interim reports and other business growth. relations are consistent, adequate stock exchange releases in Finnish The Board of Directors proposes to and impartial communication to all and English. the annual general meeting that no investor audiences in all situations. dividend will be paid for the financial The company is also committed to Annual general meeting year ended 31 December 2013. honesty, transparency and good Rautaruukki Corporation’s annual service. general meeting will be held at Messukeskus, Messuaukio 1, 00520 Rautaruukki Investor Relations is Helsinki starting at 13pm on Tuesday responsible for investor relations and 18 March 2014. The meeting will be > read more at Investors communication. The company’s top conducted in Finnish. Details of how management is also active in investor to register for the meeting can be > read more at Annual General Meeting relations by regularly meeting capital found in the Notice of the Annual market representatives. General Meeting at www.ruukki.com Rautaruukki’s principal channel for > Investors > Corporate Governance > investor relations is the company’s Annual General Meeting 2014. website. Investor information is available in Finnish (at http:// www.ruukki.fi/Sijoittajat) and in English (at http://www.ruukki.com/ Investors). The website seeks to give updated information about Important dates related to the annual general meeting the company’s news and financial performance to determine the value 6 March 2014 Record date for the annual general meeting of Rautaruukki’s share. The website 13 March 2014 End of registration for the 2014 annual general meeting also features extensive information 18 March 2014 Annual general meeting about Rautaruukki as an investment, the performance of Rautaruukki’s share, trading in Rautaruukki’s shares, as well as about shareholders and

Information for shareholders | Annual report 2013 43 Share basics Listing: NASDAQ OMX Helsinki Date of listing: 20 October 1989 Trading currency: € Sector: Materials Market cap segment: Mid Cap Trading ticker: RTRKS ISIN code: FI0009003552 Trading lot: 1 share Reuters ticker: RTRKS.HE Bloomberg ticker: RTRKS FH

Analysts According to Rautaruukki’s knowledge, at least the financial institutions below have tracked the company’s performance during the past financial year.

Financial institutions with coverage on Rautaruukki: ABG Sundal Collier Bank of America - Merrill Lynch CA Cheuvreux Carnegie Investment Bank Danske Markets Deutsche Bank Contact information DnB NOR Rautaruukki Corporation Evli Bank Suolakivenkatu 1 Exane BNP Paribas PO Box 138, Goldman Sachs FI-00811 Helsinki, Finland Handelsbanken Capital Markets Tel. +358 20 5911 Inderes Oy Fax +358 20 592 9088 Morgan Stanley Business ID. 0113276-9 Nordea Markets Pohjola Bank Vice President, Investor Relations SEB Enskilda Timo Pirskanen Tel. +358 20 593 9009 Contact information of the analysts with coverage on Rautaruukki is Investor Relations Manager available on the company’s website Liisa-Maija Seppänen at www.ruukki.com/Investors/Share- Tel. +358 20 593 9232 information/Analyst-coverage. The consensus estimates of analysts Email address format: can be viewed at www.ruukki.com/ firstname.lastname ruukki.com Investors/Share-tools/Consensus- Investor relations’ email address: estimates. ir ruukki.com

Information for shareholders | Annual report 2013 44 LARGEST SHAREHOLDERS

Rautaruukki’s Finnish ownership base grew in 2013. Number of shareholders decreased slightly slightly year on year and was 47,031 (49,549) at year-end. Shares owned by international investors and nominee registered shareholders accounted for 12.8% (14.7) of the outstanding shares at year-end 2013.

Rautaruukki Corporation’s largest shareholders at 31 December 2013 Number of shares % of share capital 1 Solidium Oy* 55 656 599 39.67 2 Ilmarinen Mutual Pension Insurance Company 4 295 489 3.06 3 Varma Mutual Pension Insurance C. 3 514 322 2.51 4 OP - Funds 3 315 952 2.36 5 Nordea - Funds 2 088 155 1.49 6 The State Pension Fund 1 855 000 1.32 7 Rautaruukki Corporation 1 396 152 1.00 8 SEB Gyllenberg - Funds 1 337 634 0.95 9 E & K Rannila Oy 910 000 0.65 10 Rumtec Holding Oy 910 000 0.65 11 Odin - Funds 661 190 0.47 12 Sijoitusrahasto Taaleritehdas Arvo Markka Osake 600 000 0.43 13 Rautaruukin Henkilöstörahasto HR 600 000 0.43 14 Mutual Insurance Company Pension-Fennia 596 200 0.42 15 Nordea Life Assurance Finland Ltd. 372 000 0.27 16 Veikko Laine Oy 335 000 0.24 17 Oy Ingman Finance Ab 330 000 0.24 18 Norvestia plc 300 766 0.21 19 Toivonen Antero 300 000 0.21 20 Mandatum Life Unit-Linked 277 811 0.20

*Solidium Oy is fully owned by Finnish State

SHARE PERFORMANCE AND TRADING

The principal facility for trading volume-weighted average price was Rautaruukki’s share is also traded on Rautaruukki Oyj shares (RTRKS) is €5.42 (6.54). The share closed on the multilateral trading facilities (MTF). NASDAQ OMX Helsinki. Rautaruukki’s year at €6.74 (5.96). The shares had a According to information received by share price rose 13% during 2013. market capitalisation of €946 million the company, a total of 36 million (45) The share opened at €5.96 on the (836) at year-end. A total of 106 Rautaruukki shares were traded in first trading day of the year. The million (151) Rautaruukki Oyj shares MTFs for a total of €141 million (286) highest price quoted during the year were traded on NASDAQ OMX Helsinki in 2013. was €6.81 in October and the lowest for a total of €765 million (991) in For more information about share price quoted was €4.35 in June. The 2013. performance, visit Ruukki’s investor pages at http://www.ruukki.com/ Investors/Share tools.

Information for shareholders | Annual report 2013 45 SHARE-RELATED KEY FIGURES

Share-related key figures

2013 2012 2011 2010 2009

Earnings per share, EPS, basic € -0.10 -0.85 -0.07 -0.57 -1.98

- diluted € -0.10 -0.85 -0.07 -0.57 -1.98 Equity per share € 7.27 7.72 9.19 9.99 10.85 Dividend per share * € 0.20 0.50 0.60 0.45 Dividend per earnings * % neg. neg. neg. neg. Price per earnings, P/E € neg. neg. neg. neg. Effective dividend yield * % 3.4 7.0 3.4 2.8 Share trading 1 000 shares 106 452 151 014 200 241 182 131 189 371 % of shares issued % 77 109 144 129 136 Share trading €m 765 991 2 280 2 712 2 752 Volume weighted average share € 5.42 6.54 11.23 14.48 14.53 price Lowest price of share € 4.35 4.60 5.91 11.62 11.06 Highest price of share € 6.81 9.49 18.77 17.78 18.14 Closing price at period end € 6.74 5.96 7.12 17.51 16.14 Market capitalisation at year-end €m 946 836 998 2 456 2 264 Average adjusted number of shares 1 000 shares 138 892 138 884 138 862 138 864 138 846 - diluted 1 000 shares 138 934 138 930 138 907 138 864 138 846 Adjusted number of shares at 1 000 shares 140 285 140 285 140 285 140 285 140 285 year-end - excluding treasury shares 1 000 shares 138 889 138 893 138 862 138 862 138 864 - diluted 1 000 shares 138 934 138 930 138 907 138 862 138 864

1) All information about share trading and the key figures derived therefrom is based on trading data on NASDAQ OMX Helsinki. In addition to NASDAQ OMX Helsinki, Rautaruukki's share is traded on multilateral trading facilities (MTF). *The Board of Directors’ proposes that no dividend is paid for 2013

FINANCIAL REPORTING IN 2014

Financial statements release 2013: Friday 14 February 2014 Annual report 2013: Thursday 20 February 2014 Interim report Q1/2014: Thursday 24 April 2014 Interim report Q2/2014: Thursday 8 August 2014 Interim report Q3/2014: Thursday 30 October 2014 The interim reports and associated presentation material may be viewed in the Investor section on Ruukki’s website at www.ruukki.com > Investors.

Silent period Rautaruukki observes a silent period of 21 days before the disclosure of results. During this period, the company does not meet capital market representatives, comment on the quarter concerned or report on matters relating to the company’s performance.

Information for shareholders | Annual report 2013 46 Information for shareholders | Annual report 2013 47 CFI.001EN/02.2014/KB/RUUKKI

Ruukki provides its customers with energy-efficient steel solutions for better living, working and moving.

Rautaruukki Corporation, Suolakivenkatu 1, FI-00810 Helsinki, Finland, +358 20 5911, www.ruukki.com Business ID 0113276–9, VAT No. FI 01132769, Registered Office Helsinki

Copyright© 2014 Rautaruukki Corporation. All rights reserved. Ruukki, Rautaruukki, Living. Working. Moving. and Ruukki’s product names are trademarks or registered trademarks of Rautaruukki Corporation.