SSAB — Interim / Quarterly Report 2009

May 5, 2009

Report for the first quarter of 2009

The quarter

• Sales fell by 38% to SEK 8,035 (12,910) million
• Operating profit of SEK -134 (2,748) million
• Profit after financial items of SEK -215 (2,372) million
• Profit after tax of SEK 153 (1,701) million, entailing earnings per share of SEK 0.50 (5.17)
• Operating cash flow of SEK 924 (2,790) million and cash flow from current operations of SEK -376 (1,739) million
• Net debt/equity ratio increased during the quarter from 48% to 52%
• The return on capital employed for the most recent twelve-month period was 13 (17)% and the return on equity was 17 (22)%

Comments by the CEO

As a result of the severe downturn in the steel market, SSAB's earnings were much weaker and the quarter ended with a small loss. The cost savings program which we initiated towards the end of last year has had a positive effect, but on the other hand the market has weakened further.

In light of the weak demand, the savings program will be implemented with continued high intensity and focus on cash flow. During the quarter, we announced that we will extend the normal production outages at our Swedish plants during the summer in order to avoid build up of large inventories of primarily slabs. We are regularly monitoring market trends and we maintain full flexibility in order to adjust the rate of production to changes in demand.

The prospects for the economy in general remain bleak. No real bright spots in the global economy have been reported. The steel market also continues to perform extremely weakly. This is particularly the case in Europe and the US in sectors such as heavy vehicles, mining and construction machinery. Production during the coming quarter will continue to be at a low level, driven by both low consumption of steel and a continued liquidation of inventories by our customers. It appears that the price trend will be weak and prices are now at a significantly lower level than last year. However, it appears as though the prices for our most important raw materials, iron ore and coal, will be lower than last year.

In the shadow of the economic crisis, our customers are continuing to demonstrate great interest in developing new products using high-strength steels and we are enjoying a high level of activity in development projects together with our customers. In the somewhat longer term, I remain optimistic as regards the trend in the steel market. There are many countries that need to develop infrastructure, housing and transportation systems. Increased demand for sustainability, reduced emissions and energy savings will benefit demand for SSAB's steel.

Our employees have demonstrated great flexibility when it comes to quickly adapting staffing and types of operation to the new market situation.

Consolidated income statement

	2009	2008	Apr 08-	2008
SEK millions	Q 1	Q 1		Mar 09 Full year
Sales	8,035	12,910	49,454	54,329
Operating profit	-134	2,748	6,634	9,516
Of which operating profit per business area
- SSAB Strip Products	-366	1,039	1,919	3,324
- SSAB Plate	364	991	2,527	3,154
- SSAB North America 1)	-243	494	2,214	2,951
- Tibnor	-82	256	296	634
- Provision, cost savings program 2)	0	0	-498	-498
Other 3)	193	-32	176	-49
	-134	2,748	6,634	9,516
Financial items	-81	-376	-268	-563
Profit after financial items	-215	2,372	6,366	8,953
Tax 4)	368	-671	-1,406	-2,445
Profit after tax for continuing operations	153	1,701	4,960	6,508
Profit after tax for discontinued operations 5)	0	-190	680	490
Total profit after tax	153	1,511	5,640	6,998
Key ratios
Return on capital employed before tax (%)	-	-	13	17
Return on equity after tax (%)	-	-	17	22
Earnings per share (SEK)	0.50	4.58	17.33	21.41
of which for continuing operations (SEK)	0.50	5.17	15.24	19.90
Goodwill (SEK millions)	22,627	13,863	22,627	21,105
Equity (SEK millions)	35,591	28,557	35,591	35,193
Net debt (SEK millions)	18,631	37,491	18,631	16,992
Net debt/equity ratio (%)	52	131	52	48

1) SSAB North America's operating profit during the first quarter has been affected by SEK 263 (179) million in amortization of surplus values on intangible and tangible fixed assets. During the full year of 2008, these amortizations amounted to SEK 745 million.

2) The provision at the end of 2008 is reported as a joint item for the entire Group. The preliminary allocation between the divisions is SEK 200 million for SSAB Strip Products, SEK 125 million for SSAB Plate, SEK 0 million for SSAB North America, SEK 34 million for Tibnor, SEK 62 million for Other subsidiaries and an unallocated portion of SEK 77 million.

3) Earnings for the first quarter include a profit of SEK 140 (0) million on the sale of emission rights. For the full year of 2008, profit on the sale of emission rights amounted to SEK 240 million.

4) Tax during the quarter was positively affected in the amount of SEK 240 million through a reappraisal of the deferred tax liability from the acquisition of SSAB North America, as a consequence of a changed calculated tax rate.

5) "Discontinued operations" means the tubular business in North America which was sold in 2008. For details about the discontinued business please refer to the Annual Report 2008.

The market

The deep financial crisis and global recession have led to a dramatic decline in industrial demand. Consequently, global steel demand continued to fall during the first quarter and global crude steel production fell by 2% compared with the fourth quarter of 2008. According to statistics from the World Steel Association, crude steel production fell by 23% compared with the first quarter of 2008.

In China, production of crude steel was 17% higher during the first quarter than in the fourth quarter of 2008 and 1% up on the first quarter on the same period of 2008. Prices in China have fallen since the turn of the year, following a moderate recovery towards the end of 2008. GNP growth in China for the first quarter was 6.1%, compared with 6.8% for the fourth quarter of 2008. China's exports of steel products fell during the quarter as a consequence of declining demand, primarily in their most significant geographic markets.

According to Steel Business Briefing, capacity utilization in the US steel industry over the past four months has been below 50% and, in some weeks, even on a 40% level. Demand and steel prices have continued to fall and steel production in the US declined by 21% compared with the fourth quarter of 2008. Compared with the first quarter of 2008, steel production has fallen by 52%.

Steel production in Europe was 17% lower than in the fourth quarter of 2008 and 41% lower than in the first quarter of 2008. Capacity utilization within the EU during the first quarter of the year was approximately 50%.

SSAB, similar to other steel companies, has witnessed a continued decline in deliveries during the quarter. SSAB's deliveries declined by 39% compared with the fourth quarter of 2008. SSAB Plate's prices in SEK for quenched steels increased by 4% during the quarter. SSAB Strip Products' prices on all deliveries were 8% lower, while the Division's prices for AHSS were 5% higher during the same period. SSAB North America's prices in USD declined by 21% during the quarter.

SSAB's total capacity utilization during the quarter was just below 50%. The maintenance outage in Mobile has taken place according to plan and the mill was taken into operation during the second week of April.

Scrap metal prices in North America declined gradually during the first quarter of 2009. On average, market prices were at the same level as during the final quarter of 2008.

Cost savings program

As a consequence of the dramatic downturn in the steel market and the uncertain prospects for 2009, at the beginning of December the Board decided on a cost savings program which is expected to reduce operating costs by at least SEK one billion per year. The program includes a cut-back in personnel affecting 1,300 jobs. The cost savings program is being implemented in 2009 and the full impact is expected to be felt in 2010. The cost is estimated at approximately SEK 550 million, of which SEK 498 million was incurred in 2008. During the first quarter of 2009, negotiations with the labor unions have taken place according to plan. At the same time the program has proceeded somewhat better than expected. Thus far, SEK 23 million of the provision has been utilized. Certain savings have been realized already in the first quarter and the program will gradually have additional effect during the rest of the year.

The Group

Sales amounted to SEK 8,035 (12,910) million, a reduction of SEK 4,875 million or 38%. Lower volumes accounted for a negative effect of 53 percentage points while higher prices had a positive effect of 5 percentage points, a positive currency effect accounted for 8 percentage points and an improved product mix for 2 percentage points.

Operating profit declined by SEK 2,882 million to SEK -134 (2,748) million. The profit analysis is set forth in the table below.

and 2008 (SEK millions)
Steel operations
- Improved prices	+960
- Lower volumes	-2,280
- Higher variable manufacturing cost	-1,610
Tibnor
- Lower volumes, change in mix and margins	-300
Fixed costs	+410
Other	-62
Change in operating profit	-2,882

Change in operating profit, excluding non-recurring items, between the first quarter of 2009

Operating profit during the first quarter was negatively affected by write-down of inventories of finished goods in the steel operations and Tibnor in the amount of SEK 220 (5) million, as well as coke stocks in the amount of SEK 182 (-) million, but was positively affected by SEK 140 million from the sale of emissions rights. Sales have been positively affected by approximately SEK 1,000 million while the operating costs have been negatively affected by approximately SEK 400 million due to a weak Swedish kronor compared with the first quarter of 2008.

Financial items improved compared to the first quarter of 2008 as a consequence of an improved currency result, lower indebtedness and a lower interest rate level. Financial items amounted to SEK -81 (-376) million.

Profit after financial items declined by SEK 2,587 million and amounted to SEK -215 (2,372) million.

Tax

Tax was positive and amounted to SEK 368 (-671) million. Tax during the quarter was positively affected by SEK 240 million due to a reappraisal of the deferred tax liability from the acquisition of SSAB North America, as a consequence of a changed calculated tax rate.

Profit and earnings per share

Profit after tax (attributable to the shareholders) during the quarter, in respect of the continuing operations, amounted to SEK 163 (1,673) million, equal to SEK 0.50 (5.17) per share. Profit including divested operations amounted to SEK 163 (1,483) million, equal to SEK 0.50 (4.58) per share.

Financing and liquidity

Cash flow from current operations comprises cash flow after financial items and paid tax, changes in working capital, and maintenance investments. The operations generated a cash flow of SEK 924 (2,790) million, but due to mainly large tax payments, the cash flow from current operations for the entire business amounted to SEK -376 (1,739) million. Cash flow has been negatively affected by payments made of approx. SEK 25 million as regards the ongoing cost savings program.

Cash flow before financing and dividends amounted to SEK -611 (1,667) million. Together with effects of negative currency translation on debts in the amount of SEK -1,028 (4,485) million, the net debt since the turn of the year increased by SEK 1,639 million and, as of March 31, amounted to SEK 18,631 (37,491) million, equal to a net debt/equity ratio of 52 (131)%. The dividend decided upon at the Annual General Meeting on March 31 was booked as a decrease in shareholders' equity and as an interest-free debt until payment, which took place on April 8.

The average term to maturity on the loan portfolio as of March 31, 2009 was 3.7 years, with a fixed interest period of 0.8 years. Short-term commercial paper accounted for SEK 2,241 (4,072) million of the loan portfolio of SEK 22,144 million. The debt payment capacity (measured as profit before tax with a reversal of depreciations and amortization on tangible and intangible assets, deduction of profit from shares in affiliated companies and non-recurring items, as well as deduction for tax payments, in relation to the net debt) amounted to 30% on an annual basis.

At March 31, the Group's liquidity preparedness comprising cash and cash equivalents as well as nonutilized and binding credit facilities but reduced with the short-term commercial paper program of SEK 2,241 (4,072) million amounted to SEK 8,552 (5,255) million, equal to approximately 17 (12)% of annual sales. Including the short-term commercial paper program the liquidity preparedness amounted to approximately 22 (21)% of annual sales.

	2009	2008	Apr 08-	2008
SEK millions	Q 1	Q 1	Mar 09	Full year
SSAB Strip Products	117	1,049	1,760	2,692
SSAB Plate	26	641	1,203	1,818
SSAB North America	619	799	3,959	4,139
Tubular business (up to date of divestment)	0	518	-678	-160
Tibnor	110	105	682	677
Other	52	-322	293	-81
Operating cash flow	924	2,790	7,219	9,085
Financial items 1)	-250	-526	-856	-1,132
Taxes 2)	-1,050	-525	-3,091	-2,566
Cash flow from current operations	-376	1,739	3,272	5,387
Acquisition of companies and operations	0	0	-10	-10
Strategic investments	-266	-72	-964	-770
Divestment of companies and businesses 3)	31	0	24,949	24,918
Cash flow before dividend and financing	-611	1,667	27,247	29,525
Dividend 4)	0	0	-1,620	-1,620
Net debt in divested companies	0	0	817	817
Currency translation, etc. 5)	-1,028	4,485	-7,584	-2,071
Change, net loan debt	-1,639	6,152	18,860	26,651

Operating cash flow/change in net debt

1) Financial items consist of paid interest, while reappraisals of financial instruments and currency differences are reported in financing activities.

2) Taxes relate to tax paid during the period. The first quarter 2009 includes SEK -227 million in paid tax on the divestment of the tubular business. 3) Divested companies and businesses during the year relates to SSAB Laminated Steel (lamination of steel and aluminum sheet), while for 2008

it relates to the North American tubular business.

4) The dividend of SEK 1,296 (1,620) million was decided upon in March but paid out at the beginning of April.

5) Most of the currency translation comprised reappraisals of liabilities against equity for hedging of foreign operations.

Non-recurring items

During the first quarter, no non-recurring items were identified.

Return on capital employed/equity

The return on capital employed before tax for the total business for the most recent twelve-month period was 13% and the return on equity after tax was 17%. For 2008, the corresponding figures were 17% and 22% respectively.

Equity

Following a contribution to equity of SEK 163 million from the profit attributable to the Company's shareholders for the quarter and other comprehensive income comprising positive translation differences of SEK 2,381 million, hedging of net investments of SEK -1,102 million and tax attributable to hedging of SEK 290 million, shareholders' equity in the Company amounted to SEK 36,726 million. The dividend decided upon by the Annual General Meeting entailed that SEK 1,296 million (SEK 4.00/share) was paid out to the shareholders at the beginning of April. Following the dividend to the shareholders, shareholders' equity in the Company at the end of the quarter amounted to SEK 35,430 (28,398) million, equal to SEK 109.37 (87.67) per share.

Capital expenditures

During the first quarter, decisions were taken regarding new investments totaling SEK 88 (826) million, of which SEK 0 (0) million related to strategic investments. Capital expenditure payments for the entire business amounted to SEK 514 (631) million, of which SEK 266 (71) million related to strategic investments. Project planning of the major strategic investments is continuing, at the same time as the Company has put on hold firm orders regarding parts of the program.

Business areas

The steel operations jointly

No iron ore and coal agreements have yet been concluded. Demand for both iron ore and coal has fallen dramatically, and consequently the suppliers' rate of production has been decreased. On the spot market, the price of iron ore in USD has fallen by approx. 40% from the price level in 2008, while certain coal price agreements indicate price reductions of approx. 60%. However, due to the weakening of the Swedish krona, the effect in Swedish kronor will not be as large. Iron ore agreements will enter into effect at the beginning of the year but, due to existing stocks, the full impact on earnings will not be felt until the second quarter. Coal agreements will enter into effect on April 1 but, due to existing stocks, it is estimated that they will have a certain impact on earnings only in the latter part of the year.

The cost for scrap metal per tonne of produced steel for SSAB North America fell by 30% compared with the fourth quarter of last year.

0 1000 2000 3000 4000 5000 6000 2005 2006 2007 2008 2009 SEKm Sales Q1 -400 -200 0 200 400 600 800 1000 1200 2005 2006 2007 2008 2009 SEKm Operating profit Q1 -20% -10% 0% 10% 20% 30% 40% 50% 2005 2006 2007 2008 2009 Operating margin Q1

SSAB Strip Products

Prices in local currencies of the Division's deliveries of strip products decreased by 10% compared with the fourth quarter of 2008. Following changes in the product mix and exchange rates, the price reduction was 8%. Prices in Swedish kronor for advanced high-strength steels (AHSS) increased, however, by 5%.

Sales declined by 43% compared with the first quarter of 2008 and amounted to SEK 2,644 (4,614) million.

As a consequence of substantially weaker demand, steel deliveries declined by 56% in the first quarter compared with the same quarter of last year and operating profit declined by SEK 1,405 million to SEK -366 (1,039) million. Profit includes SEK 85 (-) million in write-down of inventories to net realizable value.

Deliveries of strip products amounted to 308 (695) thousand tonnes. Of this total, deliveries of advanced high-strength steels (AHSS) accounted for 96 (233) thousand tonnes. Deliveries of AHSS thus accounted for 31 (34)% of total strip product deliveries.

Production has been reduced in response to the weaker demand. Since the middle of November, production in the blast furnace in Luleå has been reduced to the technically feasible minimum level for operation. Crude steel production during the quarter amounted to 342 (607) thousand tonnes, while strip production amounted to 283 (718) thousand tonnes.

During the quarter, decisions were taken regarding new capital expenditures totaling SEK 18 (319) million. The largest ongoing investment relates to the establishment of direct quenching capacity for sheet and a new cutting line in Borlänge, for a total of approx. SEK 1.5 billion. It is estimated that the investment will initially allow for an increase in the annual volume of quenched sheet to 300 thousand tonnes. Total capital expenditure payments during the quarter amounted to SEK 219 (163) million, of which SEK 57 (34) million related to strategic investments.

SSAB Plate

Prices in local currencies of the Division's deliveries of quenched steels decreased by 14% compared with prices during the fourth quarter of 2008. However, including changes in the product mix and exchange rate changes this meant a price increase of 4%.

Demand for quenched steels, which fell towards the end of 2008, continued to diminish during the first quarter. Deliveries of quenched steels were 37% lower than in the first quarter of 2008 and amounted to 99 (156) thousand tonnes. Demand in Europe is particularly weak. Deliveries of quenched steels accounted for 94 (93)% of total plate deliveries.

Sales declined by 32% compared with the first quarter of 2008 and amounted to SEK 2,364 (3,494) million.

Higher prices as a consequence of a favorable exchange rate and an improved mix compensated in part for higher costs but, due to the lower delivery volume, operating profit for the quarter fell by SEK 627 million to SEK 364 (991) million. The profit includes SEK 152 (-) million in impairment of inventories to net realizable value.

One of the blast furnaces was stopped for earlier maintenance repairs from the middle of December and, due to the state of the market, has not been in operation during the first quarter. Crude steel production during the quarter amounted to 150 (420) thousand tonnes. Plate production during the quarter amounted to 89 (171) thousand tonnes.

During the quarter, decisions were taken regarding new capital expenditures totaling SEK 53 (425) million. The largest ongoing investment involves almost SEK 1 billion and is intended to increase annual quenched steel production capacity by a further 80 thousand tonnes to 780 thousand tonnes. Total capital expenditure payments during the quarter amounted to SEK 148 (156) million, of which SEK 113 (37) million related to strategic investments.

Prices in USD for the Division's plate deliveries declined during the quarter by 21% compared with prices during the fourth quarter of 2008.

Sales fell by 43% compared with the first quarter of 2008 and amounted to SEK 1,930 (3,357) million.

Operating profit for the quarter before amortization on surplus values amounted to SEK 20 (673) million. Lower deliveries were partly offset by lower scrap metal costs. Operating profit after amortization on surplus values amounted to SEK -243 (494) million. The profit includes SEK 67 (5) million in writedown of inventories to net realizable value.

As a consequence of a sharp fall in demand, plate deliveries declined by 61% compared with the first quarter of 2008 and amounted to 265 (679) thousand tonnes. Deliveries of niche products were 66% down on the first quarter of last year and amounted to 28 (83) thousand tonnes. Deliveries of niche products thus accounted for 11 (12)% of total deliveries.

The work on integrating SSAB North America with the "old" SSAB and capturing the identified synergies is proceeding according to plan despite the downturn in the economy.

Plate production during the quarter was reduced in response to weaker demand and amounted to 260 (637) thousand tonnes. The steel mill in Mobile, USA was stopped in the middle of March for a fourweek maintenance outage. The steel mill returned to operation at the beginning of April.

During the quarter, decisions were taken regarding new capital expenditures totaling SEK 17 (40) million. The largest ongoing investment comprises a new advanced quenching line for plate in Mobile. The new quenching line will provide increased annual capacity for 300 thousand tonnes of quenched plate. The investment also includes a separate annealing line, an automated high-bay storage facility, a blasting and organic coating plant, equipment for increased loading capacity, a tank vacuum facility for ensuring purity of the steel, and modifications to the rolling mill for improved rolling precision and flexibility. Capital expenditure payments during the quarter totaled SEK 128 (44) million, of which SEK 96 (0) million related to strategic investments.

Tibnor

The pace of deliveries fell sharply during the quarter and deliveries were 48% down on the first quarter of 2008.

Sales declined by 44% compared with the first quarter of last year and amounted to SEK 1,578 (2,820) million.

Operating profit for the quarter was SEK -82 (256) million, which included a negative effect of inventory write-down of SEK 105 (-) million.

Environmental issues during the quarter

SSAB has, for the first time, published a Sustainability Report as well as a White Book regarding carbon dioxide emissions. In the Swedish operations, the annual environmental reports and carbon dioxide reports were submitted to the authorities during March. With respect to the operations in the United States, the first baghouse dust shipments from the electric arc furnaces in Mobile were sent to the new dust recycling station in Alabama. In this way, the need for landfilling will be reduced. In addition, an application to construct a tank vacuum plant in Mobile has been filed with the Alabama Department of Environmental Management. The application describes emissions into the air. In Montpelier, all

permits are now in place for constructing the research and development plant at the steel mill. It can also be mentioned that, in order to reduce the impact on the environment, Tibnor has decided that in 2009 it will increase by 10% the portion of deliveries of incoming materials taking place by rail, as compared with truck deliveries.

As a consequence of the lower production and the resulting lower carbon dioxide emissions, 1.2 million emission rights were sold for SEK 140 million during the first quarter.

Prospects for the remainder of the year

The macroeconomic changes have been dramatic and led to a deep global recession. In its most recent forecast, the International Monetary Fund (IMF) makes the assessment that total global GNP will decline by 1.3% in 2009, notwithstanding the extensive stimulus packages launched in many countries. This is the deepest global recession since the Great Depression of the 1930's and, according to the IMF, a recovery will not take place until the financial sector functions normally. Demand for steel is dependent on a functioning credit market, since the end users of steel products require access to financing in order to make replacement investments and new investments. Liquidation of inventories of steel products must also be carried out before steel demand can increase.

Demand for steel products is expected to continue to be weak during the second quarter of 2009. Pressure on prices of steel products is continuing. According to the World Steel Association, the trend for the full year of 2009 entails a reduction in steel consumption of 15% compared with 2008.

SSAB has taken measures in response to the prevailing market conditions. Capacity utilization at SSAB's production lines is currently significantly below normal. In order to avoid inventory buildup, production is being regularly adjusted with extended maintenance outages and/or lower rates of production, based on the market's needs. A decision has been made to further prolong the production stop of the second blast furnace in Oxelösund by shutting it down already from the middle of May.

Iron ore and coal agreements have not yet been concluded, but the market's assessment is that both iron ore and coal prices in USD will decline compared with the 2008 agreements. Iron ore agreements affect earnings during the first half of the year, while coal agreements will affect earnings only during the latter part of 2009.

The cost savings program will generate annual savings of SEK 1 billion commencing 2010 and is proceeding somewhat faster than expected, and the savings will gradually give additional effect during the rest of the year. Focus is on cash flow and capital expenditure payments for the year are assessed at approximately SEK 2 billion. Project planning regarding the investments decided upon in the autumn is continuing, while at the same time the Company has put on hold firm orders for parts of the program.

Development projects together with customers are continuing at a higher level than ever before, in order to utilize the advantages offered by SSAB's niche products. In this way, both SSAB and its customers are well prepared for the day when the market situation improves.

Accounting principles

This quarterly report has been prepared in accordance with IAS 34.

Commencing January 1, 2009, in accordance with the amended IAS 1, Presentation of Financial Statements, in addition to the income statement a statement of comprehensive income will also be presented. Comprehensive income comprises revenues and expenditures from transactions previously reported directly in shareholders' equity, e.g. cash flow hedging, hedging of net investments and translation differences. SSAB has chosen to present the Group's comprehensive income divided into two reports, an income statement and a statement of other comprehensive income.

The new standard for Segment Reporting, IFRS 8, entered into force on January 1, 2009 but, already prior thereto, the management's follow-up of the Group's earnings and financial position had corresponded to the segment division, and thus this standard has had no impact on the financial statements.

SSAB decided to apply the revised recommendation IAS 23, Borrowing Costs, as early as October 1, 2008. Thus, borrowing costs for major investments which began not earlier than October 1, 2008 have been capitalized as a part of the investment. In accordance with the Company's definitions, the investments in respect of which borrowing costs are capitalized must amount to at least SEK 500 million and be expected to take at least twelve months to completion. The borrowing costs capitalized during

the fourth quarter of 2008 amounted to SEK 1 million and, for the first quarter of 2009, to SEK 4 million.

The accounting principles are otherwise unchanged since the annual accounts for 2008 and are based on International Financial Reporting Standards as adopted by the EU and the consequential references to Chapter 9 of the Annual Accounts Act. Reporting standards and applications introduced during the year have otherwise had no effect on the Group's results and financial position. The accounts of the parent company have been prepared in accordance with RFR 2.2 and the Annual Accounts Act.

Risks and uncertainty

The dramatic developments on the global financial markets of recent times and the negative impact thereof on the global economy have resulted in increased risks and an increased general uncertainty.

The main risks and uncertainty factors facing the Group as a consequence of this are related to the impact of the state of the economy on demand, existing financing and possibilities for future financing, as well as changes in the value of fixed assets and operating assets.

For further information regarding significant risks and uncertainty factors, reference is made to the detailed description in the Annual Report for 2008.

Sensitivity analysis

The approximate full year effect on profit after financial items and earnings per share of changes in significant factors is shown in the sensitivity analysis below.

	Change, %	Effect on profit, SEK millions	Effect on earnings per share, SEK
Steel prices – steel operations	10	2,410	5.50
Volumes – steel operations	10	640	1.45
Iron ore prices 1)	10	270	0.60
Coal and coke prices 1)	10	300	0.70
Scrap metal prices 2)	10	190	0.45
Interest rates	1 percentage point	220	0.50
Krona index	5	300	0.70

1) Prices are established in annual agreements.

2) Changes in scrap metal prices in SSAB North America also affect sales prices for steel to a certain extent, since a

scrap price supplement is applied when setting prices.

3) Calculated on SSAB's exposure. A weaker krona will have a positive effect.

Stockholm, May 4 2009

Olof Faxander President and CEO

Review report These results have not been reviewed by the auditors.

Production and deliveries

Thousand tonnes	1/07	2/07	3/07	4/07	1/08	2/08	3/08	4/08	1/09
Crude steel production
- SSAB Strip Products	580	581	539	604	607	586	616	470	342
- SSAB Plate	456	449	316	432	420	382	223	312	150
- SSAB North America	560	647	687	689	679	685	593	501	280
- Total	1,596	1,677	1,542	1,725	1,706	1,653	1,432	1,283	772
Steel production 1)
- SSAB Strip Products	727	686	548	692	718	651	543	450	283
- SSAB Plate	163	158	129	179	171	182	125	162	89
- SSAB North America	505	595	647	638	637	649	568	491	260
- Total	1,395	1,439	1,324	1,509	1,526	1,482	1,236	1,103	632
Steel deliveries
- SSAB Strip Products	665	656	530	600	695	643	540	456	308
- SSAB Plate	165	151	137	156	168	180	143	132	105
- SSAB North America	575	598	647	685	679	655	596	516	265
- Total	1,405	1,405	1,314	1,441	1,542	1,478	1,279	1,104	678
of which
- AHSS, Strip Products 2)	212	213	189	203	233	228	201	195	96
- Quenched steels, Plate	145	137	129	146	156	166	136	128	99
- AHSS, North America 2)	26	23	49	62	60	41	70	71	24
- Quenched steels, North America	10	18	20	20	23	23	25	14	4
- Total core niche products	393	391	387	431	472	458	432	408	223

1) Including subcontract rolling

2) Advanced high strength steels

The report for the second quarter of 2009 will be published on July 27, 2009.

SSAB AB (publ) Reg. no. 556016-3429

Consolidated income statement

	2009	2008	Apr 08-	2008
SEK millions	Q 1	Q 1	Mar 09	Full year
Sales	8,035	12,910	49,454	54,329
Costs of goods sold	-7,643	-9,147	-40,693	-42,197
Gross profit	392	3,763	8,761	12,132
Selling and administrative costs	-861	-859	-3,346	-3,344
Other operating income and expenses 1)	353	-174	1,160	633
Affiliated companies, profit after tax	-18	18	59	95
Operating profit	-134	2,748	6,634	9,516
Financial income	91	34	460	403
Financial expenses	-172	-410	-728	-966
Profit for the period after financial items	-215	2,372	6,366	8,953
Tax 2)	368	-671	-1,406	-2,445
Profit for the period after tax, continuing operations	153	1,701	4,960	6,508
Profit for the period after tax, discontinued operations 3)	0	-190	680	490
Profit for the period after tax	153	1,511	5,640	6,998
Attributable to:
- the Parent Company's shareholders	163	1,483	5,615	6,935
- minority interests	-10	28	25	63
Key ratios
Return on capital employed before tax (%)	-	-	13	17
Return on equity after tax (%)	-	-	17	22
Earnings per share (SEK) 4)	0.50	4.58	17.33	21.41
- of which continuing operations (SEK) 4)	0.50	5.17	15.24	19.90
Equity per share (SEK)	109.37	87.67	109.37	108.64
Equity ratio including minority (%)	50	33	50	51
Net debt/equity ratio (%)	52	131	52	48
Average number of shares during the period (millions)	323.9	323.9	323.9	323.9
Number of shares at end of period (millions)	323.9	323.9	323.9	323.9
Average number of employees	-	-	9,104	9,172

1) The results for the quarter include primarily exchange rate profits on operating receivables/liabilities of SEK 201 (-121) million and profit from the sale of emission rights of SEK 140 (0) million.

2) Tax during the quarter was positively affected by SEK 240 million through a reappraisal of the deferred tax liability from the acquisition of SSAB North America, as a consequence of a changed calculated tax rate.

3) Discontinued business relates to the tubular business in North America, which was divested in 2008. For details about the discontinued business please refer to the Annual Report 2008.

4) There are no outstanding share instruments, and thus no dilution is relevant.

Consolidated statement of comprehensive income

	2009	2008	Apr 08-	2008
SEK millions	Q 1	Q 1	Mar 09	Full year
Profit for the period after tax	153	1,511	5,640	6,998
Other comprehensive income
Translation differences for the period	2,369	-1,068	6,992	3,555
Hedging of currency risks in foreign operations	-1,102	721	-5,569	-3,746
Share in other comprehensive income of affiliated companies
and joint ventures	14	-8	22	0
Tax attributable to other comprehensive income	290	0	1,274	984
Other comprehensive income for the period, net after tax	1,571	-355	2,719	793
Total comprehensive income for the period	1,724	1,156	8,359	7,791
Of which attributable to:
- parent company's shareholders	1,732	1,128	8,328	7,724
- minority interest	-8	28	31	67

Consolidated statement of changes in equity

Equity attributable to the parent company's shareholders
		Other con
	Share	tributed	Translation	Retained			Total
SEK millions	capital	funds	reserve	earnings	Total	Minority	equity
Equity, December 31, 2007	2,851	9,944	150	15,945	28,890	229	29,119
Changes Jan 1 – March 31, 2008
Comprehensive income for the period			-355	1,483	1,128	28	1,156
Dividend				-1,620	-1,620	-98	-1,718
Equity, March 31, 2008	2,851	9,944	-205	15,808	28,398	159	28,557
Changes Apr 1 – Dec 31, 2008
Comprehensive income for the period			1,144	5,452	6,596	39	6,635
Dividend						1	1
Equity, December 31, 2008	2,851	9,944	939	21,260	34,994	199	35,193
Changes Jan 1 – March 31, 2009
Comprehensive income for the period			1,569	163	1,732	-8	1,724
Dividend				-1,296	-1,296	-30	-1,326
Equity, March 31, 2009	2,851	9,944	2,508	20,127	35,430	161	35,591

There are 323,934,755 shares with a par value of SEK 8.80.

	Mar 31	Mar 31	Dec 31
SEK millions	2009	2008	2008
Assets
Goodwill	22,627	13,863	21,105
Other intangible assets	6,899	6,498	6,663
Tangible fixed assets	18,259	15,149	17,584
Participations in affiliated companies	367	365	373
Financial assets	59	169	119
Deferred tax receivables	267	198	245
Total fixed assets	48,478	36,242	46,089
Inventories	11,794	10,151	12,924
Accounts receivable	4,924	7,601	5,921
Current tax receivables	540	0	154
Other current receivables	1,233	2,073	1,454
Cash and cash equivalents	3,632	1,166	2,713
Total current assets in continuing operations	22,123	20,991	23,166
Assets in discontinued operations	-	29,690	-
Total current assets	22,123	50,681	23,166
Total assets	70,601	86,923	69,255
Equity and liabilities
Equity for shareholders in the company	35,430	28,398	34,994
Minority shares	161	159	199
Total equity	35,591	28,557	35,193
Deferred tax liabilities	6,031	5,162	6,279
Other long-term provisions	416	150	504
Long-term interest-bearing liabilities	19,060	34,471	18,064
Total long-term liabilities	25,507	39,783	24,847
Current interest-bearing liabilities	3,096	3,524	1,640
Current tax liabilities	131	435	868
Accounts payable	2,638	3,400	3,831
Other current liabilities 1)	3,638	5,955	2,876
Total current liabilities in continuing operations	9,503	13,314	9,215
Liabilities in discontinued operations	-	5,269	-
Total current liabilities	9,503	18,583	9,215
Total equity and liabilities	70,601	86,923	69,255

1) As of March 31 includes SEK 1,296 (1,620) million in dividend to shareholders booked as a liability. On March 31, 2008, the liability was included in current interest-bearing liabilities, but has now been reclassified.

Cash flow (entire business)

	2009	2008	Apr 08-	2008
SEK millions	Q 1	Q 1	Mar 09	Full year
Profit from operations 1)	-888	2,731	6,201	9,820
Change in working capital	688	-541	-1,530	-2,759
Cash flow from operations	-200	2,190	4,671	7,061
Capital expenditure payments, plants	-514	-631	-2,489	-2,606
Divested companies and businesses 2)	31	0	24,949	24,918
Other investing activities	72	110	113	151
Cash flow from investing activities	-411	-521	22,573	22,463
Dividend/redemption to shareholders	0	0	-1,620	-1,620
Other financing activities	1,530	-2,210	-23,158	-26,898
Cash flow from financing activities	1,530	-2,210	-24,778	-28,518
Change in cash and cash equivalents	919	-541	2,466	1,006

1) After financial items and paid tax.

2) "Divested companies and businesses" for the year relates to SSAB Laminated Steel (lamination of steel and aluminum sheet), while for 2008 it relates to the North American tubular business.

The divisions'/subsidiaries' sales, profits and return on capital employed

		Sales		Operating profit	Return on capital employed (%)
						3)
	2009	2008	2009	2008	Apr 08-	2008
SEK millions	Q 1	Q 1	Q 1	Q 1	Mar 09	Full year
SSAB Strip Products	2,644	4,614	-366	1,039	21	39
SSAB Plate	2,364	3,494	364	991	29	40
SSAB North America 1)	1,930	3,357	-243	494	5 (22)	10 (33)
Tibnor	1,578	2,820	-82	256	13	31
Other subsidiaries	339	480	-43	-17	-	-
Parent Company 2)	-	-	112	-59	-	-
Parent Company's affiliated companies	-	-	0	14	-	-
Other Group adjustments	-820	-1,855	124	30	-	-
Total continuing operations	8,035	12,910	-134	2,748	13	17

1) SSAB North America's sales and operating profit relate to the continuing operations. The operating profit during the first quarter is affected by SEK 263 (179) million in amortization on surplus values on intangible and tangible assets.

2) The Parent Company's profit includes a profit of SEK 140 (0) million on the sale of emission rights.

2) The return on capital employed, calculated without surplus values from the acquisition, is reported in brackets.

Results per quarter

SEK millions	1/07	2/07	3/07	4/07	1/08	2/08	3/08	4/08	1/09
Sales	8,780	9,099	10,358	12,204	12,910	14,957	13,399	13,063	8,035
Operating expenses	-6,420 -7,043		-8,454	-9,091	-9,656	-11,384		-10,243 -11,461	-7,499
Depreciation	-253	-259	-543	-555	-524	-470	-549	-621	-652
Affiliated companies	29	36	19	16	18	46	33	-2	-18
Financial items	2	15	-495	-481	-376	-143	94	-138	-81
Profit after financial items	2,138	1,848	885	2,093	2,372	3,006	2,734	841	-215

Sales per quarter and division/subsidiary

SEK millions	1/07	2/07	3/07	4/07	1/08	2/08	3/08	4/08	1/09
SSAB Strip Products	4,389	4,563	3,756	4,210	4,614	4,875	4,530	3,962	2,644
SSAB Plate	2,856	2,895	2,443	3,101	3,494	3,732	2,995	3,016	2,364
SSAB North America	-	-	2,510	3,597	3,357	4,661	4,244	4,483	1,930
Tibnor	2,774	2,769	2,283	2,587	2,820	3,066	2,489	2,187	1,578
Other	555	803	759	522	480	588	625	478	339
Group adjustments		-1,794 -1,931	-1,393	-1,813	-1,855	-1,965	-1,484	-1,063	-820
Sales	8,780	9,099	10,358	12,204	12,910	14,957	13,399	13,063	8,035

Operating profit per quarter and division/subsidiary

SEK millions	1/07	2/07	3/07	4/07	1/08	2/08	3/08	4/08	1/09
SSAB Strip Products	1,023	879	682	888	1,039	903	1,080	302	-366
SSAB Plate	782	593	499	802	991	1,033	590	540	364
SSAB North America			543	840	494	841	827	789	-243
Tibnor	267	291	159	160	256	343	254	-219	-82
Cost savings program								-498	0
Amortization, surplus value on
inventory			-559	-11	0	0	0	0	0
Other, incl. Parent Company	64	70	56	-105	-32	29	-111	65	193
Operating profit	2,136	1,833	1,380	2,574	2,748	3,149	2,640	979	-134

The Parent Company's income statement

	2009	2008	Apr 08-	2008
SEK millions	Q 1	Q 1	Mar 09	Full year
Gross profit	0	0	0	0
Administrative expenses	-49	-59	-255	-265
Other operating income 1)	161	0	2,658	2,497
Operating profit	112	-59	2,403	2,232
Dividend from subsidiaries	412	705	4,477	4,770
Financial items	-17	-87	721	651
Profit after financial items	507	559	7,601	7,653
Appropriations	0	0	-644	-644
Tax	-26	41	-132	-65
Profit after tax	481	600	6,825	6,944

The Parent Company's balance sheet

	Mar 31	Mar 31	Dec 31
SEK millions	2009	2008	2008
Assets
Tangible assets	5	7	6
Financial assets	36,758	12,990	36,758
Long-term receivables from subsidiaries	32	29,227	32
Deferred tax receivables	1	1	1
Total fixed assets	36,796	42,225	36,797
Current receivables from subsidiaries	13,149	10,568	13,218
Other current interest-bearing receivables	-	-	-
Other current receivables	679	1,686	767
Cash and cash equivalents	3 278	668	2 219
Total current assets	17,106	12,922	16,204
Total assets	53,902	55,147	53,001
Equity and liabilities
Share capital	2,851	2,851	2,851
Statutory reserves	902	902	902
Retained earnings	24,543	19,439	19,706
Profit for the year	481	600	6,944
Total equity	28,777	23,792	30,403
Untaxed reserves	657	13	657
Total untaxed reserves	657	13	657
Pension provisions	5	6	5
Other long-term provisions	223	-	224
Long-term liabilities to subsidiaries	1	1	1
Long-term interest-bearing liabilities	19,021	23,763	18,023
Total long-term liabilities and provisions	19,250	23,770	18,253
Current liabilities to subsidiaries	959	391	1,372
Current interest-bearing liabilities	2,779	5,253	1,482
Current tax liabilities	26	1	548
Accounts payable	10	10	31
Other current liabilities 2)	1,444	1,917	255
Total current liabilities	5,218	7,572	3,688
Total equity and liabilities	53,902	55,147	53,001

1) "Other operating income" consists primarily of a profit of SEK 140 (0) million upon the sale of emission rights.

2) In April 2009, a dividend of SEK 1,296 (1,620) million was paid out to the Company's shareholders, which is booked as a liability in the financial statements for the quarter.

Note:

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

SSAB AB (publ)

Box 70, 101 21 Stockholm Telephone +46-8-45 45 700. Fax +46 -8-45 45 725 Street address: Klarabergsviadukten 70 D6, Stockholm E-mail: info@ssab.com www.ssab.com