SSAB — Earnings Release 2023

Jan 31, 2024

REPORT FOR Q4 AND FULL-YEAR 2023

Strong cash flow despite weak European market

January 31, 2024

Report for Q4 and the full-year 2023

The fourth quarter

• Revenue was SEK 26,469 (30,138) million
• Operating result1) was SEK 2,400 (3,768) million
• Earnings per share1) were SEK 1.86 (3.18)
• Net cash was SEK 18.2 (14.3) billion
• The Board proposes a dividend of SEK 5.00 (8.70) per share

Key figures

	2023	2022	2023	2023	2022
SEK millions	Q4	Q4	Q3	Full-year	Full-year
Revenue	26,469	30,138	29,339	119,489	128,745
Adjusted EBITDA	3,364	4,637	5,307	20,141	32,675
Adjusted operating result	2,400	3,768	4,371	16,467	29,283
Operating result	2,400	-29,501	4,371	16,467	-4,355
Result for the period	1,901	-29,992	3,510	13,038	-10,877
Earnings per share (SEK)	1.86	-29.13	3.40	12.67	-10.57
Operating cash flow	5,798	8,880	6,311	21,524	22,693
Net debt (+) / Net cash (-)	-18,206	-14,287	-16,780	-18,206	-14,287
Net debt/equity ratio (%)	-27	-21	-24	-27	-21
Return on capital employed, rolling 12 months (%)	22	-1	-17	22	-1
Number of employees at end of period	14,565	14,568	14,625	14,565	14,568

1) Adjusted operating result and adjusted earnings per share are applied for comparative information, no items affecting comparability were reported in the fourth quarter of 2023 or in full-year 2023.

Comments by the CEO

SSAB's operating result1) for the fourth quarter of 2023 amounted to SEK 2,400 (3,768) million and the operating result1) for the full year was SEK 16.5 (29.3) billion. The decrease compared to last year's record high level was primarily due to a weaker market and lower steel prices, especially in Europe. SSAB continues to generate strong cash flow, with operating cash flow for the full year amounting to SEK 21.5 (22.7) billion. Against the background of this good financial position, we started to buy back shares during the fourth quarter and the Board proposes a dividend of SEK 5.00 (8.70) per share. During the year, SSAB further consolidated its leadership in the green transition in the steel industry and launched the unique steel, SSAB Zero.

SSAB Special Steels had an operating result1) of SEK 847 (1,369) million and an operating margin of 12% (16%) during the fourth quarter. The performance and high quality of SSAB Special Steels' unique products provide added value for our customers and this in turn creates conditions for more stable prices over the business cycle.

SSAB Americas' operating result1) for the fourth quarter was SEK 1,681 (2,725) million and the operating margin was 25% (36%). SSAB Europe had an operating result1) of SEK 165 (-229) million and an operating margin of 2% (-2%). All steel divisions had costs for planned maintenance outages in the fourth quarter.

Safety performance continued to improve and LTIF decreased to 0.87 (1.06) in 2023.

Due to the weak market, both Tibnor and Ruukki Construction has implemented cost saving programs, which include reduction of personnel. SSAB Europe adjusted production, cost and staffing and these measures will continue to a certain extent during the first quarter of 2024, as demand for products to the construction segment continues to be low. Also in SSAB Special Steels' markets, customers have adopted a more cautious approach, especially in Europe. The heavy plate market price in North America stabilized at the end of the fourth quarter.

There was increased interest in products with no carbon dioxide emissions during 2023 and we delivered more than 50,000 tonnes of SSAB Zero, a steel without Scope 1 and 2 emissions. Interest increased strongly not only in Europe, but also in the USA. We have started the construction of the electric arc furnace (EAF) in Oxelösund, a key item for fossil-free steelmaking. At the end of January 2024, the ruling on the granted concession for the power lines to Oxelösund gained legal force and the project continues according to plan.

Outlook for the first quarter of 2024

Compared with the fourth quarter of 2023, SSAB Special Steels' shipments are assessed to be significantly higher during the first quarter of 2024, whereas prices are expected to be somewhat lower.

SSAB Europe's shipments are assessed to be higher and prices to be somewhat lower during the first quarter of 2024 compared to the fourth quarter of 2023.

SSAB Americas' shipments are assessed to be higher and prices somewhat lower.

The costs of raw materials are expected to be somewhat higher.

Outlook for steel divisions

	Q1 2024 vs. Q4 2023
	Shipments	Realized prices
SSAB Special Steels	Significantly higher	Somewhat lower
SSAB Europe	Higher	Somewhat lower
SSAB Americas	Higher	Somewhat lower

Definitions: Significantly lower (>10 %), Lower (5-10 %), Somewhat lower (0-5 %), Stable (~0 %), Somewhat higher (0-5 %), Higher (5-10 %), Significantly higher (>10 %)

Major planned maintenance outages 2024

The Group's total maintenance costs for the full-year 2024 are expected to be SEK 1,555 (1,480) million. The table below shows the expected costs for 2024 and the actual costs during 2023 and 2022. The figures include the impact of the direct maintenance cost and the cost of lower capacity utilization, but exclude lost margins.

2024 2024 2024 2024 2024 2023 2022 SEK millions Q1 Q2 Q3 Q4 Full-year Full-year Full-year SSAB Special Steels 0 0 100 330 430 625 490 SSAB Europe 0 0 375 225 600 535 655 SSAB Americas 0 0 525 0 525 320 395 Total 0 0 1,000 555 1,555 1,480 1,540

Expected maintenance costs for 2024

The market during the fourth quarter

Demand for high-strength steel slowed somewhat during the fall, especially in Europe and the market was somewhat cautious during the fourth quarter.

Demand for standard steel in Europe was weak during the fourth quarter and import volumes into Europe were down. European steelmakers decreased production through maintenance outages, among other means.

Market prices for strip in Europe improved during the fourth quarter, albeit from a low level. Heavy plate prices were relatively stable. Inventory levels in the market are estimated to be normal or somewhat low.

In North America, demand for heavy plate was somewhat lower and market prices fell during the first part of the quarter and then stabilized. Inventory levels at North American distributors were still low.

Market prices in China for strip and heavy plate rose during the fourth quarter.

SSAB Group – Fourth quarter of 2023

Revenue and operating result

Revenue for the fourth quarter of 2023 was SEK 26,469 (30,138) million, down 12% compared to last year, mainly related to lower prices in SSAB Europe and SSAB Americas. Compared with the third quarter of 2023, revenue was 10% lower.

Adjusted operating result was SEK 2,400 (3,768) million. The decrease compared to 2022 was primarily explained by lower prices on the North American market. Compared to the third quarter of 2023, adjusted operating result was down SEK 1,971 million, which was primarily due to lower prices and the costs of planned maintenance.

Revenue and adjusted operating result by business segment

	Revenue			Adjusted operating result 1)
	2023	2022		2023	2022
SEK millions	Q4	Q4	Change	Q4	Q4	Change
SSAB Special Steels	6,913	8,343	-1,430	847	1,369	-522
SSAB Europe	10,072	11,065	-993	165	-229	394
SSAB Americas	6,711	7,554	-842	1,681	2,725	-1,044
Tibnor	3,030	3,784	-754	-59	-408	349
Ruukki Construction	1,335	1,534	-199	-36	-1	-35
Other	—	—	—	-198	311	-509
Group adjustments	-1,593	-2,143	549	—	—	—
Total	26,469	30,138	-3,669	2,400	3,768	-1,368

1) Excluding items affecting comparability SEK 0 (-33,269) million. From January 1, 2023 onwards, the adjusted operating result of the business segments includes depreciation/amortization on surplus values on tangible and intangible assets related to the acquisitions of Ipsco and Rautaruukki. Comparative information has been updated accordingly.

Analysis of total change in revenue and adjusted operating result

Revenue			Adjusted operating result
	Change vs. Q4 2022 %	Change vs. Q3 2023 %		Change vs. Q4 2022 SEK m	Change vs. Q3 2023 SEK m
Price	-8	-6	Price and product mix	-2,500	-2,215
Product mix	-1	-1	Volume	-110	-260
Volume	-1	-1	Variable costs	1,325	1,350
Currency effects	0	-2	Fixed costs	-440	-820
Other sales	-4	0	Capacity utilization	225	-300
			Currency effects	-93	50
			Other	225	225
Total	-12	-10	Total	-1,368	-1,971

Leading sustainability performance

SSAB's objective is to become the world's safest steel company and to achieve zero accidents and workrelated injuries and illnesses. The lost time injury frequency per million hours worked (LTIF) improved to 0.87 (1.06). Total recordable injury frequency (TRIF) was 6.20 (7.80).

Energy intensity and CO2e intensity in production were relatively stable compared to the figures for the fullyear 2023.

Key sustainability figures – rolling 12 months

	2023	2023	2023	2023	2022
	Full-year	Q3	Q2	Q1	Full-year
Safety
Lost time injury frequency (LTIF)1)	0.87	0.94	1.01	0.92	1.06
Total number of injuries (LTI)2)	25	27	29	26	30
Total recordable injury frequency (TRIF)3)	6.20	6.18	6.90	7.50	7.80
Environment
Energy consumption, GWh4)	9,165	9,215	9,127	9,080	8,961
Energy intensity, kWh/tonnes crude steel	1,178	1,195	1,187	1,197	1,229
CO2e-emissions (Scope 1), thousand tonnes	10,007	9,907	9,930	9,741	9,827
Indirect CO2e-emissions (Scope 2), thousand tonnes	1,087	1,115	1,126	1,135	1,180
CO2e-intensity, tonnes of CO2e/tonnes crude steel5)	1.43	1.43	1.44	1.43	1.51

1) Lost Time Injury Frequency, number of accidents resulting in an absence of more than one day per million working hours, own employees and contractors.

2) Lost Time Injuries, number of accidents resulting in an absence of more than one day, own employees and contractors.

3) Total Recordable Injury Frequency, number of lost time injuries, medical treatment injuries and restricted work injuries per million hours worked, own employees and contractors, except for medical treatment injuries and restricted work injuries for contractors in the US.

4) Total energy consumption (electricity, purchased fuels and purchased heat).

5) Includes Scope 1 and Scope 2.

Transformation to fossil-free steel

SSAB continues investments in transforming the steel mill in Oxelösund to fossil-free steelmaking and during the quarter a start was made on construction of the new electric arc furnace. At the end of January 2024, the ruling on the granted concession for the power lines to Oxelösund gained legal force and the project continues according to plan.

There is strong demand for steel without carbon dioxide footprint and SSAB has entered into several partnerships with major customers during the year. During the fourth quarter, SSAB signed letters of intent with Vattenfall, Sandvik and Scania regarding future deliveries of fossil-free steel. The fourth quarter saw the inauguration of the world's first building in Sweden where fossil-free steel is used through collaboration between Peab and SSAB, together with Ruukki Construction and the property company Wihlborgs.

During the first quarter of 2023, SSAB launched a completely new scrap-based steel, SSAB Zero, with 0.0 kg emissions of carbon dioxide equivalents per kg of steel – the world's first commercial product of its kind. Sales in 2023 amounted to more than 50,000 tonnes. Besides Europe, interest also increased strongly in the USA.

During the fourth quarter, SSAB extended the partnership with GE Vernova Onshore Wind to supply SSAB Zero steel for onshore wind towers in North America. GE Vernova will be able to manufacture onshore wind towers with the lowest carbon footprint within the onshore wind industry.

SSAB participated in the United Nations Climate Change Conference, COP28, in Dubai in 2023. In the conference, SSAB highlighted the need for faster permitting procedures for green industrial projects and for infrastructure, as well as a common method on how to measure, report and verify carbon emissions.

In 2022, SSAB's Board took a policy decision to fundamentally transform Nordic strip production and accelerate the company's green transition. The plan is to build electric arc furnaces and cost-effective steel mills, so-called mini-mills in both Luleå and Raahe, which will use a mix of sponge iron and recycled steel.

Raw materials

SSAB sources iron ore primarily from LKAB in Sweden at market index-linked prices. Coking coal is sourced from Australia, the USA and Canada, usually on annual supply contracts with monthly prices. SSAB's mills in the USA use recycled steel material and source scrap metal on the spot market.

The table below shows SSAB's purchase prices. Lead times and payment terms for iron ore have a combined effect which impacts the result around one quarter later than the change in market price, while coking coal has a lead time of around one and a half quarters. Scrap purchase prices have a lead time of around one month.

Change in SSAB's average purchase prices compared to prior periods

	Q4 2022		Q3 2023
% change	USD	SEK	USD	SEK
Iron ore	5 %	4 %	-1 %	-2 %
Coking coal	-7 %	-8 %	8 %	8 %
Scrap metal	17 %	16 %	5 %	3 %

Production and shipments

SSAB's production and shipments were in line with those of the fourth quarter of last year, but lower than the previous quarter of 2023, mainly due to planned maintenance outages.

Production and shipments

	2023	2022	2023	2023	2022
Thousand tonnes	Q4	Q4	Q3	Full-year	Full-year
Crude steel production	1,707	1,641	1,936	7,778	7,293
Rolling production	1,598	1,505	1,727	7,122	6,727
Steel shipments	1,491	1,502	1,510	6,460	6,341

Result for the period and earnings per share

The result for the period attributable to shareholders in the parent company was SEK 1,901 (-29,995) million for the fourth quarter of 2023, equating to SEK 1.86 (-29.13) per share. The fourth quarter result in 2022 included goodwill impairment of SEK 33.3 billion, and adjusted earnings per share for the period were SEK 3.18. Income taxes were SEK -559 (-746) million.

Cash flow

Operating cash flow for the fourth quarter of 2023 amounted to SEK 5,798 (8,880) million. The decrease compared to last year was due to a lower result as well as a lesser release of working capital. Net cash flow amounted to SEK 3,192 (6,687) million. Net cash amounted to SEK 18,206 (14,287) million at December 31, 2023.

Capital expenditure

Capital expenditure amounted to SEK 2,034 (1,723) million during the fourth quarter of 2023. Strategic investments were SEK 929 (705) million. The strategic investments primarily relate to Oxelösund for conversion to fossil-free steelmaking. Total maintenance and strategic expenditure is expected to be around SEK 5.5 billion for the full-year 2024. The corresponding capital expenditure in 2023 was SEK 4.5 billion. The increase is mainly related to the ramp up of investments in Oxelösund.

Operating cash flow and net debt

	2023	2022	2023	2022
SEK millions	Q4	Q4	Full-year	Full-year
EBITDA	3,364	4,659	20,141	32,340
Change in working capital	3,760	4,921	4,836	-8,279
Maintenance capital expenditures	-1,106	-1,018	-2,585	-2,196
Other	-220	317	-867	828
Operating cash flow	5,798	8,880	21,524	22,693
Financial items	146	-1	437	-17
Income taxes	-486	-1,313	-3,879	-5,947
Cash flow from current operations	5,457	7,566	18,082	16,729
Strategic expenditures in plants and machinery	-929	-705	-1,889	-1,952
Acquisitions of shares and operations	-25	-154	-52	-537
Investments/contributions in affiliated companies and joint ventures	-20	-20	-20	-79
Divestments of shares and operations	—	—	61	—
Cash flow before dividend	4,484	6,687	16,182	14,161
Dividend, Parent company's shareholders	—	—	-8,960	-5,406
Dividend, non-controlling interest	—	—	-8	-7
Purchases of own shares	-1,292	—	-1,292	—
Net cash flow	3,192	6,687	5,922	8,748
Net cash (+) / Net debt (-) at beginning of period	16,780	8,739	14,287	2,346
Net cash flow	3,192	6,687	5,922	8,748
Other 1)	-1,765	-1,139	-2,003	3,194
Net cash (+) / Net debt (-) at the end of period	18,206	14,287	18,206	14,287

1) Mainly valuation changes of derivatives and revaluations of other financial assets and liabilities in foreign currencies

Major maintenance outages

The table below shows the major maintenance outages completed in 2023 and 2022. The figures include the impact of the direct maintenance cost and the cost of lower capacity utilization, but exclude lost margins.

	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022
SEK millions	Q1	Q1	Q2	Q2	Q3	Q3	Q4	Q4	Full-year	Full-year
SSAB Special Steels	0	0	0	0	75	90	550	400	625	490
SSAB Europe	0	0	0	0	325	205	210	450	535	655
SSAB Americas	0	0	0	0	0	335	320	60	320	395
Total	0	0	0	0	400	630	1,080	910	1,480	1,540

SSAB Group – Full-year 2023

Revenue and operating result

Revenue for the full-year 2023 was SEK 119,489 (128,745) million, down 7% compared to the full-year 2022, mainly related to lower prices in SSAB Europe and SSAB Americas.

Operating result was SEK 16,467 (-4,355) million. Adjusted operating result was SEK 16,467 (29,283) million, down SEK 12,815 million compared to the full-year 2022. Compared with the record year of 2022, the market was weaker, with lower prices and higher raw material costs.

Revenue and adjusted operating result by business segment

		Revenue		Adjusted operating result 1)
	2023	2022		2023	2022
SEK millions	Full-year	Full-year	Change	Full-year	Full-year	Change
SSAB Special Steels	32,145	33,666	-1,521	6,752	8,217	-1,465
SSAB Europe	46,227	50,068	-3,841	1,183	8,535	-7,352
SSAB Americas	29,775	32,163	-2,388	9,651	12,262	-2,611
Tibnor	13,691	16,625	-2,934	-220	434	-654
Ruukki Construction	5,810	6,880	-1,071	-6	524	-531
Other	—	—	—	-891	-689	-202
Group adjustments	-8,158	-10,658	2,499	—	—	—
Total	119,489	128,745	-9,256	16,467	29,283	-12,815

1) Excluding items affecting comparability SEK 0 (-33,638) million. From January 1, 2023 onwards, the adjusted operating result of the business segments includes depreciation/ amortization on surplus values on tangible and intangible assets related to the acquisitions of Ipsco and Rautaruukki. Comparative information has been updated accordingly.

Result for the period and earnings per share

The result for the period attributable to shareholders in the parent company for the full-year 2023 was SEK 13,029 (-10,886) million, equating to SEK 12.67 (-10.57) per share. Income taxes were SEK -3,677 (-6,235) million. The result in 2022 included goodwill impairment of SEK 33.3 billion, and adjusted earnings per share for the year was SEK 22.38.

Cash flow, financing and liquidity

Operating cash flow for the full-year 2023 amounted to SEK 21,524 (22,693) million, the release of working capital broadly offset the lower result. Net cash flow, after dividends of SEK 8,960 (5,406) million and purchases of own shares of SEK 1,292 (—) million, amounted to SEK 5,922 (8,748) million.

Net cash at December 31, 2023 was SEK 18,206 (14,287) million. Cash and cash equivalents were SEK 28,916 (24,900) million and non-utilized credit facilities were SEK 8,239 (10,258) million, which combined corresponds to 31% (27%) of full-year revenue. The term to maturity of the total loan portfolio at December 31, 2023 averaged 6.2 (5.7) years, with an average fixed interest period of 1.4 (0.9) years.

Equity

With a result for the period of SEK 13,029 (-10,886) million and other comprehensive income (mostly consisting of translation differences) of SEK -1,977 (9,899) million attributable to the owners of the parent company, the shareholders' equity attributable to the owners of the parent company amounted to SEK 67,872 (67,124) million, equating to SEK 65.91 (65.18) per share.

Share buyback program

The 2023 Annual General Meeting gave the Board of Directors an authorization to decide on the purchase of own Class A and/or Class B shares from Nasdaq Stockholm and/or Nasdaq Helsinki on one or more occasions before the next Annual General Meeting in 2024.

In October, 2023, SSAB's Board of Directors resolved to implement a share buyback program for a total maximum amount of SEK 2.5 billion. The purpose of the program is to adjust the Company's capital structure to create greater value for its shareholders. The Board of Directors intends to propose to the Annual General Meeting 2024 that it resolves to reduce the share capital by cancellation of the shares acquired by the company, as communicated earlier.

The allocation between the share classes A and B reflects the current trading volume of the two share classes, entailing that 25% (i.e. up to SEK 625 million) is allocated to the purchase of Class A shares and 75% (i.e. up to SEK 1,875 million) to the purchase of Class B shares. Acquisitions commenced on October 26, 2023 and will end between February 2 and March 11, 2024. The total number of treasury shares held by SSAB will not at any time exceed 10% of the total number of shares.

At December 31, 2023, SSAB held 18,276,773 (—) treasury shares, of which 4,489,777 (—) were Class A shares and 13,786,996 (—) Class B shares. The treasury shares had a value of SEK 1,347 (—) million. Transaction costs related to the share buyback program amounted to SEK 1 million in 2023.

Business segments – Fourth quarter of 2023

From January 1, 2023 onwards the adjusted operating result of the business segments includes depreciation/ amortization on surplus values on tangible and intangible assets related to the acquisitions of Ipsco and Rautaruukki. Comparative information has been updated accordingly.

SSAB Special Steels

Fourth quarter in brief

• Planned maintenance and cautious market in Europe
• Shipments decreased 9% to 279 (305) thousand tonnes
• Adjusted operating result was SEK 847 (1,369) million

Key figures

	2023	2022	2023	2023	2022
SEK millions	Q4	Q4	Q3	Full-year	Full-year
Revenue	6,913	8,343	8,013	32,145	33,666
Adjusted EBITDA	1,199	1,649	2,126	8,010	9,320
Adjusted operating result	847	1,369	1,808	6,752	8,217
Operating cash flow	1,599	2,184	2,490	7,755	5,044
Number of employees at end of period	4,056	4,072	4,040	4,056	4,072

A goodwill impairment of SEK 18,139 million was made in the fourth quarter 2022. The impairment was reported as an item affecting comparability and is not included in the above figures. No items affecting comparability were reported during the fourth quarter of 2023.

	2023	2022	2023	2023	2022
Thousand tonnes	Q4	Q4	Q3	Full-year	Full-year
Crude steel production	409	453	584	2,252	2,309
Rolling production	300	358	418	1,620	1,667
Steel shipments	279	305	313	1,304	1,419

Market trend

Demand slowed somewhat during the fall and during the fourth quarter customer segments related to Construction and Steel Service Centers were weak, especially in Europe. Weaker demand was also seen in the Middle East.

Development compared to Q4/22

Compared with a year earlier, the European market was weaker and the planned maintenance was more extensive, which was seen in production and shipments. Revenue was down 17% compared to the fourth quarter of 2022 and amounted to SEK 6,913 (8,343) million. Lower shipments had a negative impact of 9 percentage points and lower prices 2 percentage points. Other revenue had a negative impact of 5 percentage points and currency effects a negative impact of 2 percentage points.

Adjusted operating result was SEK 847 (1,369) million. Lower prices and shipments were the main reasons for the lower result, as well as more extensive planned maintenance.

Operating cash flow during the fourth quarter was SEK 1,599 (2,184) million. The lower cash flow was primarily due to the lower result.

Capital expenditure during the fourth quarter was SEK 1,032 (876) million, of which SEK 683 (515) million were strategic investments.

Development compared to Q3/23

Production and shipments decreased compared to the third quarter of 2023, primarily because of planned maintenance. Revenue decreased by 14%. Lower shipments had an impact of 11 percentage points and

negative currency effects had a negative impact of 3 percentage points. Lower prices reduced revenue by 2 percentage points.

Adjusted operating result decreased by SEK 961 million, as a result of planned maintenance costs, lower prices and lower shipments .

SSAB Europe

Fourth quarter in brief

• Weak market with lower prices
• Shipments stable, with good demand for high-strength steel in Automotive
• Adjusted operating result increased to SEK 165 (-229) million

Key figures

	2023	2022	2023	2023	2022
SEK millions	Q4	Q4	Q3	Full-year	Full-year
Revenue	10,072	11,065	10,909	46,227	50,068
Adjusted EBITDA	599	189	694	2,906	10,171
Adjusted operating result	165	-229	254	1,183	8,535
Operating cash flow	1,252	2,306	1,164	3,906	6,239
Number of employees at end of period	6,802	6,682	6,805	6,802	6,682

A goodwill impairment of SEK 2,209 million was made in the fourth quarter 2022. The impairment was reported as an item affecting comparability and is not included in the above figures. No items affecting comparability were reported during the fourth quarter of 2023.

	2023	2022	2023	2023	2022
Thousand tonnes	Q4	Q4	Q3	Full-year	Full-year
Crude steel production	1,028	905	1,056	4,367	3,911
Rolling production	1,034	873	1,026	4,402	4,040
Steel shipments	776	778	759	3,354	3,174

Production figures include high-strength steel made for SSAB Special Steels. These volumes are not included in SSAB Europe's shipments.

Market trend

Demand was weak during the fourth quarter, especially in the Construction segment. Shipments of highstrength steel to the Automotive segment on the other hand were at a high level due, among other things, to our strong market position. Shipments were also good in the Heavy Transport segment, but slowed towards the end of the quarter.

SSAB Europe will continue to adjust costs to a certain extent during the first quarter of 2024, especially in construction-related products.

Development compared to Q4/22

Production was higher compared with the same quarter last year, mainly due to more extensive maintenance during the previous year. Shipments were stable. Revenue was down 9% and amounted to SEK 10,072 (11,065) million, impacted by lower prices.

Adjusted operating result increased to SEK 165 (-229) million, up SEK 394 million compared with the same quarter in 2022. Lower prices were offset by lower variable costs, primarily for raw materials. Lower costs of planned maintenance had a positive impact.

Operating cash flow decreased to SEK 1,252 (2,306) million, mainly related to a higher release of working capital last year.

Capital expenditure during the fourth quarter was SEK 741 (604) million, of which SEK 166 (72) million were strategic investments.

Development compared to Q3/23

Production was stable compared to the prior quarter. Revenue decreased by 8%. Lower prices had an impact of 6 percentage points and negative currency effects impacted 2 percentage points. Other revenue decreased revenue by 2 percentage points, while higher shipments contributed by 2 percentage points.

Compared to the third quarter of 2023, adjusted operating result decreased by SEK 89 million. Lower prices were broadly compensated by lower variable costs and higher shipments.

SSAB Americas

Fourth quarter in brief

• Lower prices
• Shipments increased by 4% to 437 (418) thousand tonnes
• Adjusted operating result was SEK 1,681 (2,725) million

Key figures

	2023	2022	2023	2023	2022
SEK millions	Q4	Q4	Q3	Full-year	Full-year
Revenue	6,711	7,554	7,620	29,775	32,163
Adjusted EBITDA	1,739	2,782	2,710	9,874	12,474
Adjusted operating result	1,681	2,725	2,653	9,651	12,262
Operating cash flow	2,393	2,966	2,562	9,509	12,075
Number of employees at end of period	691	657	692	691	657

A goodwill impairment of SEK 12,401 million was made in the fourth quarter 2022. The impairment was reported as an item affecting comparability and is not included in the above figures. No items affecting comparability were reported during the fourth quarter of 2023.

	2023	2022	2023	2023	2022
Thousand tonnes	Q4	Q4	Q3	Full-year	Full-year
Crude steel production	271	283	296	1,159	1,073
Rolling production	264	273	283	1,100	1,019
Steel shipments	437	418	439	1,803	1,748

Market trend

The planned maintenance outage at the steel mill in Mobile and a somewhat weaker market impacted shipments during the fourth quarter. Steel Service Centers were generally cautious, whereas shipments increased in Heavy Transport and Energy.

Development compared to Q4/22

Production was stable and shipments were somewhat higher during the fourth quarter. Revenue was down 11% and amounted to SEK 6,711 (7,554) million. Lower prices had a negative impact of 16 percentage points, whereas higher shipments had a positive impact of 4 percentage points.

Adjusted operating result for the fourth quarter of 2023 decreased to SEK 1,681 (2,725) million, primarily explained by lower prices and planned maintenance costs.

Operating cash flow during the fourth quarter of 2023 was SEK 2,393 (2,966) million, following the lower result, which was partly offset by a release of working capital.

Capital expenditure during the fourth quarter was SEK 143 (90) million, of which SEK 8 (14) million were strategic investments.

Development compared to Q3/23

Production was lower compared to the third quarter 2023, due to planned maintenance outage, while shipments were stable. Revenue was down 12% and lower prices had a negative impact of 11 percentage points.

Compared to the third quarter of 2023, adjusted operating result was down SEK 972 million. The decrease was due to lower prices and planned maintenance costs.

Tibnor

Fourth quarter in brief

• Weak demand and 20% lower revenue than last year
• Result improved to SEK -59 (-408) million primarily because of lower inventory losses

Key figures

	2023	2022	2023	2023	2022
SEK millions	Q4	Q4	Q3	Full-year	Full-year
Revenue	3,030	3,784	3,012	13,691	16,625
Adjusted EBITDA	-6	-361	-58	-13	616
Adjusted operating result	-59	-408	-113	-220	434
Operating cash flow	543	775	6	1,025	-386
Shipments, thousand tonnes	191	212	180	820	875
Number of employees at end of period	1,059	1,070	1,089	1,059	1,070

A goodwill impairment of SEK 542 million was made in the fourth quarter 2022. The impairment was reported as an item affecting comparability and is not included in the above figures. No items affecting comparability were reported during the fourth quarter of 2023.

Market trend

The market was weak during the fourth quarter, with very low activity in the final month of the year. The sharpest fall was seen in the construction-related customer segment, but also from subcontractors to the industry. Tibnor is implementing cost saving measures with a target of SEK 150 million on an annual basis, of which around SEK 100 million is structural. The measures, which includes a potential reduction of 175 jobs, are estimated to have full effect from the second quarter of 2024.

Development compared to Q4/22

Revenue decreased 20% compared with the fourth quarter of 2022 and amounted to SEK 3,030 (3,784) million. Lower prices and a weaker product mix had a combined negative effect of 11 percentage points. Lower shipments impacted with 10 percentage points.

Adjusted operating result for the fourth quarter of 2023 was up SEK 349 million compared with the same period in 2022 and amounted to SEK -59 (-408) million. The improvement was mainly due to lower inventory losses.

Operating cash flow during the fourth quarter of 2023 was SEK 543 (775) million. The improved result had a positive impact, whereas less working capital was released compared with the fourth quarter of 2022.

Capital expenditure during the fourth quarter was SEK 27 (50) million, of which SEK 9 (24) million were strategic investments. In addition, a Swedish company, Stålshoppen i Örebro AB was acquired during the quarter with a negative cash flow impact of SEK 25 million.

Development compared to Q3/23

Revenue was up 1% compared with the third quarter of 2023, lower prices were offset by higher shipments.

Adjusted operating result increased by SEK 54 million compared the third quarter of 2023. The improvement was primarily due to lower inventory losses and higher shipments.

Ruukki Construction

Fourth quarter in brief

• Continued weak demand
• Adjusted operating result decreased to SEK -36 (-1) million

Key figures

	2023	2022	2023	2023	2022
SEK millions	Q4	Q4	Q3	Full-year	Full-year
Revenue	1,335	1,534	1,587	5,810	6,880
Adjusted EBITDA	14	56	83	201	734
Adjusted operating result	-36	-1	28	-6	524
Operating cash flow	194	500	186	412	593
Number of employees at end of period	1,410	1,498	1,466	1,410	1,498

No items affecting comparability were reported during the fourth quarter of 2023.

Market trend

The market for Ruukki Construction continued to be weak and the seasonal downturn during the fourth quarter had a negative impact, especially in December. The start of new residential construction in particular is very weak in Sweden and Finland. Ruukki Construction has implemented cost savings with a target of SEK 150 million, of which around SEK 90 million is structural, on an annual basis.The cost savings, which includes a reduction of 182 jobs, are expected to have full effect from the first quarter of 2024.

Development compared to Q4/22

Revenue decreased by 13% and amounted to SEK 1,335 (1,534) million. The adjusted operating result decreased by SEK 35 million to SEK -36 (-1) million, due to generally lower volumes and lower prices.

Operating cash flow during the fourth quarter decreased to SEK 194 (500) million, primarily due to a lesser release of working capital than previous year. Capital expenditure during the fourth quarter was SEK 82 (103) million, of which SEK 63 (80) million were strategic investments.

Development compared to Q3/23

Compared to the third quarter of 2023, revenue was down 16% and the adjusted operating result was down SEK 64 million, primarily due to a seasonally worse market for Roofing.

Risks and uncertainty factors

The Russian invasion of Ukraine in February 2022 entails, among other things, the risk of disruptions in supply chains and/or higher purchase prices, including energy prices, as well as the risk of a general downturn in the economy.

For information regarding other material risks and uncertainty factors, reference is made to the detailed description in the Annual Report 2022.

Dividend and share buyback program

The Board proposes a dividend of SEK 5.00 (8.70) per share for 2023 and April 26, 2024 as the record date. If the annual general meeting adopts the Board's proposal, the dividend is expected to be paid on May 2, 2024. The proposal will involve a payout totaling around SEK 5 billion to shareholders in the form of a cash dividend. The board also proposes the annual general meeting a renewal of the mandate for a share buyback program.

Annual general meeting

The annual general meeting will be held on April 24, 2024 at Sergel Hub, Sveavägen 10a, Stockholm, Sweden. The Annual Report will be published in week 12 at the latest and will be available at the company's head office and on the SSAB website at www.ssab.com.

Events after the end of the reporting period

On January 29, 2024, the Land and Environmental Court of Appeal announced that they had denied applicants leave ("permission") to appeal the concession for the power line to SSAB in Oxelösund which now gains legal force. It means that Vattenfall Eldistribution AB thus has permission to build the lines between Hedenlunda and Oxelösund. The concession covers two 130kV power lines. The power lines are important to be able to transform the steel mill in Oxelösund to fossil free production.

Affirmation

This interim report has not been reviewed by the auditors.

Stockholm, January 31, 2024

Martin Lindqvist President and CEO

Financial reports – The Group

The figures in the tables have been rounded, which might affect aggregates

Consolidated statement of profit and loss

	2023	2022	2023	2022
SEK millions	Q4	Q4	Full-year	Full-year
Revenue	26,469	30,138	119,489	128,745
Cost of goods sold	-22,622	-58,261	-96,936	-127,096
Gross profit	3,847	-28,123	22,553	1,649
Selling and administrative costs	-1,556	-1,477	-6,048	-5,565
Other operating income and expenses	121	95	-8	-465
Affiliated companies, profit/loss after tax	-12	4	-29	26
Operating result	2,400	-29,501	16,467	-4,355
Financial items	61	256	248	-286
Result before tax	2,460	-29,245	16,716	-4,641
Income tax	-559	-746	-3,677	-6,235
Result for the period	1,901	-29,992	13,038	-10,877
Of which attributable to:
- Parent Company's shareholders	1,901	-29,995	13,029	-10,886
- Non-controlling interest	1	3	9	10

In the fourth quarter of 2022, a goodwill impairment of SEK 33,291 million was made.

Consolidated statement of comprehensive income

	2023	2022	2023	2022
SEK millions	Q4	Q4	Full-year	Full-year
Result for the period	1,901	-29,992	13,038	-10,877
Other comprehensive income
Items that may be subsequently reclassified to the profit or loss
Translation differences for the period	-3,457	-5,538	-1,454	8,681
Translation differences due to hyperinflation after tax	17	15	80	25
Cash flow hedges	49	-642	-1,072	1,033
Income tax on cash flow hedges	-9	128	215	-207
Net investment hedges in foreign operations	267	371	267	371
Income tax on net investment hedges in foreign operations	-55	-77	-55	-77
Total items that may be subsequently reclassified to the profit or loss	-3,187	-5,742	-2,019	9,826
Items that will not be reclassified to the profit or loss
Net defined benefit liability re-measurement	-28	-114	50	105
Income tax on net defined benefit liability re-measurement	6	15	-10	-29
Total items that will not be reclassified to the profit or loss	-22	-99	40	77
Total other comprehensive income for the period	-3,209	-5,840	-1,978	9,903
Total comprehensive income for the period	-1,308	-35,832	11,060	-974
Of which attributable to:
- Parent Company's shareholders	-1,306	-35,836	11,053	-988
- Non-controlling interest	-2	4	7	14

Consolidated statement of financial position

	2023	2022
SEK millions	Dec 31	Dec 31
Assets
Intangible assets	1,496	1,416
Tangible fixed assets	27,341	26,087
Right-of-use assets	2,701	2,326
Investments in affiliated companies and joint ventures	959	1,004
Deferred tax receivables	548	621
Non-current financial assets	503	982
Total non-current assets	33,548	32,436
Inventories	32,485	37,907
Accounts receivable	10,673	12,048
Current tax receivables	733	205
Other current receivables	1,485	2,214
Cash and cash equivalents	28,916	24,900
Total current assets	74,291	77,275
Total assets	107,839	109,711
Equity and liabilities
Equity for the shareholders in the Parent Company	67,872	67,124
Non-controlling interest	76	66
Total equity	67,948	67,191
Deferred tax liabilities	2,887	3,115
Non-current provisions	566	550
Non-current interest-bearing liabilities	6,282	6,291
Non-current lease liabilities	2,148	1,813
Other non-current liabilities	235	204
Total non-current liabilities	12,119	11,973
Accounts payable	17,001	19,566
Current tax liabilities	1,135	805
Current interest-bearing liabilities	1,428	1,882
Current lease liabilities	764	691
Other current liabilities and provisions	7,445	7,602
Total current liabilities	27,773	30,547
Total equity and liabilities	107,839	109,711
Pledged assets	48	68
Contingent liabilities	5,362	5,228

Consolidated statement of changes in equity

Equity attributable of the Parent Company's shareholders
SEK millions	Share capital	Other contributed funds	Reserves	Retained earnings	Total equity	Non controlling interest	Total equity
Total equity, Dec 31, 2021	9,063	23,022	6,095	35,298	73,477	31	73,508
Changes Jan 1 - Dec 31, 2022
Total comprehensive income for the period			9,796	-10,785	-988	14	-974
Non-controlling interest through business acquisition					—	29	29
Result from transaction with owners of non-controlling interests				42	42		42
Dividend, Parent company's shareholders				-5,406	-5,406		-5,406
Dividend, non-controlling interest					—	-7	-7
Total equity, Dec 31, 2022	9,063	23,022	15,891	19,149	67,124	66	67,191
Changes Jan 1 - Dec 31, 2023
Total comprehensive income for the period			-2,097	13,150	11,053	7	11,060
Non-controlling interest through business acquisition					—	11	11
Dividend, Parent company's shareholders				-8,960	-8,960		-8,960
Dividend, non-controlling interest					—	-8	-8
Purchases of own shares				-1,347	-1,347		-1,347
Total equity, Dec 31, 2023	9,063	23,022	13,794	21,993	67,872	76	67,948

Consolidated statement of cash flows, in summary

	2023	2022	2023	2022
SEK millions	Q4	Q4	Full-year	Full-year
OPERATING ACTIVITIES
Operating result	2,400	-29,501	16,467	-4,355
Reversal of non-cash items:
-Depreciation, amortization and write-down of fixed assets	964	34,160	3,674	36,695
-Other non-cash items	-30	-68	-61	59
Received and paid interest	146	-1	437	-17
Income taxes paid	-486	-1,313	-3,879	-5,947
Change in working capital	3,760	4,921	4,836	-8,279
Cash flow from operating activities	6,753	8,198	21,473	18,156
INVESTING ACTIVITIES
Investments in intangible and tangible fixed assets	-2,972	-2,338	-6,567	-4,948
Sales of intangible and tangible fixed assets	774	1,013	1,264	1,537
Acquisitions, shares and operations	-25	-96	-52	-433
Investments/contributions in affiliated companies and
joint ventures	-20	-20	-20	-79
Divested shares and operations	—	—	61	—
Other investing activities	-27	-12	23	32
Cash flow from investing activities	-2,270	-1,452	-5,291	-3,891
FINANCING ACTIVITIES
Dividend, Parent company's shareholders	—	—	-8,960	-5,406
Dividend, non-controlling interest	—	—	-8	-7
Purchases of own shares	-1,292	—	-1,292	—
Change in loans	57	-88	-557	-2,324
Change in financial investments	-23	1,138	-18	1,229
Other financing	-3,281	-1,950	-1,931	5,785
Cash flow from financing activities	-4,539	-899	-12,765	-723
CASH AND CASH EQUIVALENTS
Cash and cash equivalents at beginning of period	27,715	17,649	24,900	13,796
Cash flow for the period	-56	5,846	3,417	13,542
Translation differences, cash and cash equivalents	1,257	1,405	599	-2,439
CASH AND CASH EQUIVALENTS, END OF PERIOD	28,916	24,900	28,916	24,900
Contracted, non-utilized overdraft facilities	8,239	10,258	8,239	10,258
Disposable cash and cash equivalents (incl. non-utilized overdraft facilities)	37,155	35,158	37,155	35,158

Key figures

	2023	2022	2023	2022
	Q4	Q4	Full-year	Full-year
Operating margin (%)	9	-98	14	-3
Earnings per share (SEK)	1.86	-29.13	12.67	-10.57
Adjusted earnings per share (SEK)	1.86	3.18	12.67	22.38
Equity per share (SEK)	65.91	65.18	65.91	65.18
Net debt/equity ratio (%)	-27	-21	-27	-21
Equity ratio (%)	63	61	63	61
Return on capital employed, rolling 12 months (%)	22	-1	22	-1
Return on equity, rolling 12 months (%)	19	-12	19	-12
Average number of shares outstanding during the period (millions)	1,022.5	1,029.8	1,028.0	1,029.8
Number of shares at end of period (millions)	1,029.8	1,029.8	1,029.8	1,029.8
Number of employees at end of period	14,565	14,568	14,565	14,568

19 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429

Notes to the condensed financial report

Accounting principles

This interim report has been prepared in compliance with IAS 34.

The accounting principles are based on International Financial Reporting Standards as adopted by the EU and ensuing references to Chapter 9 of the Swedish Annual Accounts Act. The accounts of the parent company have been prepared in compliance with RFR 2 and the Swedish Annual Accounts Act.

No material changes in accounting principles have taken place since the Annual Report for 2022.

The purchase price of own shares, including transaction costs, are recognized in the parent company's retained earnings as treasury shares.

SSAB is within the scope of the OECD's Pillar Two regulations on international tax reform, and has applied the temporary exceptions in IAS 12 – Income taxes to deferred tax reporting, which IASB adopted in May 2023. Accordingly, the Group neither recognizes nor discloses information about deferred taxes relating to the Pillar Two rules.

Assets with indefinite useful life

Goodwill is tested for impairment annually at the end of the fourth quarter or if there is an indication of a decline in value. The impairment test for 2023 did not result in any impairment (SEK 33.3 billion). The impairment in 2022 was related to the acquisitions of Ipsco and Rautaruukki and was reported as an item affecting comparability.

Assets with indefinite useful life per cash-generating unit

	2023	2022
SEK millions	Dec 31	Dec 31
Tibnor	31	31
Ruukki Construction	318	318
Total goodwill	349	349
Ruukki Construction (Rautaruukki trade name)	439	440
Total assets with an indefinite useful life	787	789

Valuation of financial assets and liabilities

Debt reported in the balance sheet as long-term interest-bearing liabilities (including the short-term part) amounted to SEK 7,413 million at December 31, 2023 while its fair value was SEK 6,881 million. Since the loans will be held until maturity, they are not reported at fair value.

In 2022, a write-down of SEK 288 million was made on the investment in Voimaosakeyhtiö SF (Fennovoima power plant). The value of the investment was reported at zero at December 31, 2022.

Derivative assets and liabilities

	2023	2022
SEK millions	Dec 31	Dec 31
Derivative assets recognized in
Non-current financial assets	187	735
Other current receivables	232	839
Derivative liabilities recognized in
Other non-current liabilities	43	—
Other current liabilities and provisions	319	342

The fair value valuation of the financial instruments in SSAB in based on data in accordance with level 2, with the exception of electricity derivatives, where the fair value is based on listed market prices, and which are therefore classified on level 1.

Information about the business segments

SSAB is organized into five reportable business segments with a clear profit responsibility. The business segments consist of the three steel divisions: SSAB Special Steels, SSAB Europe and SSAB Americas as well as the fully owned subsidiaries Tibnor and Ruukki Construction. Tibnor and Ruukki Construction are operated as independent subsidiaries. The descriptions of the reportable business segments can be found in the Annual Report 2022.

External revenue by business segment, geographical area and product area

External revenue Q4 2023	Business segments
SEK millions	SSAB Special Steels	SSAB Europe	SSAB Americas	Tibnor	Ruukki Construction	Total
Geographical areas
Sweden	186	2,400	—	1,218	362	4,165
Finland	89	1,313	—	426	338	2,165
Other Europe	2,352	4,333	21	1,350	625	8,682
USA	1,653	519	6,209	—	1	8,382
Rest of the world	2,511	223	328	4	8	3,074
Total	6,792	8,788	6,558	2,998	1,334	26,469
Product area
Steel products	6,671	8,165	6,558	—	—	21,394
Trading operations	—	—	—	2,998	—	2,998
Ruukki Construction operations	—	—	—	—	1,334	1,334
Slabs, by-products and scrap	91	617	—	—	—	708
Other	30	6	—	—	—	36
Total	6,792	8,788	6,558	2,998	1,334	26,469

External revenue Q4 2022	Business segments
SEK millions	SSAB Special Steels	SSAB Europe	SSAB Americas	Tibnor	Ruukki Construction	Total
Geographical areas
Sweden	319	1,962	—	1,407	366	4,053
Finland	-149	1,533	—	658	435	2,477
Other Europe	2,671	5,175	23	1,677	723	10,268
USA	2,019	528	6,923	—	—	9,470
Rest of the world	2,834	463	563	5	5	3,870
Total	7,693	9,661	7,508	3,746	1,529	30,138
Product area
Steel products	7,486	8,763	7,508	—	—	23,757
Trading operations	—	—	—	3,746	—	3,746
Ruukki Construction operations	—	—	—	—	1,529	1,529
Slabs, by-products and scrap	127	865	—	—	—	992
Other	80	34	—	—	—	113
Total	7,693	9,661	7,508	3,746	1,529	30,138

External revenue Full-year 2023	Business segments
SEK millions	SSAB Special Steels	SSAB Europe	SSAB Americas	Tibnor	Ruukki Construction	Total
Geographical areas
Sweden	735	8,412	—	4,914	1,573	15,634
Finland	428	5,411	—	2,435	1,499	9,773
Other Europe	11,855	21,750	181	6,196	2,716	42,698
USA	7,521	2,271	27,285	—	3	37,080
Rest of the world	10,904	1,456	1,923	13	8	14,304
Total	31,443	39,300	29,389	13,557	5,799	119,489
Product area
Steel products	30,845	36,639	29,389	—	—	96,874
Trading operations	—	—	—	13,557	—	13,557
Ruukki Construction operations	—	—	—	—	5,799	5,799
Slabs, by-products and scrap	393	2,625	—	—	—	3,018
Other	205	36	—	—	—	241
Total	31,443	39,300	29,389	13,557	5,799	119,489

External revenue Full-year 2022	Business segments
SEK millions	SSAB Special Steels	SSAB Europe	SSAB Americas	Tibnor	Ruukki Construction	Total
Geographical areas
Sweden	720	9,644	—	5,822	1,764	17,949
Finland	418	6,962	—	2,990	1,872	12,242
Other Europe	12,249	21,304	138	7,612	3,216	44,518
USA	7,595	1,626	29,157	—	4	38,381
Rest of the world	11,321	1,684	2,613	25	12	15,655
Total	32,302	41,219	31,908	16,448	6,867	128,745
Product area
Steel products	31,599	37,683	31,908	—	—	101,189
Trading operations	—	—	—	16,448	—	16,448
Ruukki Construction operations	—	—	—	—	6,867	6,867
Slabs, by-products and scrap	383	3,381	—	—	—	3,765
Other	320	156	—	—	—	475
Total	32,302	41,219	31,908	16,448	6,867	128,745

Alternative performance measures

SSAB has applied the guidelines issued by ESMA (European Securities and Markets Authority) on alternative performance measures (APMs). These performance measures are not defined in accordance with IFRS, but provide complementary information to investors and company management about the company's financial position and development. In addition to the definitions below, further definitions can be found in the Annual Report Note A.3.

Adjusted operating result

	2023	2022	2023	2022
SEK millions	Q4	Q4	Full-year	Full-year
Operating result	2,400	-29,501	16,467	-4,355
Items affecting comparability	—	33,269	—	33,638
Adjusted operating result	2,400	3,768	16,467	29,283

EBITDA and adjusted EBITDA

	2023	2022	2023	2022
SEK millions	Q4	Q4	Full-year	Full-year
Operating result	2,400	-29,501	16,467	-4,355
Depreciation, amortization and impairment	964	34,160	3,674	36,695
EBITDA	3,364	4,659	20,141	32,340
Items affecting comparability	—	-22	—	335
Adjusted EBITDA	3,364	4,637	20,141	32,675

Items affecting comparability

	2023	2022	2023	2022
SEK millions	Q4	Q4	Full-year	Full-year
Operating expenses
Impairment of goodwill	—	-33,291	—	-33,291
Write-down of assets in Russia and Ukraine	—	22	—	-347
Total effect on operating result	—	-33,269	—	-33,638
Financial items
Write-down investment in Fennovoima (Voimaosakeyhtiö SF)	—	-3	—	-288
Total effect on result before tax	—	-33,272	—	-33,926
Income taxes	—	—	—	-13
Total effect on result for the period	—	-33,272	—	-33,939

Adjusted earnings per share

	2023	2022	2023	2022
SEK millions	Q4	Q4	Full-year	Full-year
Result for the period to the shareholders of the Parent Company	1,901	-29,995	13,029	-10,886
Items affecting comparability in the result for the period	—	-33,272	—	-33,939
Adjusted result for the period to the shareholders of
the Parent Company	1,901	3,277	13,029	23,052
Average number of shares during the period (millions)	1,022.5	1,029.8	1,028.0	1,029.8
Adjusted earnings per share (SEK)	1.86	3.18	12.67	22.38

Financial information, per quarter

The Group's adjusted result per quarter

SEK millions	Q1 21	Q2 21	Q3 21	Q4 21	Q1 22	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23
Revenue	19,661	23,673	25,220	27,337	31,575	35,516	31,516	30,138	31,904	31,777	29,339	26,469
Operating expenses	-16,820	-18,779	-18,642	-19,534	-22,381	-24,289	-23,922	-25,505	-26,303	-25,892	-24,028	-23,094
Depreciation/amort.	-867	-815	-784	-791	-821	-844	-857	-869	-869	-907	-935	-963
Affiliated companies	19	4	5	-51	4	12	5	4	2	-14	-5	-12
Financial items	-106	-101	-111	-103	-101	-136	-20	259	54	56	78	61
Result before tax	1,887	3,981	5,689	6,859	8,276	10,260	6,722	4,027	4,787	5,019	4,449	2,460

Revenue per quarter and business segment

SEK millions	Q1 21	Q2 21	Q3 21	Q4 21	Q1 22	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23
SSAB Special Steels	5,122	5,845	5,994	6,549	7,907	8,985	8,431	8,343	8,573	8,646	8,013	6,913
SSAB Europe	8,829	10,246	10,789	12,446	12,657	14,357	11,989	11,065	12,293	12,953	10,909	10,072
SSAB Americas	3,644	4,822	6,061	6,153	7,465	8,842	8,302	7,554	7,714	7,728	7,620	6,711
Tibnor	2,656	3,214	3,063	3,443	4,463	4,783	3,594	3,784	4,048	3,600	3,012	3,030
Ruukki Construction	1,122	1,593	1,766	1,518	1,588	2,020	1,739	1,534	1,329	1,559	1,587	1,335
Other	—	—	—	—	—	—	—	—	—	—	—	—
Group adjustments	-1,713	-2,047	-2,453	-2,773	-2,504	-3,472	-2,539	-2,143	-2,053	-2,709	-1,802	-1,593
Total	19,661	23,673	25,220	27,337	31,575	35,516	31,516	30,138	31,904	31,777	29,339	26,469

Adjusted EBITDA, per quarter and business segment

SEK millions	Q1 21	Q2 21	Q3 21	Q4 21	Q1 22	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23
SSAB Special Steels	1,189	1,390	1,210	1,777	2,350	2,648	2,674	1,649	2,380	2,305	2,126	1,199
SSAB Europe	1,139	1,900	2,912	3,690	3,650	4,476	1,856	189	418	1,196	694	599
SSAB Americas	301	1,126	1,926	2,235	3,041	3,563	3,089	2,782	2,728	2,697	2,710	1,739
Tibnor	252	486	552	390	457	653	-133	-361	50	2	-58	-6
Ruukki Construction	87	202	270	202	209	263	206	56	41	63	83	14
Other	-108	-206	-288	-540	-508	-361	-92	323	-18	-393	-247	-181
Total	2,860	4,899	6,582	7,753	9,198	11,241	7,599	4,637	5,600	5,871	5,307	3,364

Adjusted operating result per quarter and business segment

SEK millions	Q1 21	Q2 21	Q3 21	Q4 21	Q1 22	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23
SSAB Special Steels	898	1,159	978	1,523	2,086	2,373	2,390	1,369	2,094	2,003	1,808	847
SSAB Europe	700	1,454	2,503	3,300	3,249	4,069	1,446	-229	0	764	254	165
SSAB Americas	254	1,083	1,882	2,186	2,991	3,511	3,034	2,725	2,675	2,642	2,653	1,681
Tibnor	212	443	510	347	414	608	-181	-408	1	-50	-113	-59
Ruukki Construction	49	163	228	158	160	209	156	-1	-9	10	28	-36
Other	-121	-219	-301	-553	-522	-374	-104	311	-29	-405	-260	-198
Total	1,993	4,083	5,800	6,961	8,377	10,395	6,742	3,768	4,733	4,963	4,371	2,400

From January 1, 2023 onwards the adjusted operating result of the business segments includes depreciation/amortization on surplus values on tangible and intangible assets related to the acquisitions of Ipsco and Rautaruukki. Comparative information has been updated accordingly.

SEK millions	Q1 21	Q2 21	Q3 21	Q4 21	Q1 22	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23
SSAB Special Steels	—	—	—	—	-141	-5	-149	-18,124	—	—	—	—
SSAB Europe	—	—	—	—	-25	-1	1	-2,201	—	—	—	—
SSAB Americas	—	—	—	—	—	—	—	-12,401	—	—	—	—
Tibnor	—	—	—	—	—	—	—	-542	—	—	—	—
Ruukki Construction	—	—	—	—	-49	—	—	—	—	—	—	—
Other	—	—	—	—	—	—	—	—	—	—	—	—
Total	—	—	—	—	-215	-6		-148 -33,269	—	—	—	—

Items affecting comparability in operating result, per quarter and business segment

Items affecting comparability during the fourth quarter of 2022 relate mainly to impairment of goodwill.

Production and shipments

Thousand tonnes	Q1 21	Q2 21	Q3 21	Q4 21	Q1 22	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23
Crude steel production
SSAB Special Steels	648	649	469	545	630	634	592	453	608	651	584	409
SSAB Europe	1,157	1,204	1,080	1,193	889	1,049	1,068	905	1,141	1,142	1,056	1,028
SSAB Americas	297	315	293	328	232	303	256	283	295	297	296	271
Total	2,103	2,168	1,842	2,066	1,751	1,985	1,916	1,641	2,044	2,090	1,936	1,707
Rolling production
SSAB Special Steels	456	466	395	351	419	460	430	358	454	447	418	300
SSAB Europe	1,207	1,290	1,081	1,163	1,065	1,093	1,010	873	1,157	1,186	1,026	1,034
SSAB Americas	272	294	291	303	233	282	232	273	288	265	283	264
Total	1,935	2,050	1,766	1,818	1,716	1,835	1,672	1,505	1,899	1,898	1,727	1,598
Steel shipments
SSAB Special Steels	376	388	348	350	381	396	336	305	349	364	313	279
SSAB Europe	980	980	795	832	844	838	713	778	912	907	759	776
SSAB Americas	480	494	484	413	438	476	416	418	476	451	439	437
Total	1,837	1,861	1,627	1,595	1,664	1,711	1,465	1,502	1,737	1,722	1,510	1,491

Analysis of total change in revenue per business segment

		Change vs. Q4 2022		Change vs. Q3 2023
%	SSAB Special Steels	SSAB Europe	SSAB Americas	SSAB Special Steels	SSAB Europe	SSAB Americas
Price	-2	-9	-16	-2	-6	-11
Product mix	1	1	0	1	0	0
Volume	-9	0	4	-11	2	-1
Currency effects	-2	2	-1	-3	-2	-1
Other sales	-5	-3	2	1	-2	1
Total	-17	-9	-11	-14	-8	-12

Sensitivity analysis

The approximate full-year effect on result before tax and earnings per share of changes in significant factors is shown in the sensitivity analysis below.

% change	Change %	Effect on result before tax. SEK millions	Effect on earnings per share, SEK2)	Effect on equity, SEK millions2)
Steel price - steel operations	+/-10	+/-9,930	+/-7.53	+/-7,745
Volume - steel operations1)	+/-10	+/-2,590	+/-1.97	+/-2,020
Iron ore prices	+/-10	+/-1,160	+/-0.88	+/-905
Coal prices	+/-10	+/-850	+/-0.64	+/-663
Scrap metal prices	+/-10	+/-1,170	+/-0.89	+/-913
Interest rate	+/-1%-point	+/-200	+/-0.15	+/-156
Swedish Krona3)	+/-5	+/-1,350	+/-1.02	+/-1,053

1) Excluding the effect of lower capacity utilization (underabsorption).

2) Calculated based on tax at 20.6%

3) Calculated on SSAB's exposure without currency hedging. Any weakening of the Swedish krona entails a positive effect.

Financial reports – The Parent Company

Parent Company´s statement of profit and loss, in summary

	2023	2022	2023	2022
SEK millions	Q4	Q4	Full-year	Full-year
Gross profit	—	—	—	—
Selling and administrative costs	-176	-171	-638	-485
Other operating income/expenses	92	105	370	274
Operating result	-84	-67	-268	-210
Financial items	10,192	17,089	10,165	16,972
Result after financial items	10,107	17,022	9,897	16,762
Appropriations	65	—	65	—
Result before tax	10,172	17,022	9,962	16,762
Income tax	-57	-114	-16	-60
Result for the period	10,115	16,908	9,946	16,702

Parent company´s statement of comprehensive income, in summary

	2023	2022	2023	2022
SEK millions	Q4	Q4	Full-year	Full-year
Result for the period	10,115	16,908	9,946	16,702
Other comprehensive income
Items that may be classified to the income statement
Cash flow hedges	-41	-7	-61	116
Income tax attributable to cash flow hedges	8	1	13	-24
Other comprehensive income	-33	-6	-49	92
Total comprehensive income for the period	10,083	16,903	9,897	16,794

Parent Company´s statement of financial position, in summary

	2023	2022
SEK millions	Dec 31	Dec 31
Assets
Fixed assets	76,458	71,929
Other current assets	3,100	9,782
Cash and cash equivalents	27,398	23,026
Total assets	106,957	104,738
Equity and liabilities
Restricted equity	9,964	9,964
Unrestricted equity	65,193	65,603
Total equity	75,157	75,567
Non-current liabilities and provisions	4,346	4,612
Current liabilities and provisions	27,453	24,559
Total equity and liabilities	106,957	104,738

This report has been published in Swedish and English. In the event of any differences between the English translation and the Swedish original, the Swedish report shall prevail.

For further information:

Per Hillström, Head of Investor Relations, Tel +46 70-295 29 12 Viktoria Karsberg, Head of Corporate Identity and Group Communications, Tel +46 72-233 52 88

Interim report for January-March 2024

The interim report for the first quarter of 2024 will be published on April 24, 2024.

SSAB AB (publ) P.O. Box 70, SE-101 21 Stockholm, Sweden Telephone +46 8-45 45 700. Telefax +46 8-45 45 725 Visiting address: Klarabergsviadukten 70 D6, Stockholm Email: info@ssab.com www.ssab.com