SSAB — Interim / Quarterly Report 2022

Apr 26, 2022

INTERIM REPORT

JANUARY – MARCH 2022

April 26, 2022

Interim Report January - March 2022

The first quarter

• Revenue was SEK 31,575 (19,661) million
• Operating profit, excluding items affecting comparability, was SEK 8,377 (1,993) million
• Operating profit, including items affecting comparability, was SEK 8,162 (1,993) million
• Higher steel prices more than offset lower production and higher material costs
• Earnings per share were SEK 5.84 (1.46)
• Net cash was SEK 5,667 (net debt SEK 8,896) million

Key figures

	2022	2021	2021	2021
SEK millions	Q1	Q1	Q4	Full-year
Revenue	31,575	19,661	27,337	95,891
EBITDA 1)	9,198	2,860	7,753	22,094
Operating profit/loss 1)	8,377	1,993	6,961	18,837
Profit/loss after financial items	7,790	1,887	6,859	18,416
Profit/loss after tax	6,016	1,510	5,460	14,673
Earnings per share (SEK)	5.84	1.46	5.30	14.24
Operating cash flow	4,918	1,429	6,479	15,296
Net debt (+) / Net cash (-)	-5,667	8,896	-2,346	-2,346
Net debt/equity ratio (%)	-7	15	-3	-3

1) Excluding items affecting comparability, items affecting comparability amounted to SEK -215 million for write-downs in Ukraine and Russia. For further information see pages 4 and 25.

(In the report, the figures in parentheses refer to the corresponding period for the previous year.)

Comments by the CEO – strong start to 2022 in a turbulent environment

SSAB's first quarter was characterized by high steel prices and earnings rose to a record level. All divisions posted strong results more than offsetting the impact of an unplanned stop in a blast furnace in Raahe, Finland, certain production disruptions in SSAB Americas, as well as higher raw material costs. The tragic situation with the war in Ukraine is affecting the steel markets and SSAB. We have minor operations in Ukraine through Ruukki Construction and our highest priority is to help our employees and their families.

Operating profit for the first quarter increased to SEK 8,377 (1,993) million. Net cash flow was SEK 2.9 (1.2) billion for the first quarter and the Group had net cash of SEK 5.7 billion at the end of the first quarter.

SSAB Special Steels' operating profit increased to a record high SEK 2,104 (914) million and the operating margin rose to 26.7% (17.8%). SSAB's high-strength steels support, among other things, our customers' sustainability strategies and their ambitions to improve productivity and sustainability performance in machinery and other equipment.

SSAB Europe's operating result increased to SEK 3,250 (758) million and the operating margin rose to 25.7% (8.6%). SSAB Americas' operating profit increased to SEK 2,992 (258) million and the margin rose to 40.1% (7.1%).

The tragic situation in Ukraine affected the quarter in many ways. SSAB directly ceased sales to Russia and Belarus and discontinued new purchases of ore and coal from Russia until further notice. Several measures have been introduced to ensure access to raw materials, but there is a risk of disruptions related to sanctions and other fallout from the war in Ukraine. The war has driven up both raw material and steel prices. Order intake rose temporarily during the first quarter since our customers wanted to ensure supply of steel.

Ruukki Construction has minor operations in Ukraine and we are assisting our employees and their families with transport and accommodation, to leave the war zones and go to Poland and other nearby countries.

The outlook for demand and shipments in the second quarter is characterized by some uncertainty, including further issues with component supplies in the vehicle industry as well as bottlenecks continuing to affect logistics chains.

In January 2022, SSAB took a policy decision to fundamentally transform the Nordic strip production and to accelerate the green transition. The decision was taken against the background of strongly growing demand for fossil-free steel. The work with the feasibility studies for the planned mini-mills in Luleå and Raahe is proceeding. In April, SSAB's, LKAB's and Vattenfall's joint HYBRIT initiative received official support from the EU as one of seven projects chosen under the Innovation Fund. The grant amounts to a total of EUR 143 million and consists of EUR 108 million for HYBRIT's demonstration plant in Gällivare, EUR 30 million for SSAB for the conversion of Oxelösund and EUR 5 million for LKAB for the demonstration of fossil-free DRI-pellets production.

Outlook for the second quarter of 2022

The first quarter of 2022 was characterized by an exceptional upturn in demand, due to constraints in steel supply after Russia invaded Ukraine. Demand for steel during the second quarter of 2022 is expected to normalize and, hence, be on a somewhat lower level than in the first quarter. There remain uncertainties with a shortage of components as well as bottlenecks in logistics chains.

For SSAB Special Steels, both shipments and realized prices are expected to be higher during the second quarter of 2022 compared to the prior quarter. Global demand for high-strength steel is believed to remain on a good level during the second quarter in most markets.

For SSAB Europe, both shipments and prices are expected to be somewhat higher during the second quarter of 2022, compared to the first quarter.

SSAB Americas' shipments are expected to be higher during the second quarter than in the first quarter and prices are expected to be somewhat higher.

Higher realized prices will be counteracted by higher input costs at all three steel divisions following a sharp rise in market prices of raw materials during the first quarter of 2022. This is due to the normal lag of around one quarter between changes in market prices and the impact on SSAB's costs. Changes in the market prices for scrap have a lag of around one month for the North American operations.

Outlook for steel divisions

	Q2 2022 vs. Q1 2022
	Shipments	Realized prices
SSAB Special Steels	Higher	Higher
SSAB Europe	Somewhat higher	Somewhat higher
SSAB Americas	Higher	Somewhat higher

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 2022

The Group's total maintenance costs for the full year 2022 are expected to be SEK 1,120 million, compared with the earlier forecast of SEK 1,040 million. Maintenance costs were SEK 1,270 million in 2021. The lower figure for 2022 is explained primarily by SSAB Special Steels, where the steel mill in Mobile had maintenance 2021 and only has maintenance outage every second year. The table below shows the expected costs for major planned maintenance outages for 2022 and the costs of outages completed during 2021. The figures include the impact of the direct maintenance cost and the cost of lower capacity utilization (underabsorption), but exclude lost margins.

Maintenance costs per quarter

	2022	2021	2022	2021	2022	2021	2022	2021	2022	2021
SEK millions	Q1	Q1	Q2	Q2	Q3	Q3	Q4	Q4	Full-year	Full-year
SSAB Special Steels	0	0	0	0	80	440	320	150	400	590
SSAB Europe	0	0	0	0	230	270	120	160	350	430
SSAB Americas	0	0	0	0	0	0	370	250	370	250
Total	0	0	0	0	310	710	810	560	1,120	1,270

The market

During the first quarter, the steel markets were impacted by the war in Ukraine. Higher apparent demand, including restocking, led to a sharp increase in spot prices for strip and plate in Europe and kept plate prices in North America on a high level.

In China, market prices for strip and plate showed an upward trend during the first quarter of 2022.

In North America, demand for heavy plate was good in most customer segments during the first quarter. Inventory levels at distributors were still low.

In Europe, demand was characterized by temporarily increased activity in conjunction with Russia's invasion of Ukraine. Imports into Europe decreased temporarily since volumes from Russia and Ukraine contracted and this affected in particular the heavy plate market. Towards the end of the quarter, import activity from Turkey and Asia, among others, increased.

Global demand for high-strength steel was good in most markets during the quarter.

Items affecting comparability

After Russia invaded Ukraine, the high uncertainty of going concern related to Ruukki Construction operations in Ukraine and SSAB's sales office in Russia led to asset write-downs of SEK 158 (-) million in Russia and a write-down of assets in Ukraine of SEK 56 (-) million. The war and the sanctions imposed on Russia impacted also the outlook of the Fennovoima project in Finland (Voimaosakeyhtiö SF), which shares were written down by SEK 272 million to zero value. In total, items affecting comparability amounted to SEK -490 (-) million during the first quarter of 2022, of which SEK -215 million affected operating profit.

Items affected comparability during the first quarter of 2022

	2022
SEK millions	Q1
Operating expenses
Write-down assets Russia	-158
Write-down assets Ukraine	-56
Total effect on operating profit	-215
Financial items
Write-down investment in Fennovoima (Voimaosakeyhtiö SF)	-272
Total effect on profit after financial items	-487
Taxes	-3
Total effect on profit after tax	-490

SSAB Group – First quarter of 2022

Revenue and operating result

Revenue for the first quarter of 2022 was SEK 31,575 (19,661) million, up 61% compared to the first quarter of 2021. Compared with the fourth quarter of 2021, revenue was up 16%.

Operating result for the first quarter of 2022 was SEK 8,377 (1,993) million, up SEK 6,384 million compared to the first quarter of 2021. All business segments contributed to the improved earnings. Compared to the fourth quarter of 2021, operating result was up SEK 1,416 million. The unplanned outage at one of the blast furnaces in Raahe had a negative effect on operating result of around SEK 600 million.

Revenue and operating profit/loss by business segment

	Revenue			Operating profit/loss
	2022	2021		2022	2021
SEK millions	Q1	Q1	Change	Q1	Q1	Change
SSAB Special Steels	7,907	5,122	2,785	2,104	914	1,189
SSAB Europe	12,657	8,829	3,828	3,250	758	2,492
SSAB Americas	7,465	3,644	3,821	2,992	258	2,735
Tibnor	4,463	2,656	1,806	418	218	200
Ruukki Construction	1,588	1,122	465	163	48	115
Other	-	-	-	-522	-120	-401
Depr. surplus values	-	-	-	-28	-83	55
Group adjustments	-2,504	-1,713	-791	-	-	-
Total	31,575	19,661	11,915	8,377	1,993	6,384

Operating result of 2021 for SSAB Special Steels and SSAB Americas has been restated taking into account the reorganization of Mobile, see page 9 for details.

Analysis of total change in revenue and operating profit/loss

Revenue		Operating profit/loss
	Change vs Q1 2021 %		Change vs Q1 2021 SEK m
Volume	-9	Price and product mix	12,300
Price	51	Volume	-930
Product mix	1	Variable costs	-3,770
Currency effects	9	Fixed costs	-520
Other sales	9	Currency effects	10
		Capacity utilization	-490
		Other	-216
Total	61	Total	6,384

Leading sustainability performance

SSAB's goal is to become the world's safest steel company and to achieve zero accidents and work-related injuries and illnesses. During the first quarter of 2022, lost time injury frequency resulting in an absence of at least one day (LTIF) was 1.6 (2.9). Total recordable injury frequency (TRIF) was 8.9 (9.2).

Energy use increased in line with increased production, rolling 12 months. Direct emissions (Scope 1) increased, partly as a result of the unplanned outage in Raahe. Indirect emissions (Scope 2) decreased, among other things by increased use of renewable energy at the installation in Montpelier.

Key sustainability figures – rolling 12 months

	2022	2021	2021
	Q1	Q1	Full-year
Safety
Lost time injury frequency (LTIF) 1)	1.6	2.9	1.8
Total number of injuries (LTI) 2)	43	76	47
Environment
Energy consumption, GWh 3)	9,264	9,084	9,409
Energy intensity, kWh/tonnes crude steel	1,184	1,202	1,150
CO2e-emissions (Scope 1), thousand tonnes 4)	10,393	9,151	10,629
Indirect CO2e-emissions (Scope 2), thousand tonnes 5)	990	1,218	1,028
CO2e-intensity, tonnes of CO2e/tonnes crude steel 6)	1.45	1.37	1.43

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

2) Number of accidents resulting in an absence of more than one day (LTIs, Lost Time Injuries), including contractors.

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

4) Direct emissions from production (Scope 1).

5) Indirect emissions from the generation of purchased electricity, heating and steam (Scope 2).

6) Includes Scope 1 and Scope 2.

Raw materials

SSAB sources iron ore primarily from LKAB in Sweden and prices vary depending on the market index. SSAB sources coking coal from Australia, the USA and Canada, usually on annual supply contracts with monthly price fixing to market terms. SSAB's mills in the USA uses recycled steel material and source scrap metal on the spot market. SSAB's iron ore costs in the first quarter of 2022 were around 10% higher than in the fourth quarter and virtually unchanged compared to the same quarter last year. Coking coal costs were over 20% higher in the first quarter compared to the fourth quarter last year, and close to 60% higher compared to the first quarter last year. During the first quarter of 2022, SSAB ceased imports of iron ore from Russia and coal purchases have been suspended until further notice.

The table below refers to SSAB's purchase prices. The purchase prices of iron ore and coking coal affects the result with a lag of around one quarter and the scrap purchase prices have a lag of around one month.

Change in SSAB's average purchase prices, first quarter of 2022

	Q1 2021		Q4 2021
% change	USD	SEK	USD	SEK
Iron ore	-9%	2%	29%	36%
Coking coal	179%	211%	48%	58%
Scrap metal	16%	30%	1%	6%

Production and shipments

Crude steel production during the first quarter of 2022 was down 17% compared with the first quarter of 2021 and up 15% compared with the fourth quarter of 2021.

Rolling production during the first quarter of 2022 was down 11% compared with the same quarter of 2021 and down 6% compared with the fourth quarter of 2021.

SSAB's steel shipments during the first quarter of 2022 were 1,664 (1,837) thousand tonnes, down 9% compared with the first quarter of 2021, whereas they were up 4% compared with the fourth quarter of 2021.

Crude steel production, rolling production and steel shipments were affected by the unplanned outage in SSAB Europe's steel mill in Raahe. One of the blast furnaces had a so called chilled heart and had to be stopped for around five weeks during the first quarter.

Production and shipments

	2022	2021	2021	2021
Thousand tonnes	Q1	Q1	Q4	Full-year
Crude steel production	1,751	2,103	2,066	8,179
Rolling production	1,716	1,935	1,818	7,568
Steel shipments	1,664	1,837	1,595	6,921

Earnings after tax and earnings per share

The result after tax (attributable to shareholders in the parent company) was SEK 6,013 (1,507) million, equating to SEK 5.84 (1.46) per share. Tax was SEK -1,773 (-377) million.

Cash flow, financing and liquidity

Operating cash flow amounted to SEK 4,918 (1,429) million. Compared with the first quarter of 2021, cash flow was impacted primarily by higher operating profit, which was counteracted by higher working capital, following higher raw material prices and higher sales prices.

Net cash flow amounted to SEK 2,939 (1,205) million. Net cash at March 31, 2022 was SEK 5,667 (-8,896) million.

The term to maturity of the total loan portfolio at March 31, 2022 averaged 6.1 (5.6) years, with an average fixed interest period of 1.0 (0.9) years.

Cash and cash equivalents were SEK 17,348 (5,507) million and non-utilized credit facilities were SEK 8,659 (8,598) million.

Capital expenditure

Capital expenditure, including acquisitions and divestments of operations, totaled SEK 882 (340) million during the first quarter of which strategic investments were SEK 339 (106) million. The increase compared to the first quarter of 2021 is primarily related to the strategic investments in Mobile to increase capacity of high strength steel and in Oxelösund for the conversion to fossil-free steelmaking. The sum of maintenance and strategic expenditure is expected to be around SEK 5 billion for the full-year of 2022 (unchanged). The corresponding capital expenditure for 2021 was SEK 2.9 billion.

Operating cash flow and net debt

	2022	2021	2021
SEK millions	Q1	Q1	Full-year
Operating profit before depreciation/amortization	8,996	2,860	22,094
Change in working capital	-4,404	-1,180	-5,485
Maintenance expenditures	-272	-211	-2,053
Other	599	-41	741
Operating cash flow	4,918	1,429	15,296
Financial items	-15	-64	-373
Taxes	-1,354	-31	-1,357
Cash flow from current operations	3,549	1,334	13,566
Strategic expenditures in plants and machinery	-339	-106	-835
Acquisitions of shares and operations	-271	-24	-130
Divestments of shares and operations	-	-	-
Cash flow before dividend	2,939	1,205	12,602
Dividend, non-controlling interest	-	-	-9
Acquisitions of shares, non-controlling interest	-	-	-157
Net cash flow	2,939	1,205	12,436
Net cash (+) / Net debt (-) at beginning of period	2,346	-10,278	-10,278
Net cash flow	2,939	1,205	12,436
Other 1)	382	177	188
Net cash (+) / Net debt (-) at the end of period	5,667	-8,896	2,346

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

Business segments – First quarter of 2022

The information in the tables below excludes the depreciation/amortization on surplus values on tangible and intangible assets relating to the acquisitions of IPSCO during 2007 and Rautaruukki during 2014 and excludes items affecting comparability. For more information about the business segments, see page 21.

SSAB Special Steels

First quarter in brief

• Shipments rose 1% to 381 (376) thousand tonnes
• Good demand, stable production and higher prices
• Operating profit increased to SEK 2,104 (914) million as a result of higher prices

Key figures

	2022	2021	2021	2021
SEK millions	Q1	Q1	Q4	Full-year
Revenue	7,907	5,122	6,549	23,510
Operating profit before depr./amort., EBITDA	2,350	1,189	1,777	5,567
Operating profit	2,104	914	1,540	4,624
Operating cash flow	2,084	814	1,055	3,916
Number of employees at end of period	3,972	3,838	3,922	3,922

Operating profit excludes depreciation/amortization on surplus values on tangible and intangible assets related to the acquisition of IPSCO. Depreciation/amortization on surplus values during the first quarter was SEK 18 (16) million. Items affecting comparability was SEK -141 (-) million. From the third quarter of 2021 onwards, the steel mill in Mobile has been part of SSAB Special Steels and the reference figures have been restated accordingly to reflect this.

Revenue and operating profit

Revenue was up 54% compared with the first quarter of 2021 and amounted to SEK 7,907 (5,122) million. Higher prices had a positive impact of 42 percentage points, higher volumes 1 percentage point, currency effects 8 percentage points and other revenue contributed with 3 percentage points.

Compared with the fourth quarter of 2021, revenue was up 21%. Higher volumes contributed with 9 percentage points and higher prices with 7 percentage points. Currency effects had a positive impact of 5 percentage points.

Operating profit was SEK 2,104 (914) million, up SEK 1,190 million compared with the first quarter of 2021. Primarily higher prices had a positive impact, whereas higher raw material costs had a somewhat negative impact.

Compared with the fourth quarter of 2021, operating profit was up SEK 565 million. Higher prices and somewhat better volumes impacted positively.

Market trend

All SSAB Special Steels' customer segments continued to show good underlying demand during the first quarter. The Material Handling segment, which includes mining related equipment, saw strong development. Similarly, demand in the Construction customer segment remained good, albeit with a certain concern about cost inflation among the actors in the construction industry.

Production and shipments

Crude steel production was down 3% and rolling production was down 8% compared with the first quarter of 2021. Shipments of steel were up 1% compared with the first quarter of 2021. The decline in production volumes compared to previous year was related to delayed ramp-up of the Mobile mill after the planned maintenance, which was conducted during the fourth quarter of 2021.

Production and shipments

	2022	2021	2021	2021
Thousand tonnes	Q1	Q1	Q4	Full-year
Crude steel production	630	648	545	2,312
Rolling production	419	456	351	1,667
Shipments	381	376	350	1,462

The figures for the first half of 2021 have been restated to reflect the new setup involving Mobile.

Cash flow and capital expenditure

Operating cash flow during the first quarter of 2022 was SEK 2,084 (814) million. Higher cash flow was a result of the higher operating profit.

Capital expenditure during the first quarter was SEK 351 (101) million, of which SEK 246 (52) million were strategic investments.

SSAB Europe

First quarter in brief

• Shipments decreased by 14% to 844 (980) thousand tonnes
• Higher prices
• Operating profit increased to SEK 3,250 (758) million, despite unplanned outage in Raahe

Key figures

	2022	2021	2021	2021
SEK millions	Q1	Q1	Q4	Full-year
Revenue	12,657	8,829	12,446	42,311
Operating profit before depr./amort., EBITDA	3,650	1,139	3,690	9,640
Operating profit	3,250	758	3,301	8,095
Operating cash flow	2,243	245	2,764	5,893
Number of employees at end of period	6,687	6,696	6,705	6,705

Excluding depreciation/amortization on surplus values on tangible and intangible assets related to the acquisition of Rautaruukki.

Depreciation/amortization on surplus values was SEK 1 (58) million during the first quarter. Items affecting comparability was SEK 25 (-) million.

Revenue and operating profit

Revenue was up 43% compared with the first quarter of 2021 and amounted to SEK 12,657 (8,829) million. Higher prices contributed with 52 percentage points and positive currency effects with 3 percentage points. Other sales had a positive impact of 3 percentage point. Lower volumes impacted negatively with 14 percentage points and a weaker product mix with 1 percentage point.

Compared with the fourth quarter of 2021, revenue was up 2%. Currency effects had a positive impact of 2 percentage points and higher volumes contributed with 1 percentage point, as did higher prices. A weaker product mix and other revenue had a negative impact of 1 percentage point respectively.

Operating profit for the first quarter of 2022 was SEK 3,250 (758) million, up SEK 2,492 million compared with the same quarter in 2021. Higher prices were the main driver behind the uplift in earnings, which was partly counteracted by higher raw material costs. Lower volumes and weaker capacity utilization had a negative impact, relating to the unplanned outage of one of the blast furnaces in Raahe which had a negative effect of around SEK 600 million, as communicated earlier.

Compared with the fourth quarter of 2021, earnings were slightly down by SEK 51 million. Higher prices and somewhat better volume were counteracted by the unplanned outage in Raahe. Planned maintenance was conducted during the prior quarter.

Market trend

Demand in the Automotive and Heavy Transport segments was negatively affected by the customers' shortage of key components for their production during the quarter. Activity in Construction remained robust and Steel Service Centers increased purchases during the first quarter due to the concern about the availability of steel.

Production and shipments

Crude steel production was down 23% and rolling production down 12% compared to the first quarter of 2021. The unplanned outage in one of Raahe's blast furnaces was the main reason for the lower production. The reason for the outage, which lasted around five weeks, was a so called chilled heart. Shipments were down 14%, compared with the same period of 2021. This was primarily due to the unplanned outage and to component shortages affecting some of the larger customer segments.

Production and shipments

	2022	2021	2021	2021
Thousand tonnes	Q1	Q1	Q4	Full-year
Crude steel production	889	1,157	1,193	4,635
Rolling production	1,065	1,207	1,163	4,741
Shipments	844	980	832	3,588

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

Cash flow and capital expenditure

Operating cash flow during the first quarter of 2022 was SEK 2,243 (245) million. Compared with the first quarter of 2021, cash flow was positively impacted by higher earnings, which were partly counteracted by higher working capital.

Capital expenditure during the first quarter was SEK 164 (131) million, of which SEK 55 (30) million were strategic investments.

SSAB Americas

First quarter in brief

• Shipments contracted by 9% to 438 (480) thousand tonnes, production disruption and shortage of transport capacity impacted negatively
• Operating profit increased to SEK 2,992 (258) million, primarily due to higher prices

Key figures

	2022	2021	2021	2021
SEK millions	Q1	Q1	Q4	Full-year
Revenue	7,465	3,644	6,153	20,680
Operating profit before depr./amort., EBITDA	3,041	301	2,233	5,587
Operating profit	2,992	258	2,188	5,412
Operating cash flow	1,717	53	2,537	4,922
Number of employees at end of period	646	637	644	644

Operating profit excludes depreciation/amortization on surplus values on tangible and intangible assets related to the acquisition of IPSCO. Depreciation/amortization on surplus values was SEK 1 (3) million during the first quarter. From the third quarter of 2021 onwards, the steel mill in Mobile has no longer been part of SSAB Americas' organization and the reference figures have been restated accordingly to reflect this.

Revenue and operating profit

Revenue was up 105% compared with the first quarter of 2021 and amounted to SEK 7,465 (3,644) million. Higher prices had a positive impact of 89 percentage points, currency effects had a positive impact of 22 percentage points and a better product mix contributed with 1 percentage point. Other revenue contributed by 2 percentage points. Lower volumes decreased revenue by 9 percentage points.

Compared with the fourth quarter of 2021, revenue was up 21%. Higher volumes had a positive impact of 9 percentage points, higher prices of 7 percentage points and currency effects had a positive impact of 5 percentage points.

Operating profit for the first quarter of 2022 was SEK 2,992 (258) million, up SEK 2,034 million compared with the first quarter of 2021. Higher prices, which were to some extent counteracted by higher scrap prices and a disruption of crude steel production at the steel mill in Montpelier, were the main reasons for the improved result.

Compared with the fourth quarter of 2021, earnings were up SEK 804 million. The increase was primarily explained by higher prices and higher volumes.

Market trend

Demand was generally good during the first quarter. Compared with the prior quarter, shipments increased in the Heavy Transport, Construction Machinery and Energy customer segments.

Production and shipments

Production was lower compared to the first quarter of 2021. Shipments of steel were down 9% compared with the first quarter of 2021, whereas they were up 6% compared with the fourth quarter of 2021. SSAB's production and shipments during the first quarter were negatively affected by the production disruption, as well as bad weather conditions and a shortage of transport capacity. The previous quarter was negatively affected by the planned maintenance outage in Mobile.

Production and shipments

	2022	2021	2021	2021
Thousand tonnes	Q1	Q1	Q4	Full-year
Crude steel production	232	297	328	1,233
Rolling production	233	272	303	1,160
Shipments	438	480	413	1,871

Shipments figures include heavy plate made at SSAB Special Steels' steel mill in Mobile but sold by SSAB Americas. From the third quarter of 2021 onwards, the steel mill in Mobile is no longer part of SSAB Americas' organization and the reference figures have been restated accordingly to reflect this.

Cash flow and capital expenditure

Operating cash flow during the first quarter of 2022 was SEK 1,717 (53) million. Compared with the first quarter of 2021, cash flow was impacted positively by higher earnings, which were partly counteracted by higher working capital.

Capital expenditure during the first quarter was SEK 30 (19) million, of which SEK 4 (-) million were strategic investments.

Tibnor

First quarter in brief

• Operating profit increased to SEK 418 (218) million
• Better prices and higher volumes
• Acquisition of Swestål AB and Swe Distribution & Logistik AB

Key figures

	2022	2021	2021	2021
SEK millions	Q1	Q1	Q4	Full-year
Revenue	4,463	2,656	3,443	12,377
Operating profit before depr./amort., EBITDA	457	252	390	1,680
Operating profit	418	218	351	1,533
Operating cash flow	-500	288	19	500
Shipments, thousand tonnes	251	236	201	869
Number of employees at end of period	1,024	971	1,007	1,007

Excluding depreciation/amortization on surplus values on tangible and intangible assets related to the acquisition of Rautaruukki. Depreciation/amortization on surplus values was SEK 4 (6) million during the first quarter.

Revenue and operating profit

Revenue was up 68% compared with the first quarter of 2021 and amounted to SEK 4,463 (2,656) million, driven by higher prices, inventory gains and higher delivered volumes.

Compared with the fourth quarter of 2021, revenue was up 30%.

Operating profit was up SEK 200 million compared with the same period a year earlier and amounted to SEK 418 (218) million. Higher prices and higher volumes contributed to the improvement.

Compared with the fourth quarter of 2021, earnings were up SEK 67 million. Higher earnings were primarily attributable to higher prices and higher volumes.

Market trend

Shipments to the majority of the customer segments increased during the first quarter, with signs of inventory restocking. Prices increased as a result of to the tragic situation in Ukraine, as Ukraine and Russia normally supply significant volume of steels and metals to the European market.

Cash flow and capital expenditure

Operating cash flow during the first quarter of 2022 was SEK -500 (288) million. Compared with the first quarter of 2021, cash flow was negatively impacted by higher working capital, mainly due to higher inventory.

Capital expenditure during the first quarter was SEK 15 (20) million, of which SEK 5 (8) million were strategic investments. During the quarter, Tibnor acquired two companies in Sweden, Swestål AB and Swe Distribution & Logistic AB, with annual turnover around SEK 160 million and 21 employees at the time of acquisition.

Ruukki Construction

First quarter in brief

• Operating profit increased to SEK 163 (48) million
• Good underlying demand
• Acquisition of Dala-Profil AB

Key figures

	2022	2021	2021	2021
SEK millions	Q1	Q1	Q4	Full-year
Revenue	1,588	1,122	1,518	5,999
Operating profit before depr./amort., EBITDA	209	87	202	762
Operating profit	163	48	161	599
Operating cash flow	6	9	15	466
Number of employees at end of period	1,462	1,361	1,403	1,403

Excluding depreciation/amortization on surplus values on tangible and intangible assets related to the acquisition of. Depreciation/amortization on surplus values was SEK 3 (-1) million during the first quarter. Items affecting comparability was SEK 49 million.

Revenue and operating profit

Revenue was up 42% compared with the first quarter of 2021 and amounted to SEK 1,588 (1,122) million, driven by primarily by higher prices.

Compared with the fourth quarter of 2021, revenue was up 5%, the seasonal downturn in Roofing was compensated by higher prices.

Operating profit for the first quarter of 2022 increased to SEK 163 (48) million, the improvement was primarily attributable to higher margins.

Compared with the fourth quarter of 2021, earnings were up 2 million, seasonally lower volumes were offset by improved margins.

Market trend

Demand was seasonally weaker during the first quarter, but the trend in underlying demand remained at a good level.

Cash flow and capital expenditure

Operating cash flow during the first quarter was SEK 6 (9) million. Cash flow was impacted positively by higher earnings, which were offset by a build-up of working capital, mainly related to higher accounts receivables.

Capital expenditure during the first quarter was SEK 42 (29) million, of which SEK 30 (15) million were strategic investments. During the quarter, Ruukki Construction acquired 90% of the shares in Dala-Profil AB for SEK 196 million. Dala-Profil is a Swedish sheet metal solutions provider with net sales in 2020 of around SEK 191 million and has 35 employees.

Risks and uncertainty factors

SSAB's fully owned subsidiary SSAB EMEA AB has a 50% holding in Oxelösunds Hamn AB. A legal process has been underway since 2017, when Swedish Customs has imposed specific purchase taxes and VAT on imports to a value of around SEK 268 million. In April 2022, the Supreme Administrative Court ruled not to grant a leave of appeal and accordingly the Swedish Customs decision to impose the said taxes remain in force. Oxelösunds Hamn AB has applied with the Swedish Customs for remission, however, such application has been denied. Further, Oxelösunds Hamn AB will appeal the decision by the Swedish Customs to deny remission to the Swedish Government. As a result of the above, SSAB has booked a short-term provision of SEK 268 million in the first quarter of 2022.

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, as well as the risk of a general downturn in the economy. Due to the prevailing uncertainty, it is not possible to assess how this will affect SSAB's future revenue and earnings. Russia and Ukraine normally export steel, slabs and various raw materials to Europe and other markets.

For information regarding other material risks and uncertainty factors, reference is made to the detailed description in the Annual Report 2021.

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 2021.

Subsequent events

The annual general meeting, held on April 6, 2022, adopted the Board of Director's proposal to pay a dividend of SEK 5.25 per share.

Bernard Fontana and Mikael Mäkinen were elected as new board members. Board member, Pasi Laine, resigned at the Annual General Meeting. See www.ssab.com for information about the new board members.

Review

This interim report has not been reviewed by the auditors.

Stockholm, April 26, 2022

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

	2022	2021	2021
SEK millions	Q1	Q1	Full-year
Revenue	31,575	19,661	95,891
Cost of goods sold	-21,837	-16,691	-72,425
Gross profit/loss	9,738	2,970	23,466
Selling and administrative costs	-1,283	-1,047	-4,620
Other operating income and expenses	-298	50	13
Affiliated companies, profit/loss after tax	4	19	-22
Operating profit/loss	8,162	1,993	18,837
Financial income	882	500	2,095
Financial expenses	-1,255	-606	-2,516
Profit/loss for the period after financial items	7,790	1,887	18,416
Tax	-1,773	-377	-3,743
Profit/loss for the period	6,016	1,510	14,673
Of which attributable to:
- Parent Company's shareholders	6,013	1,507	14,662
- Non-controlling interest	3	4	11

Consolidated statement of comprehensive income

	2022	2021	2021
SEK millions	Q1	Q1	Full-year
Profit/loss for the period after tax	6,016	1,510	14,673
Other comprehensive income
Items that may be subsequently reclassified to the income statement
Translation differences for the period	1,610	2,975	4,745
Cash flow hedges	400	29	348
Hedging of currency risks in foreign operations 1)	-	-282	-218
Tax attributable to items that may be subsequently reclassified to the income
statement	-81	52	-25
Total items that may be subsequently reclassified to the income statement	1,929	2,774	4,850
Items that will not be reclassified to the income statement
Remeasurements of the net defined benefit liability	62	50	71
Tax attributable to items that will not be reclassified to the income statement	-12	-10	-12
Total items that will not be reclassified to the income statement	50	40	59
Total other comprehensive income for the period, net after tax	1,979	2,814	4,909
Total comprehensive income for the period	7,996	4,325	19,581
Of which attributable to:
- Parent Company's shareholders	7,992	4,318	19,568
- Non-controlling interest	4	7	13

1) Hedging is structured such that the net/equity ratio is unchanged in the event of changed exchange rates.

Consolidated statement of financial position

	2022	2021	2021
SEK millions	Mar 31	Mar 31	Dec 31
Assets
Intangible assets	32,372	30,564	31,455
Tangible fixed assets	23,257	22,156	23,044
Right of use assets	2,409	2,321	2,457
Financial assets	1,509	1,398	1,559
Deferred tax receivables	498	220	309
Total fixed assets	60,045	56,659	58,824
Inventories	27,907	18,463	25,599
Accounts receivable	15,204	9,492	10,870
Current tax receivables	646	413	452
Other current receivables 1)	2,720	2,245	2,479
Cash and cash equivalents	17,348	5,507	13,796
Total current assets	63,825	36,121	53,195
Total assets	123,870	92,780	112,019
Equity and liabilities
Equity for the shareholders in the Parent Company	81,468	58,305	73,477
Non-controlling interest	57	116	31
Total equity	81,526	58,421	73,508
Deferred tax liabilities	1,667	393	1,476
Other long-term provisions	570	590	632
Long-term non-interest bearing liabilities	226	298	218
Long-term interest-bearing liabilities	8,589	9,349	8,492
Lease liability	1,887	1,761	1,920
Total long-term liabilities and provisions	12,939	12,392	12,736
Short-term interest-bearing liabilities	1,256	3,274	1,430
Lease liability	664	677	670
Accounts payable	17,547	13,076	16,219
Current tax liabilities	2,404	479	1,662
Other current liabilities and provisions	7,536	4,462	5,795
Total current liabilities and provisions	29,406	21,968	25,774
Total equity and liabilities	123,870	92,780	112,019
Pledged assets	970	934	1,024
Contingent liabilities	4,103	2,358	3,640

1) Other current receivables comprise short-term bank deposits (escrow agreement) in the amount of SEK 931 (873) million.

Consolidated statement of changes in equity

	Equity attributable to the Parent Company's shareholders
		Other				Non
	Share	contributed		Retained		controlling	Total
SEK millions	capital		funds Reserves		earnings Total equity	interest	equity
Total equity, Dec 31, 2020	9,063	23,022	1,247	20,655	53,987	109	54,096
Changes Jan 1 - March 31, 2021
Total comprehensive income for the period			2,770	1,548	4,318	7	4,325
Dividend, non-controlling interest					-		-
Total equity, March 31, 2021	9,063	23,022	4,017	22,203	58,305	116	58,421
Changes April 1 - Dec 31, 2021
Total comprehensive income for the period			2,078	13,173	15,251	6	15,257
Result from transaction with owners of non
controlling interest				-78	-78	-82	-160
Dividend, non-controlling interest					-	-9	-9
Total equity, Dec 31, 2021	9,063	23,022	6,095	35,298	73,477	32	73,508
Changes Jan 1 - March 31, 2022
Total comprehensive income for the period			1,928	6,063	7,991	4	7,995
Result from transaction with owners of non
controlling interest						22	22
Total equity, March 31, 2022	9,063	23,022	8,023	41,361	81,468	57	81,526

Valuation of financial assets and liabilities

Financial assets and liabilities in the balance sheet are valued based on their classification at acquisition value or fair value. Both interest rate derivatives and currency derivatives as well as electricity derivatives are valued at fair value. In the balance sheet item "Other current receivables" derivatives are valued at a total of SEK 675 (368) million and in the balance sheet item "Other current liabilities" derivatives are valued at a total of SEK 345 (184) million. In the balance sheet item "Financial assets" derivatives are valued at a total of SEK 313 (4) million and in the balance sheet item "Longterm non-interest bearing liabilities", derivatives are included valued at a total of SEK 10 (55) million.

Other financial assets and liabilities in the balance sheet are reported at acquisition value. A write-down of the investment in Voimaosakeyhtiö SF (Fennovoima power plant) of SEK 272 million was made during the first quarter of 2022. The investment is reported in the balance sheet item "Financial assets"at a total value of SEK 0 million at March 31, 2022. In the case of valuation at fair value, the loans reported in the balance sheet item "Long-term interest-bearing liabilities" (including the short-term part) would succeed the reported amount by SEK 48 (-190) million. However, since the loans will be held until maturity, this does not affect the reported value.

Assessment of the fair value of financial instruments

Classification takes place hierarchically on three different levels based on the input data used in valuing instruments. On level 1, listed prices on an active market are used, e.g. stock exchange prices. On level 2, observable market data regarding assets and liabilities other than listed prices are used, e.g. interest rates and return curves. On level 3, the fair value is determined based on a valuation technique which is based on assumptions which are not based on prices or observable data.

The fair value valuation of the financial assets 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.

Consolidated statement of cash flows, in summary.

	2022	2021	2021
SEK millions	Q1	Q1	Full-year
BUSINESS OPERATIONS
Profit from operating activities
Operating profit/loss	8,162	1,993	18,837
Reversal of non-cash items:
-Depreciation, amortization and write-down of fixed assets	833	867	3,257
-Other non-cash items	272	-60	-6
Received and paid interest	-15	-64	-373
Tax paid	-1,354	-31	-1,357
Change in working capital	-4,404	-1,180	-5,485
Cash flow from operating activities	3,495	1,526	14,873
INVESTING ACTIVITIES
Investments in intangible and tangible fixed assets	-795	-316	-3,382
Sales of intangible and tangible fixed assets	475	18	1,235
Acquisitions, shares and operations	-261	-24	-130
Divested shares and operations	-	-	-
Other investing activities	37	1	6
Cash flow from investing activities	-546	-321	-2,271
FINANCING ACTIVITIES
Dividend, non-controlling interest
Change in loans	-	-	-9
Change in financial investments	-177	-2,753	-5,674
Acquisitions shares, non-controlling interest	309 -	10 -	-133 -157
Other financing	790	329	944
Cash flow from financing activities	921	-2,415	-5,029
CASH AND CASH EQUIVALENTS
Cash and cash equivalents at beginning of period	13,796	7,051	7,051
Cash flow for the period	3,870	-1,210	7,572
Translation differences, cash and cash equivalents	-318	-333	-827
CASH AND CASH EQUIVALENTS, END OF PERIOD Contracted, non-utilized overdraft facilities	17,348	5,507	13,796
	8,659	8,598	8,605
Disposable cash and cash equivalents (incl. non-utilized overdraft facilities)	26,007	14,105	22,401

Key figures

	2022	2021	2021
	Q1	Q1	Full-year
Operating margin (%)	26	10	20
Earnings per share (SEK)	5.84	1.46	14.24
Equity per share (SEK)	79.11	56.62	71.35
Net debt/equity ratio (%)	-7	15	-3
Equity ratio (%)	66	63	66
Adjusted average number of shares during the period (millions)	1,029.8	1,029.8	1,029.8
Number of shares at end of period (millions)	1,029.8	1,029.8	1,029.8
Number of employees at end of period	14,361	14,004	14,235

Financial reports – The Parent Company

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

	2022	2021	2021
SEK millions	Q1	Q1	Full-year
Gross profit	-	-	-
Selling and administrative costs	-107	-107	-464
Other operating income/expenses	61	54	248
Operating loss	-46	-54	-216
Financial items	-23	-281	-225
Profit/loss after financial items	-69	-335	-441
Appropriations	-	-	833
Profit before tax	-69	-335	392
Tax	15	69	-140
Profit after tax	-55	-266	252

Parent company´s statement of comprehensive income

	2022	2021	2021
SEK millions	Q1	Q1	Full-year
Profit after tax	-55	-266	252
Other comprehensive income
Items that may be classified to the income statement
Cash flow hedges	61	3	22
Tax attributable to other comprehensive income	-13	-1	-5
Total items that will be reclassified to the income statement	49	2	18
Other comprehensive income, net after tax	49	2	18
Total comprehensive income for the period	-6	-264	269

Parent Company´s statement of financial position, in summary

	2022	2021	2021
SEK millions	Mar 31	Mar 31	Dec 31
Assets
Fixed assets	72,927	75,163	72,358
Other current assets	8,574	7,640	8,728
Cash and cash equivalents	15,504	3,946	12,031
Total assets	97,006	86,749	93,117
Equity and liabilities
Restricted equity	9,964	9,964	9,964
Unrestricted equity	54,210	53,683	54,216
Total equity	64,174	63,647	64,180
Long-term liabilities and provisions	6,764	7,222	6,605
Current liabilities and provisions	26,067	15,881	22,332
Total equity and liabilities	97,006	86,749	93,117

Information about the business segments

SSAB has been 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.

SSAB Special Steels

SSAB Special Steels has global responsibility for the marketing and sales of all SSAB's quenched and tempered steels (Q&T) and hot-rolled, advanced high-strength steels (AHSS) with yield strengths of 690 MPa and above. SSAB Special Steels is responsible for steel and rolling production in Oxelösund (Sweden) and Mobile (USA), as well as for sales of the aforementioned products made in Raahe (Finland) and Borlänge (Sweden). When SSAB Special Steels sells steels made by another division, the revenue is reported by SSAB Special Steels and the accounts are settled between the divisions at the cost of goods sold.

SSAB Europe

SSAB Europe has responsibility for strip, plate and tubular products in Europe, and global profit responsibility for the Automotive segment (cold-rolled strip). SSAB Europe is responsible for steel and plate production in Raahe and Hämeenlinna (Finland), and in Luleå and Borlänge (Sweden).

SSAB Americas

SSAB Americas has profit responsibility for heavy plate in North America, and for steel and plate production in Montpelier, USA.

Tibnor

Tibnor is the Group's distributor of a full range of steel and non-ferrous metals in the Nordic region and Baltics. Tibnor buys and sells materials produced both by SSAB and other suppliers.

Ruukki Construction

Ruukki Construction is responsible for the sales and production of energy-efficient building and construction solutions, with a focus on northern and Eastern Europe. Ruukki Construction includes Plannja.

Specification of external revenue

The following table describes external revenue by business segments broken down by geographical areas.

External revenue by business segments

External revenue Q1 2022	Business segments
	SSAB Special	SSAB	SSAB		Ruukki
SEK millions	Steels	Europe	Americas	Tibnor	Construction	Total
Geographical areas
Sweden	232	2,631	-	1,601	416	4,880
Finland	99	1,618	-	768	400	2,885
Denmark	74	564	-	1,050	50	1,738
Germany	555	803	-	16	3	1,376
Poland	368	763	-	14	241	1,386
Italy	533	816	-	0	-	1,350
Other EU-27	1,006	1,808	27	247	282	3,369
Great Britain	176	332	-	-	0	508
Norway	25	263	-	700	177	1,166
Other Europe	568	282	-	16	15	881
USA	1,524	213	6,789	0	1	8,527
Canada	511	8	461	-	0	980
Rest of the world	2,000	375	150	5	0	2,530
Total	7,670	10,476	7,426	4,417	1,586	31,575
Product area
Steel products	7,505	9,689	7,427	-	-	24,621
Trading operations	-	-	-	4,417	-	4,417
Ruukki Construction operations	-	-	-	-	1,586	1,586
Slabs, by-products and scrap	80	744	-	-	-	824
Other	85	43	-	-	-	128
Total	7,670	10,476	7,426	4,417	1,586	31,575

External revenue Q1 2021	Business segments
	SSAB Special	SSAB	SSAB		Ruukki
SEK millions	Steels	Europe	Americas	Tibnor	Construction	Total
Geographical areas
Sweden	97	1,881	-	1,004	293	3,275
Finland	102	1,083	-	440	282	1,906
Denmark	49	335	-	626	34	1,044
Germany	323	551	-	11	0	886
Poland	218	462	-	5	192	877
Italy	293	458	-	0	-	751
Other EU-27	722	1,413	14	149	185	2,484
Great Britain	122	326	-	-	0	448
Norway	20	143	-	374	110	648
Other Europe	370	188	-	6	23	586
USA	864	240	3,151	-	-	4,255
Canada	319	-	389	-	1	708
Rest of the world	1,475	234	81	3	0	1,793
Total	4,973	7,315	3,635	2,617	1,121	19,661
Product area
Steel products	4,826	6,809	3,635	-	-	15,270
Trading operations	-	-	-	2,617	-	2,617
Ruukki Construction operations	-	-	-	-	1,121	1,121
Slabs, by-products and scrap	62	489	-	-	-	551
Other	85	18	-	-	-	103
Total	4,973	7,315	3,635	2,617	1,121	19,661

Alternative performance measures

SSAB has applied the guidelines issued by ESMA (European Securities and Markets Authority) on alternative performance measures (AFMs). 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. Besides the definitions below, further definitions can be found in the Annual Report.

Operating profit/loss before depreciation/amortization, EBITDA

	2022	2021	2021
SEK millions	Q1	Q1	Full-year
Operating profit/loss	8,162	1,993	18,837
Depreciation and impairment	833	867	3,257
Operating profit/loss before depreciation/amortization, EBITDA	8,996	2,860	22,094

Operating profit/loss before depreciation/amortization, EBITDA, excl. items affecting comparability

	2022	2021	2021
SEK millions	Q1	Q1	Full-year
Operating profit/loss before depreciation, EBITDA	8,996	2,860	22,094
Items affecting comparability	203	-	-
Operating profit before depreciation/amortization, EBITDA, excl items affecting
comparability	9,198	2,860	22,094

Return on capital employed before tax, rolling 12 months

	Apr 21-	Apr 20-	2021
SEK millions	Mar 22	Mar 21	Full-year
Operating profit/loss	25,007	1,325	18,837
Financial income	2,477	1,956	2,095
Total	27,484	3,281	20,932
Average capital employed	82,885	76,776	77,975
Return on capital employed before tax, %	33%	4%	27%

Return on equity after tax, rolling 12 months

	Apr 21-	Apr 20-	2021
SEK millions	Mar 22	Mar 21	Full-year
Profit/loss for the period, after tax	19,179	843	14,673
Average equity	68,467	57,523	62,586
Return on equity after tax, %	28%	1%	23%

Operating cash flow

	2022	2021	2021
SEK millions	Q1	Q1	Full-year
Cash flow from operating activities	3,495	1,526	14,873
Reversal received and paid interests	15	64	373
Reversal tax paid	1,354	31	1,357
Maintenance expenditures 1)	-272	-211	-2,053
Other investing activities 2)	326	19	746
Operating cash flow	4,918	1,429	15,296

1) See the definition of Maintenance capital expenditures in the Annual Report.

2) Other investing activities primarily refer to cash flow from long-term receivables and investments and purchase of emission allowances.

Net debt

	2022	2021	2021
SEK millions	31 Mar	31 Mar	Full-year
Interest-bearing assets 1)	18,754	6,789	15,337
Interest-bearing liabilities2)	13,087	15,685	12,991
Net debt (+) / Net cash (-)	-5,667	8,896	-2,346

1) Interest-bearing assets primarily refer to long-term and current interest-bearing receivables and investments, together with derivatives and cash and cash equivalents. 2) Interest-bearing liabilities primarily consist of long-term and current interest-bearing debt, pension liability and derivatives.

Financial information, per quarter

Since July 1, 2021, the steel mill in Mobile in the USA has been part of SSAB Special Steels. To reflect the organizational change, SSAB has restated the historical figures as if the new set-up had taken place on December 31, 2018. These amounts have been restated applying the Group's accounting principles. The new set-up has had no impact on the Group's total financial reports, only on the information about the business segments SSAB Special Steels and SSAB Americas. For further details, go to www.ssab.com.

The Group's result per quarter, excluding items affecting comparability

SEK millions	Q1 20	Q2 20	Q3 20	Q4 20	Q1 21	Q2 21	Q3 21	Q4 21	Q1 22
Revenue	18,772	15,155	14,481	16,988	19,661	23,673	25,220	27,337	31,575
Operating expenses	-17,500	-14,442	-14,543	-15,544	-16,820	-18,779	-18,642	-19,534	-22,381
Depreciation/amort.	-942	-956	-907	-885	-867	-815	-784	-791	-821
Affiliated companies	13	-7	-5	-2	19	4	5	-51	4
Financial items	-123	-114	-102	-138	-106	-101	-111	-103	-101
Result before tax	221	-365	-1,075	418	1,887	3,981	5,689	6,859	8,276

Revenue per quarter and business segment

SEK millions	Q1 20	Q2 20	Q3 20	Q4 20	Q1 21	Q2 21	Q3 21	Q4 21	Q1 22
SSAB Special Steels	4,553	3,997	3,581	4,070	5,122	5,845	5,993	6,549	7,907
SSAB Europe	8,139	6,189	6,153	7,472	8,829	10,246	10,789	12,446	12,657
SSAB Americas	3,871	3,211	2,709	3,448	3,644	4,822	6,061	6,153	7,465
Tibnor	2,421	2,037	1,752	2,031	2,656	3,214	3,063	3,443	4,463
Ruukki Construction	1,480	1,439	1,391	1,206	1,122	1,593	1,766	1,518	1,588
Other	-	-	-	-	-	-	-	-	-
Group adjustments	-1,691	-1,718	-1,105	-1,239	-1,713	-2,047	-2,452	-2,773	-2,504
Total	18,772	15,155	14,481	16,988	19,661	23,673	25,220	27,337	31,575

Historical figures have been restated due to the reorganization of Mobile in the third quarter of 2021.

SEK millions	Q1 20	Q2 20	Q3 20	Q4 20	Q1 21	Q2 21	Q3 21	Q4 21	Q1 22
SSAB Special Steels	738	758	313	794	1,189	1,390	1,220	1,777	2,350
SSAB Europe	413	-133	-221	496	1,139	1,900	2,912	3,690	3,650
SSAB Americas	169	59	-348	57	301	1,126	1,917	2,235	3,041
Tibnor	50	65	42	83	252	486	552	390	457
Ruukki Construction	55	128	185	116	87	202	270	202	209
Other	-140	-172	-37	-106	-108	-206	-288	-540	-508
Total	1,286	705	-66	1,439	2,860	4,899	6,582	7,753	9,198

Operating profit/loss before depreciation/amortization, EBITDA, per quarter and business segment, excluding items affecting comparability

Historical figures have been restated due to the reorganization of Mobile in the third quarter of 2021.

Operating profit/loss per quarter and business segment, excluding items affecting comparability

SEK millions	Q1 20	Q2 20	Q3 20	Q4 20	Q1 21	Q2 21	Q3 21	Q4 21	Q1 22
SSAB Special Steels	450	469	34	518	914	1,175	1,006	1,540	2,104
SSAB Europe	0	-566	-631	83	758	1,512	2,524	3,301	3,250
SSAB Americas	115	6	-395	18	258	1,084	1,871	2,188	2,992
Tibnor	12	29	6	48	218	449	515	351	418
Ruukki Construction	11	86	145	72	48	162	229	161	163
Depr. surplus val, IPSCO	-25	-20	-16	-18	-19	-17	-18	-18	-19
Depr. surplus val, Rautaruukki	-66	-69	-66	-66	-63	-64	-28	-8	-9
Other	-153	-186	-50	-100	-120	-218	-300	-552	-522
Total	343	-251	-973	557	1,993	4,083	5,800	6,961	8,377

Historical figures have been restated due to the reorganization of Mobile in the third quarter of 2021.

Items affecting comparability in operating profit/loss, per quarter and business segment

SEK millions	Q1 20	Q2 20	Q3 20	Q4 20	Q1 21	Q2 21	Q3 21	Q4 21	Q1 22
SSAB Special Steels	-	-	-	-	-	-	-	-	-141
SSAB Europe	-	-	-	-	-	-	-	-	-25
SSAB Americas	-	-	-	-	-	-	-	-	-
Tibnor	-	-	-	-	-	-	-	-	-
Ruukki Construction	-	-	-	-	-	-	-	-	-49
Other	-	-	-	-	-	-	-	-	-
Total	-	-	-	-	-	-	-	-	-215

Production and shipments

Thousand tonnes	Q1 20	Q2 20	Q3 20	Q4 20	Q1 21	Q2 21	Q3 21	Q4 21	Q1 22
Crude steel production
SSAB Special Steels	639	608	415	645	648	649	469	545	630
SSAB Europe	1,130	872	837	1,207	1,157	1,204	1,080	1,193	889
SSAB Americas	312	299	267	304	297	315	293	328	232
Total	2,081	1,779	1,519	2,156	2,103	2,168	1,842	2,066	1,751
Rolling production
SSAB Special Steels	465	455	336	430	456	466	395	351	419
SSAB Europe	1,190	836	864	1,220	1,207	1,290	1,081	1,163	1,065
SSAB Americas	300	282	238	321	272	294	291	303	233
Total	1,955	1,573	1,438	1,970	1,935	2,050	1,766	1,818	1,716
Steel shipments
SSAB Special Steels	305	266	259	297	376	388	348	350	381
SSAB Europe	955	695	751	913	980	980	795	832	844
SSAB Americas	527	460	462	569	480	494	484	413	438
Total	1,787	1,422	1,472	1,779	1,837	1,861	1,627	1,595	1,664

Historical figures for crude steel production and rolling production have been restated due to the reorganization of Mobile in the third quarter of 2021.

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-June 2022

The interim report for the second quarter of 2022 will be published on July 22, 2022.

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 E-post: info@ssab.com www.ssab.com