SSAB — Interim / Quarterly Report 2024

Oct 23, 2024

INTERIM REPORT JANUARY - SEPTEMBER 2024

Special Steels stable in a weak market, transformation on plan

October 23, 2024

Report for Q3 and the first nine months of 2024

The third quarter

• Revenue was SEK 24,373 (29,339) million
• Operating result was SEK 1,248 (4,371) million
• Earnings per share were SEK 1.05 (3.40)
• Net cash was SEK 13.3 (16.8) billion

Key figures

	2024	2023	2024	2024	2023	2023
SEK millions	Q3	Q3	Q2	Jan-Sep	Jan-Sep	Full-year
Revenue	24,373	29,339	28,282	79,803	93,020	119,489
EBITDA	2,320	5,307	4,038	10,500	16,777	20,141
Operating result	1,248	4,371	2,969	7,374	14,068	16,467
Result for the period	1,048	3,510	2,418	6,040	11,137	13,038
Earnings per share (SEK)	1.05	3.40	2.43	6.05	10.81	12.67
Operating cash flow	1,428	6,311	3,214	6,565	15,727	21,524
Net debt (+) / Net cash (-)	-13,341	-16,780	-14,085	-13,341	-16,780	-18,206
Net debt/equity ratio (%)	-20	-24	-21	-20	-24	-27
Return on capital employed, rolling 12 months (%)	14	-17	18	14	-17	22
Number of employees at end of period	14,523	14,625	14,486	14,523	14,625	14,565

Comments by the CEO

SSAB's operating result for the third quarter of 2024 amounted to SEK 1,248 (4,371) million. Maintenance cost amounted to SEK 950 million in the quarter, in line with forecast. Lower US plate prices impacted negatively compared to a year earlier. The market in Europe continued to be weak, whereas the market for high-strength steel was more resilient. Compared to the second quarter, the lower operating result was due to weaker demand and planned maintenance outages.

SSAB Special Steels had an operating result of SEK 1,228 (1,808) million and an operating margin of 18% (23%) during the quarter. SSAB Special Steels' unique offering provides added value for our customers and this in turn translates into more stable prices than for standard products. SSAB Americas' operating result for the third quarter decreased to SEK 78 (2,653) million and the operating margin was 2% (35%), due to lower prices and planned maintenance outages. SSAB Europe's operating result was SEK 42 (254) million and the operating margin was 0% (2%).

Safety performance continued to improve and LTIF decreased to 0.82 (0.94) during the quarter.

The market in Europe was weak during the third quarter and the plate prices in the US weakened further. During the fourth quarter, SSAB will carry out planned maintenance in Oxelösund and Raahe. Further adjustments to the low demand will take place in the steel divisions within the framework for flexible working hours and a restrictive approach to costs. The market remains challenging also for Tibnor and Ruukki Construction, but earlier measures to reduce costs had a positive effect in the third quarter.

The transformation to fossil-free steelmaking continues according to plan with a focus on the conversion of Oxelösund and the planning of the state-of-the-art, highly-effective mini-mill in Luleå. The new mill in Luleå will reduce production costs while increasing the share of premium products, strengthening SSAB's long-term competitiveness.

The new direct reduction technology using hydrogen under development by HYBRIT is well positioned for an industrial scale, which lays the foundation for a flexible mix of fossil-free sponge iron and recycled scrap as raw material for the new mills in Oxelösund and Luleå in the long-term. The HYBRIT pilot plant in Luleå has to date produced more than 5,000 tonnes of hydrogen reduced iron and pilot volume of fossil-free steel is being used by several customers including Volvo Group, Epiroc and Peab.

Outlook for the fourth quarter of 2024

Compared with the third quarter of 2024, SSAB Special Steels' shipments are assessed to be somewhat lower during the fourth quarter, also prices are expected to be somewhat lower.

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

SSAB Americas' shipments are assessed to be higher, whereas prices are expected to be lower.

The costs of raw materials for SSAB Special Steels are expected to be somewhat lower compared to the prior quarter. Raw material costs for SSAB Europe are expected to be stable, whereas for SSAB Americas the costs are expected to be somewhat higher compared to the prior quarter.

Outlook for the steel divisions

	Q4 2024 vs. Q3 2024
	Shipments	Realized prices
SSAB Special Steels	Somewhat lower	Somewhat lower
SSAB Europe	Somewhat lower	Lower
SSAB Americas	Higher	Lower

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

SSAB Group – Third quarter of 2024

The market during the third quarter

Demand for high-strength steel in Europe was weak, due among other things to seasonality, whereas demand on emerging markets was more stable.

Demand for standard steel in Europe was weak during the quarter and the market was still cautious after the holiday season.

Market prices for strip in Europe weakened further during the quarter. Heavy plate prices decreased somewhat during the quarter. Distributors have continued to adopt a cautious approach. Inventory levels in the market are estimated to be normal or somewhat low, although import volumes were at a high level during the quarter, relative to a very subdued total European steel market.

In North America, demand for heavy plate was lower and market prices saw a negative trend. Inventory levels at North American distributors were still low, but distributors were generally cautious against a backdrop of falling market prices.

Market prices in China for strip and heavy plate saw a slight upswing from low levels towards the end of the third quarter. This was due to announced stimulation of the Chinese economy.

Revenue and operating result

Revenue for the third quarter of 2024 was SEK 24,373 (29,339) million, down 17% compared to the same period in 2023, mainly related to lower prices and lower shipments. Compared with the second quarter of 2024, revenue was down 14%.

Operating result was SEK 1,248 (4,371) million. The decrease compared to 2023 was primarily explained by lower margins on the North American plate market. In addition, SSAB Americas had planned maintenance of SEK 450 million in the third quarter this year. Compared to the second quarter of 2024, operating result was down by SEK 1,721 million, mainly attributable to lower demand and planned maintenance outages.

Revenue and operating result by business segment

		Revenue			Operating result
	2024	2023		2024	2023
SEK millions	Q3	Q3	Change	Q3	Q3	Change
SSAB Special Steels	6,995	8,013	-1,018	1,228	1,808	-580
SSAB Europe	9,901	10,909	-1,008	42	254	-213
SSAB Americas	4,962	7,620	-2,659	78	2,653	-2,575
Tibnor	2,678	3,012	-334	21	-113	134
Ruukki Construction	1,607	1,587	20	126	28	97
Other	—	—	—	-246	-260	13
Group adjustments	-1,769	-1,802	33	—	—	—
Total	24,373	29,339	-4,966	1,248	4,371	-3,123

Analysis of total change in revenue and operating result compared to prior periods

Revenue			Operating result
% change	Vs. Q3 2023	Vs. Q2 2024	SEK millions	Change vs. Q3 2023	Change vs. Q2 2024
Price	-9	-1	Price and product mix	-3,500	-690
Product mix	0	0	Volume	-360	-842
Volume	-4	-11	Variable costs	675	-535
Currency effects	-3	-1	Fixed costs	240	850
Other sales	-1	-1	Capacity utilization	-340	-550
			Currency effects	161	47
Total	-17	-14	Total	-3,123	-1,721

Leading sustainability performance

SSAB's objective is to become the world's safest steel company and to achieve zero accidents and workrelated injuries and illnesses. The lost time injury frequency per million hours worked (LTIF) improved to 0.82 (0.94). Total recordable injury frequency (TRIF) was 6.7 (6.2).

Energy intensity and CO2e intensity in production were somewhat higher compared to the figures for the third quarter of 2023. This was primarily due to a low production level generally, which has a negative impact on efficiency.

Key sustainability figures – rolling 12 months

	2024	2023	2024	2023
	Q3	Q3	Q2	Full-year
Safety
Lost time injury frequency (LTIF)1)	0.82	0.94	0.64	0.87
Total number of injuries (LTI)2)	23	27	18	25
Total recordable injury frequency (TRIF)3)	6.7	6.2	6.1	6.2
Environment
Energy consumption, GWh4)	8,892	9,215	9,136	9,165
Energy intensity, kWh/tonnes crude steel	1,236	1,195	1,216	1,178
CO2e-emissions (Scope 1), thousand tonnes	9,457	9,907	9,810	10,007
Indirect CO2e-emissions (Scope 2), thousand tonnes	1,213	1,115	1,177	1,087
CO2e-intensity, tonnes of CO2e/tonnes crude steel5)	1.48	1.43	1.46	1.43

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

Transformation to fossil-free steel

There is strong demand for steel with no carbon dioxide footprint and SSAB has entered into a large number of partnerships with major customers. During 2023, SSAB launched a new scrap-based steel, SSAB Zero, with 0.0 kg of carbon dioxide equivalent emissions (Scope 1 and 2) per kg of steel – the world's first commercial product of its kind. During the third quarter, partnerships were signed with Alstom and Trelleborg, among others.

SSAB continues investments in converting the steel mill in Oxelösund to fossil-free steelmaking and the construction of the new electric arc furnace is proceeding according to plan. Conversion of the steel mill in Oxelösund will reduce Sweden's carbon dioxide emissions by 3%.

In early April, SSAB took the decision to build a state-of-the art, highly-efficient mini-mill in Luleå, Sweden. The new mill will have a capacity of 2.5 million tonnes a year with two electric arc furnaces, advanced ladle metallurgy and an integrated rolling mill. The investment also includes a cold rolling and galvanizing complex to supply the vehicle industry with a broader offering of premium products. The transformation of Luleå will reduce Sweden's carbon dioxide emissions by 7%.

Project planning continues and a decision on the environmental permit is expected during the fourth quarter. The investment in Luleå is estimated to be EUR 4.5 billion. Compared to the alternative of continuing to invest in the existing system, the investment plan is estimated to improve the annual EBITDA by more than SEK 5 billion. Most of the improvement will come from lower production costs and a higher share of premium products.

Following the investment decision, as of April 2024 SSAB revised the remaining useful life estimates of the assets that will be replaced and become obsolete by the new production system so that these assets will be fully depreciated by the end of 2028. The change in useful lives increases SSAB's annual depreciation by approximately SEK 300 million and affects the income statement as of the second quarter of 2024.

SSAB's updated targets to reduce greenhouse gas emissions were approved by the Science Based Targets initiative (SBTi) during the second quarter. Approval means that the targets are scientifically based and in line with the SBTi's raised requirements for companies to deliver on the goal of limiting global warming to 1.5°C. In

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

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

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

⁵⁾ Includes Scope 1 and Scope 2.

conjunction with the above, SSAB launched a new combined Green and Sustainability-Linked Finance Framework.

Major planned maintenance outages 2024

The Group's total maintenance costs for the full-year 2024 are expected to be SEK 1,650 (1,480) million, which is higher compared to the previous forecast of SEK 1,555 million and is attributable to somewhat extended maintenance by SSAB Special Steels and SSAB Europe during the fourth quarter. The table below shows the expected costs for the fourth quarter of 2024 as well as the actual costs during 2023 and up to the end of the third quarter in 2024. The figures include the impact of the direct maintenance cost and the cost of lower capacity utilization, but exclude lost margins.

Expected maintenance costs for 2024

	2024	2023	2024	2023	2024	2023	2024E	2023	2024E	2023
SEK millions	Q1	Q1	Q2	Q2	Q3	Q3	Q4	Q4	Full-year	Full-year
SSAB Special Steels	0	0	0	0	110	75	365	550	475	625
SSAB Europe	0	0	0	0	390	325	290	210	680	535
SSAB Americas	0	0	0	0	450	0	45	320	495	320
Total	0	0	0	0	950	400	700	1,080	1,650	1,480

Raw materials

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

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

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

	Q3 2023		Q2 2024
% change	USD	SEK	USD	SEK
Iron ore	-17 %	-20 %	-8 %	-11 %
Coking coal	-1 %	-5 %	-11 %	-12 %
Scrap metal	-7 %	-10 %	-2 %	-5 %

Production and shipments

SSAB's production and shipments were lower than those of the third quarter of last year. This was primarily due to the fact that a few more production sites had planned maintenance the third quarter this year. Plate production and shipments contracted compared to the previous quarter. This was due to lower demand and planned maintenance outages.

	2024	2023	2024	2024	2023	2023
Thousand tonnes	Q3	Q3	Q2	Jan-Sep	Jan-Sep	Full-year
Crude steel production	1,616	1,936	1,927	5,484	6,071	7,778
Rolling production	1,516	1,727	1,839	5,028	5,525	7,122
Steel shipments	1,457	1,510	1,646	4,686	4,969	6,460

Result for the period and earnings per share

The result for the period attributable to shareholders in the parent company was SEK 1,048 (3,506) million for the third quarter of 2024, equating to SEK 1.05 (3.40) per share. Income taxes were SEK -290 (-939) million.

Cash flow

Operating cash flow for the third quarter of 2024 amounted to SEK 1,428 (6,311) million. The decrease compared to last year is primarily explained by a lower result, in addition there was an effect of purchased emission allowances. The third quarter of last year had a relatively large effect from release of working capital. Net cash flow amounted to SEK 116 (5,092) million. Net cash amounted to SEK 13,341 (16,780) million at September 30, 2024.

Capital expenditure

Capital expenditure amounted to SEK 1,244 (979) million during the third quarter of 2024. Strategic investments were SEK 601 (339) million. The strategic investments primarily relate to Oxelösund for conversion to fossil-free steelmaking. The estimate for total maintenance and strategic expenditure for the full-year 2024 remains at around SEK 6.3 billion. The sum of maintenance and strategic expenditure in 2023 was SEK 4.5 billion.

Operating cash flow and net debt

	2024	2023	2024	2023	2023
SEK millions	Q3	Q3	Jan-Sep	Jan-Sep	Full-year
EBITDA	2,320	5,307	10,500	16,777	20,141
Change in working capital	483	1,599	-1,139	1,075	4,836
Maintenance capital expenditures	-642	-640	-1,797	-1,479	-2,585
Other 1)	-734	44	-1,000	-647	-867
Operating cash flow	1,428	6,311	6,565	15,727	21,524
Financial items	97	96	302	291	437
Income taxes	-798	-967	-3,081	-3,393	-3,879
Cash flow from current operations	727	5,440	3,786	12,624	18,082
Strategic expenditures in plants and machinery	-601	-339	-1,725	-960	-1,889
Acquisitions of shares and operations	—	-3	—	-27	-52
Investments/contributions in affiliated companies and joint ventures	—	—	—	—	-20
Divestments of shares and operations	—	—	—	61	61
Cash flow before dividend	125	5,098	2,061	11,698	16,182
Dividend, parent company's shareholders	—	—	-4,983	-8,960	-8,960
Dividend, non-controlling interest	-3	-7	-4	-8	-8
Purchases of own shares	—	—	-1,215	—	-1,292
Acquisition of shares, non-controlling interest	-6	—	-45	—	—
Net cash flow	116	5,092	-4,186	2,730	5,922
Net cash (+) / Net debt (-) at beginning of period	14,085	11,707	18,206	14,287	14,287
Net cash flow	116	5,092	-4,186	2,730	5,922
Other 2)	-859	-18	-679	-238	-2,003
Net cash (+) / Net debt (-) at the end of period	13,341	16,780	13,341	16,780	18,206

¹⁾ During Q3 2024, the net purchases of emission allowances amounted to SEK -693 (-) million and corresponding SEK -945 (-674) million for Jan-Sep.

²⁾ Mainly valuation changes of derivatives and revaluations of other financial assets and liabilities in foreign currencies.

SSAB Group – January-September 2024

Revenue and operating result

Revenue for the first nine months of 2024 was SEK 79,803 (93,020) million, down 14% compared to the first nine months of 2023, mainly related to lower prices in SSAB Europe and SSAB Americas.

Operating result was SEK 7,374 (14,068) million, down SEK 6,694 million compared to the first nine months of 2023. Lower earnings were mainly related to prices for SSAB Americas' products decreasing from a high level.

Revenue and adjusted operating result by business segment

		Revenue			Operating result
	2024	2023		2024	2023
SEK millions	Jan-Sep	Jan-Sep	Change	Jan-Sep	Jan-Sep	Change
SSAB Special Steels	22,559	25,232	-2,674	4,668	5,905	-1,237
SSAB Europe	32,358	36,155	-3,797	605	1,018	-413
SSAB Americas	17,439	23,063	-5,624	2,694	7,970	-5,276
Tibnor	9,135	10,660	-1,526	115	-161	276
Ruukki Construction	4,094	4,474	-380	90	30	60
Other	—	—	—	-798	-694	-104
Group adjustments	-5,781	-6,565	783	—	—	—
Total	79,803	93,020	-13,217	7,374	14,068	-6,694

Result for the period and earnings per share

The result for the period attributable to shareholders in the parent company for the first nine months of 2024 was SEK 6,040 (11,129) million, equating to SEK 6.05 (10.81) per share. Income taxes were SEK -1,693 (-3,118) million.

Cash flow, financing and liquidity

Operating cash flow for the first nine months of 2024 decreased to SEK 6,565 (15,727) million, which was primarily due to the lower result. Net cash flow, after dividends of SEK 4,983 (8,960) million and purchases of own shares of SEK 1,215 (—) million, amounted to SEK -4,186 (2,730) million.

Net cash at September 30, 2024 was SEK 13,341 (16,780) million. Cash and cash equivalents were SEK 23,193 (27,715) million and non-utilized credit facilities were SEK 8,386 (8,553) million, which combined corresponds to 30% (29%) of rolling 12-month revenue. The term to maturity of the total loan portfolio at September 30, 2024 averaged 6.5 (6.7) years, with an average fixed interest period of 1.2 (1.4) years.

Equity

With a result for the period of SEK 6,040 (11,129) million and other comprehensive income (mostly consisting of translation differences) of SEK 88 (1,230) million attributable to the owners of the parent company, the shareholders' equity attributable to the owners of the parent company amounted to SEK 67,836 (70,525) million, equating to SEK 68.07 (68.48) per share.

Cancellation of treasury shares

SSAB's annual general meeting on April 24, 2024 resolved to cancel 33,217,659 of the company's shares, of which 8,216,940 were Class A shares and 25,000,719 were Class B shares. Consequently, SSAB's total number of shares is 996,617,667, of which 295,966,330 are Class A shares and 700,651,337 Class B shares, and total number of votes is 366,031,463.7 of which Class A shares convey 295,966,330 votes and Class B shares 70,065,133.7 votes. Following this cancellation, SSAB holds no treasury shares.

The share capital of SEK 9,062,550,868.80 remained unchanged since, at the same time as the resolution to cancel the shares held by the company, it was resolved to increase the share capital by a transfer from nonrestricted shareholders' equity to share capital (bonus issue). This was done without issuing any new shares.

Business segments – Third quarter of 2024

SSAB Special Steels

Third quarter in brief

• Weak demand in Europe, prices relatively stable
• Shipments decreased 3% to 302 (313) thousand tonnes
• Operating result was SEK 1,228 (1,808) million

Key figures

	2024	2023	2024	2024	2023	2023
	Q3	Q3	Q2	Jan-Sep	Jan-Sep	Full-year
Revenue (SEK millions)	6,995	8,013	7,847	22,559	25,232	32,145
EBITDA (SEK millions)	1,595	2,126	2,023	5,762	6,811	8,010
Operating result (SEK millions)	1,228	1,808	1,659	4,668	5,905	6,752
Operating cash flow (SEK millions)	1,639	2,490	1,242	4,210	6,156	7,755
Crude steel production (thousand tonnes)	508	584	576	1,670	1,843	2,252
Rolling production (thousand tonnes)	387	418	421	1,227	1,320	1,620
Steel shipments (thousand tonnes)	302	313	337	967	1,025	1,304
Number of employees at end of period	4,029	4,040	4,015	4,029	4,040	4,056

Market trend

Demand in Europe was weak during the quarter. Besides the seasonal downturn, a weaker underlying market could also be noticed. Activity in North America was somewhat cautious. The emerging markets continued to show a more stable trend in, for example, the Material Handling customer segment, which comprises mining and recycling.

Development compared to Q3/23

Revenue was down 13% compared to the third quarter of 2023 and amounted to SEK 6,995 (8,013) million. Lower prices and currency effects each had a negative impact of 5 percentage points and lower shipments reduced revenue by 3 percentage points.

Operating result was SEK 1,228 (1,808) million. Lower prices and lower shipments had a negative impact.

Operating cash flow during the third quarter was SEK 1,639 (2,490) million. Lower cash flow was primarily due to the lower result as well as to a higher release of working capital during the third quarter last year.

Capital expenditure during the third quarter was SEK 602 (399) million, of which SEK 400 (205) million were strategic investments. The project in Oxelösund amounted to SEK 350 million of the total strategic investments.

Development compared to Q2/24

Revenue decreased by 11% and lower shipments had an impact of 10 percentage points. Currency effects had a negative impact of 2 percentage points, whereas somewhat higher prices and a better product mix each increased revenue by 1 percentage point.

Operating result decreased by SEK 432 million. Lower shipments and lower capacity utilization had a negative impact.

SSAB Europe

Third quarter in brief

• Weak market, progress in Automotive AHSS
• Stable shipments at 756 (759) thousand tonnes
• Operating result decreased to SEK 42 (254) million

Key figures

	2024	2023	2024	2024	2023	2023
	Q3	Q3	Q2	Jan-Sep	Jan-Sep	Full-year
Revenue (SEK millions)	9,901	10,909	11,641	32,358	36,155	46,227
EBITDA (SEK millions)	554	694	915	2,069	2,308	2,906
Operating result (SEK millions)	42	254	400	605	1,018	1,183
Operating cash flow (SEK millions)	-487	1,164	1,063	618	2,654	3,906
Crude steel production (thousand tonnes)	919	1,056	1,063	3,058	3,339	4,367
Rolling production (thousand tonnes)	945	1,026	1,152	3,070	3,369	4,402
Steel shipments (thousand tonnes)	756	759	870	2,444	2,578	3,354
Number of employees at end of period	6,794	6,805	6,779	6,794	6,805	6,802

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

Market trend

Demand was weak during the third quarter, especially in the Construction customer segment. Shipments of high-strength steels (AHSS) to the Automotive segment were at a good level despite a contraction of the overall market on a year-on-year basis. SSAB is benefiting from advanced products and the leading position in zero-emission steel. The slowdown in demand in Heavy Transport, especially in heavy-duty trucks, became more pronounced during the quarter.

During the fourth quarter, SSAB Europe will carry out planned maintenance Raahe. Further adjustments to the low demand will take place within the framework for flexible working hours and a restrictive approach to costs.

Development compared to Q3/23

Revenue was down 9% and amounted to SEK 9,901 (10,909) million. Lower prices had an impact of 5 percentage points. Currency and other revenue each had a negative impact of 2 percentage points.

Operating result decreased to SEK 42 (254) million, down SEK 213 million compared with the same quarter in 2023. Lower prices had a negative impact, which was partly offset by lower variable costs, primarily for raw materials.

Operating cash flow decreased to SEK -487 (1,164) million, mainly related to the change in working capital and a lower result.

Capital expenditure during the third quarter was SEK 436 (401) million, of which SEK 137 (52) million were strategic investments. The project in Luleå amounted to SEK 91 million of the total strategic investments.

Development compared to Q2/24

Revenue decreased by 15%. Lower shipments had a negative impact of 13 percentage points, whereas prices were stable.

Compared to the second quarter of 2024, operating result decreased by SEK 359 million. Lower volumes and the costs of planned maintenance had a negative impact, which was partly offset by lower variable costs, especially for raw materials.

SSAB Americas

Third quarter in brief

• Weaker market and planned maintenance outage
• Shipments decreased by 9% to 398 (439) thousand tonnes
• Operating result decreased to SEK 78 (2,653) million

Key figures

	2024	2023	2024	2024	2023	2023
	Q3	Q3	Q2	Jan-Sep	Jan-Sep	Full-year
Revenue (SEK millions)	4,962	7,620	6,221	17,439	23,063	29,775
EBITDA (SEK millions)	146	2,710	1,272	2,891	8,135	9,874
Operating result (SEK millions)	78	2,653	1,204	2,694	7,970	9,651
Operating cash flow (SEK millions)	677	2,562	1,562	3,169	7,116	9,509
Crude steel production (thousand tonnes)	189	296	289	756	888	1,159
Rolling production (thousand tonnes)	184	283	265	730	836	1,100
Steel shipments (thousand tonnes)	398	439	439	1,275	1,366	1,803
Number of employees at end of period	698	692	699	698	692	691

Crude steel production and rolling production refer to Montpelier. Shipments also include standard steel volumes from SSAB Special Steels (Mobile).

Market trend

The market was weaker during the third quarter, with generally lower economic activity. The Steel Service Center and Construction Machinery customer segments were cautious. Activity continued to be good in Energy.

SSAB Americas has a flexible remuneration structure, which brings a relatively low level of fixed cost. This mitigates the negative effects from a weak market.

Development compared to Q3/23

Production and shipments were affected by planned maintenance outage during the third quarter. Revenue was down 35% and amounted to SEK 4,962 (7,620) million. Lower prices had a negative impact of 24 percentage points and lower shipments 9 percentage points.

Operating result for the third quarter of 2024 decreased to SEK 78 (2,653) million, primarily due to significantly lower prices. The costs of the planned maintenance outage, which amounted to SEK 450 million, and lower shipments also had a negative impact.

Operating cash flow during the third quarter of 2024 was SEK 677 (2,562) million. The decrease was primarily due to the lower result. Release of working capital had a somewhat positive impact.

Capital expenditure during the third quarter was SEK 88 (74) million, of which SEK 2 (16) million were strategic investments.

Development compared to Q2/24

Revenue was down 20%. Lower volumes reduced revenue by 9 percentage points and lower prices had a negative impact of 8 percentage points.

Compared to the second quarter of 2024, operating result was down by SEK 1,126 million. The decrease was due to lower prices and the costs of planned maintenance. Lower shipments also had a negative impact.

Tibnor

Third quarter in brief

• Seasonally weaker market
• Revenue was 11% lower than last year
• Operating result improved to SEK 21 (-113) million
• Positive impact from action plan

Key figures

	2024	2023	2024	2024	2023	2023
	Q3	Q3	Q2	Jan-Sep	Jan-Sep	Full-year
Revenue (SEK millions)	2,678	3,012	3,344	9,135	10,660	13,691
EBITDA (SEK millions)	74	-58	110	273	-6	-13
Operating result (SEK millions)	21	-113	57	115	-161	-220
Operating cash flow (SEK millions)	-274	6	-110	-96	481	1,025
Shipments (thousand tonnes)	177	180	217	590	628	820
Number of employees at end of period	1,055	1,089	1,056	1,055	1,089	1,059

Market trend

The market was weak during the third quarter, with increased price pressure. Most customer segments were characterized by low demand, with the downturn in the construction industry being most pronounced.

Development compared to Q3/23

Tibnor earlier implemented cost saving measures of SEK 150 million on an annual basis, of which around SEK 100 million are structural, and these are now having an effect.

Revenue decreased 11% compared with the third quarter of 2023 and amounted to SEK 2,678 (3,012) million. Lower prices and a weaker product mix had a combined negative effect of 9 percentage points. Lower shipments impacted by 2 percentage points.

Operating result for the third quarter of 2024 was up SEK 134 million compared with the same period in 2023 and amounted to SEK 21 (-113) million. The improvement was mainly due to lower inventory losses but measures to reduce costs also had a positive impact, which was counteracted by lower prices.

Operating cash flow during the third quarter of 2024 was SEK -274 (6) million. The deterioration was related to increase in working capital.

Capital expenditure during the third quarter was SEK 34 (47) million, of which SEK 15 (36) million were strategic investments.

Development compared to Q2/24

Revenue was down 20% compared with the second quarter of 2024, primarily due to seasonally lower shipments.

Operating result decreased by SEK 36 million compared with the second quarter of 2024. The decrease was primarily due to lower shipments, which were partly offset by seasonally lower fixed costs.

Ruukki Construction

Third quarter in brief

• Operating result increased to SEK 126 (28) million
• Positive impact from the action program

Key figures

	2024	2023	2024	2024	2023	2023
	Q3	Q3	Q2	Jan-Sep	Jan-Sep	Full-year
Revenue (SEK millions)	1,607	1,587	1,472	4,094	4,474	5,810
EBITDA (SEK millions)	186	83	99	267	187	201
Operating result (SEK millions)	126	28	42	90	30	-6
Operating cash flow (SEK millions)	169	186	-15	-43	218	412
Number of employees at end of period	1,353	1,466	1,362	1,353	1,466	1,410

Market trend

The activity level on Ruukki Construction's markets is low, especially the start of new residential construction is very weak in Sweden and Finland. At the same time the measures implemented have both reduced costs and in addition generated somewhat higher sales, one example is a stronger focus on the renovation market, where demand has been more stable.

Development compared to Q3/23

Revenue increased by 1% and amounted to SEK 1,607 (1,587) million. Operating result increased by SEK 97 million to SEK 126 (28) million, primarily related to the action program and lower material costs.

Operating cash flow during the third quarter decreased to SEK 169 (186) million. The third quarter of 2023 was supported by a significant release of working capital. Capital expenditure during the third quarter was SEK 66 (51) million, of which SEK 47 (31) million were strategic investments.

Development compared to Q2/24

Compared to the second quarter of 2024, revenue was up 9% and operating result was up SEK 84 million, primarily due to a seasonally stronger market for Roofing, but also Building Envelopes increased.

New president and CEO

In August, Johnny Sjöström was appointed President and CEO of SSAB. He is currently head of SSAB Special Steels. Johnny Sjöström will take up his new position on October 28, 2024, succeeding Martin Lindqvist who previously announced that he is leaving the company for a board career.

Risks and uncertainty factors

For information regarding material risks and uncertainty factors, reference is made to the detailed description in the Annual Report 2023.

Affirmation

This interim report has not been reviewed by the auditors.

Stockholm, October 23, 2024

Martin Lindqvist President and CEO

Financial reports – The Group

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

Consolidated statement of profit and loss

	2024	2023	2024	2023	2023
SEK millions	Q3	Q3	Jan-Sep	Jan-Sep	Full-year
Revenue	24,373	29,339	79,803	93,020	119,489
Cost of goods sold	-21,656	-23,299	-67,637	-74,314	-96,936
Gross profit	2,717	6,040	12,167	18,706	22,553
Selling and administrative costs	-1,432	-1,475	-4,555	-4,493	-6,048
Other operating income and expenses	-41	-189	-228	-129	-8
Affiliated companies, profit/loss after tax	5	-5	-9	-17	-29
Operating result	1,248	4,371	7,374	14,068	16,467
Financial items	90	78	359	188	248
Result before tax	1,338	4,449	7,733	14,255	16,716
Income tax	-290	-939	-1,693	-3,118	-3,677
Result for the period	1,048	3,510	6,040	11,137	13,038
Of which attributable to:
- Parent company's shareholders	1,048	3,506	6,040	11,129	13,029
- Non-controlling interest	0	3	0	8	9

Consolidated statement of comprehensive income

	2024	2023	2024	2023	2023
SEK millions	Q3	Q3	Jan-Sep	Jan-Sep	Full-year
Result for the period	1,048	3,510	6,040	11,137	13,038
Other comprehensive income
Items that may be subsequently reclassified to the profit or loss
Translation differences for the period	-1,547	-584	169	2,003	-1,454
Translation differences due to hyperinflation after tax	26	65	71	63	80
Cash flow hedges	24	-194	-161	-1,121	-1,072
Income tax on cash flow hedges	-5	38	32	224	215
Net investment hedges in foreign operations	—	—	—	—	267
Income tax on net investment hedges in foreign operations	—	—	—	—	-55
Total items that may be subsequently reclassified to the profit
or loss	-1,502	-677	112	1,168	-2,019
Items that will not be reclassified to the profit or loss
Net defined benefit liability re-measurement	-15	4	-28	78	50
Income tax on net defined benefit liability re-measurement	3	-1	6	-16	-10
Total items that will not be reclassified to the profit or loss	-12	3	-22	62	40
Total other comprehensive income for the period	-1,514	-673	90	1,231	-1,978
Total comprehensive income for the period	-466	2,836	6,129	12,368	11,060
Of which attributable to:
- Parent company's shareholders	-466	2,834	6,128	12,359	11,053
- Non-controlling interest	0	2	2	9	7

Consolidated statement of financial position

	2024	2023	2023
SEK millions	Sep 30	Sep 30	Dec 31
Assets
Intangible assets	1,484	1,506	1,496
Tangible fixed assets	28,768	27,304	27,341
Right-of-use assets	2,896	2,801	2,701
Investments in affiliated companies and joint ventures	953	1,001	959
Deferred tax receivables	535	623	548
Non-current financial assets	500	663	503
Total non-current assets	35,135	33,898	33,548
Inventories	31,475	35,609	32,485
Accounts receivable	11,445	13,360	10,673
Current tax receivables	1,747	919	733
Other current receivables	1,774	1,740	1,485
Cash and cash equivalents	23,193	27,715	28,916
Total current assets	69,633	79,343	74,291
Total assets	104,768	113,241	107,839
Equity and liabilities Equity for the shareholders in the parent company	67,836	70,525	67,872
Non-controlling interest	47	78	76
Total equity	67,883	70,603	67,948
Deferred tax liabilities	2,904	2,930	2,887
Non-current provisions	505	549	566
Non-current interest-bearing liabilities	6,296	6,482	6,282
Non-current lease liabilities	2,330	2,270	2,148
Other non-current liabilities	231	260	235
Total non-current liabilities	12,266	12,492	12,119
Accounts payable	16,360	18,868	17,001
Current tax liabilities	713	1,257	1,135
Current interest-bearing liabilities	164	1,387	1,428
Current lease liabilities	803	747	764
Other current liabilities and provisions	6,579	7,887	7,445
Total current liabilities	24,619	30,147	27,773
Total equity and liabilities	104,768	113,241	107,839
Pledged assets	36	40	48
Contingent liabilities	7,136	5,458	5,362

Consolidated statement of changes in equity

		Equity attributable of the parent company's shareholders
SEK millions	Share capital	Other contributed funds	Reserves	Retained earnings	Total equity	Non controlling interest	Total equity
Total equity, Dec 31, 2022	9,063	23,022	15,891	19,149	67,124	66	67,191
Changes Jan 1 - Sep 30, 2023
Total comprehensive income for the period			1,105	11,254	12,359	9	12,368
Non-controlling interest through business acquisition					—	11	11
Dividend, parent company's shareholders				-8,960	-8,960		-8,960
Dividend, non-controlling interest						-8	-8
Total equity, Sep 30, 2023	9,063	23,022	16,996	21,443	70,525	78	70,603
Changes Oct 1 - Dec 31, 2023
Total comprehensive income for the period			-3,203	1,896	-1,307	-2	-1,309
Dividend, non-controlling interest					—
Purchases of own shares				-1,347	-1,347		-1,347
Total equity, Dec 31, 2023	9,063	23,022	13,794	21,993	67,872	76	67,948
Changes Jan 1 - Sep 30, 2024
Total comprehensive income for the period			39	6,088	6,128	2	6,129
Reclassification to assets under construction			-1		-1		-1
Result from transaction with owners of non-controlling interests				-18	-18	-27	-45
Dividend, parent company's shareholders				-4,983	-4,983		-4,983
Dividend, non-controlling interest					—	-4	-4
Purchases of own shares				-1,160	-1,160		-1,160
Cancellation of own shares	-292			292	—		—
Bonus issue	292			-292	—		—
Total equity, Sep 30, 2024	9,063	23,022	13,832	21,919	67,836	47	67,883

Consolidated statement of cash flows, in summary

	2024	2023	2024	2023	2023
SEK millions	Q3	Q3	Jan-Sep	Jan-Sep	Full-year
OPERATING ACTIVITIES
Operating result	1,248	4,371	7,374	14,068	16,467
Reversal of non-cash items:
-Depreciation, amortization and write-down of fixed assets	1,073	936	3,127	2,709	3,674
-Other non-cash items	-41	38	-57	-31	-61
Received and paid interest	97	96	302	291	437
Income taxes paid	-798	-967	-3,081	-3,393	-3,879
Change in working capital	483	1,599	-1,139	1,075	4,836
Cash flow from operating activities	2,062	6,074	6,526	14,719	21,473
INVESTING ACTIVITIES
Investments in intangible and tangible fixed assets	-1,937	-979	-5,217	-3,596	-6,567
Sales of intangible and tangible fixed assets	7	3	758	490	1,264
Acquisitions, shares and operations	—	-3	—	-27	-52
Investments/contributions in affiliated companies and joint ventures	—	—	—	—	-20
Divested shares and operations	—	—	—	61	61
Other investing activities	-6	3	-6	50	23
Cash flow from investing activities	-1,937	-976	-4,465	-3,021	-5,291
FINANCING ACTIVITIES
Dividend, parent company's shareholders	—	—	-4,983	-8,960	-8,960
Dividend, non-controlling interest	-3	-7	-4	-8	-8
Purchases of own shares	—	—	-1,215	—	-1,292
Change in loans	-10	-1,797	-1,227	-613	-557
Acquisition of shares, non-controlling interest	-6	—	-45	—	—
Other financing	-1,445	-172	-428	1,356	-1,948
Cash flow from financing activities	-1,464	-1,976	-7,902	-8,225	-12,765
CASH AND CASH EQUIVALENTS
Cash and cash equivalents at beginning of period	23,892	24,517	28,916	24,900	24,900
Cash flow for the period	-1,339	3,123	-5,841	3,473	3,417
Translation differences, cash and cash equivalents	639	75	118	-657	599
CASH AND CASH EQUIVALENTS, END OF PERIOD	23,193	27,715	23,193	27,715	28,916
Contracted, non-utilized overdraft facilities	8,386	8,553	8,386	8,553	8,239
Disposable cash and cash equivalents (incl. non-utilized overdraft facilities)	31,579	36,268	31,579	36,268	37,155

Key figures

	2024	2023	2024	2023	2023
	Q3	Q3	Jan-Sep	Jan-Sep	Full-year
Operating margin (%)	5	15	9	15	14
Earnings per share (SEK)	1.05	3.40	6.05	10.81	12.67
Equity per share (SEK)	68.07	68.48	68.07	68.48	65.91
Net debt/equity ratio (%)	-20	-24	-20	-24	-27
Equity ratio (%)	65	62	65	62	63
Return on capital employed, rolling 12 months (%)	14	-17	14	-17	22
Return on equity, rolling 12 months (%)	11	-26	11	-26	19
Average number of shares outstanding during the period
(millions)	996.6	1,029.8	998.1	1,029.8	1,028.0
Number of shares at end of period (millions)	996.6	1,029.8	996.6	1,029.8	1,029.8
Number of employees at end of period	14,523	14,625	14,523	14,625	14,565

Notes to the condensed financial report

Accounting principles

This interim report has been prepared in compliance with IAS 34. The accounting principles are based on IFRS Accounting 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 2023.

As earlier disclosed, the Council for Swedish Financial Reporting Supervision (the Council) has reviewed the SSAB Annual Report for 2022 and questioned the goodwill impairment of SEK 33.3 billion that was recognized in Q4 2022 and reported as an item affecting comparability. SSAB has provided supplementary information in an ongoing dialogue with the Council. The Council has now referred the matter to the Swedish Financial Supervisory Authority. SSAB's firm opinion remains that the impairment, audited by the company's auditors, was in accordance with IFRS. Any revision would be treated as an item affecting comparability and would not affect the underlying result, cash flow or the ability to comply with the dividend policy.

Valuation of financial assets and liabilities

Debt reported in the balance sheet as long-term interest-bearing liabilities (including the short-term part) amounted to SEK 6,300 million at September 30, 2024 while its fair value was SEK 5,825 million. Since the loans will be held until maturity, they are not reported at fair value.

Derivative assets and liabilities

	2024	2023	2023
SEK millions	Sep 30	Sep 30	Dec 31
Derivative assets recognized in
Non-current financial assets	202	335	187
Other current receivables	84	393	232
Derivative liabilities recognized in
Other non-current liabilities	42	40	43
Other current liabilities and provisions	369	243	319

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

Information about the business segments

SSAB is organized into five reportable business segments with a clear profit responsibility. The business segments consist of the three divisions: SSAB Special Steels, SSAB Europe and SSAB Americas as well as the fully owned subsidiaries Tibnor and Ruukki Construction. Tibnor and Ruukki Construction are operated as independent subsidiaries. The descriptions of the reportable business segments can be found in the Annual Report 2023.

External revenue by business segment, geographical area and product area

External revenue Q3 2024			Business segments
SEK millions	SSAB Special Steels	SSAB Europe	SSAB Americas	Tibnor	Ruukki Construction	Total
Geographical areas
Sweden	146	1,727	—	934	399	3,206
Finland	101	1,155	—	457	461	2,174
Other Europe	2,466	4,487	5	1,249	739	8,946
USA	1,461	720	4,616	—	—	6,797
Rest of the world	2,639	353	250	5	4	3,250
Total	6,812	8,442	4,870	2,645	1,604	24,373
Product area
Steel products	6,584	7,954	4,870	—	—	19,408
Trading operations	—	—	—	2,645	—	2,645
Ruukki Construction operations	—	—	—	—	1,604	1,604
Slabs, by-products and scrap	199	478	—	—	—	678
Other	29	10	—	—	—	38
Total	6,812	8,442	4,870	2,645	1,604	24,373

External revenue Q3 2023			Business segments
SEK millions	SSAB Special Steels	SSAB Europe	SSAB Americas	Tibnor	Ruukki Construction	Total
Geographical areas
Sweden	222	1,692	—	972	375	3,260
Finland	91	913	—	559	443	2,007
Other Europe	2,754	5,569	44	1,452	766	10,585
USA	2,016	636	7,150	—	—	9,803
Rest of the world	2,750	543	390	3	-1	3,684
Total	7,834	9,353	7,584	2,985	1,584	29,339
Product area
Steel products	7,725	8,764	7,584	—	—	24,073
Trading operations	—	—	—	2,985	—	2,985
Ruukki Construction operations	—	—	—	—	1,584	1,584
Slabs, by-products and scrap	82	578	—	—	—	660
Other	26	11	—	—	—	37
Total	7,834	9,353	7,584	2,985	1,584	29,339

External revenue Jan-Sep 2024			Business segments
SEK millions	SSAB Special Steels	SSAB Europe	SSAB Americas	Tibnor	Ruukki Construction	Total
Geographical areas
Sweden	515	6,098	—	3,323	1,046	10,982
Finland	311	3,535	—	1,489	1,113	6,448
Other Europe	8,536	14,892	24	4,200	1,918	29,569
USA	4,934	1,906	16,259	—	3	23,102
Rest of the world	7,727	1,037	914	17	8	9,703
Total	22,022	27,467	17,197	9,030	4,088	79,803
Product area
Steel products	21,391	25,635	17,197	—	—	64,223
Trading operations	—	—	—	9,030	—	9,030
Ruukki Construction operations	—	—	—	—	4,088	4,088
Slabs, by-products and scrap	530	1,802	—	—	—	2,331
Other	101	30	—	—	—	131
Total	22,022	27,467	17,197	9,030	4,088	79,803

External revenue Jan-Sep 2023			Business segments
SEK millions	SSAB Special Steels	SSAB Europe	SSAB Americas	Tibnor	Ruukki Construction	Total
Geographical areas
Sweden	749	6,012	—	3,697	1,211	11,668
Finland	339	4,099	—	2,009	1,161	7,607
Other Europe	9,303	17,417	160	4,845	2,091	33,816
USA	5,867	1,752	21,076	—	2	28,698
Rest of the world	8,393	1,233	1,595	9	—	11,230
Total	24,652	30,513	22,831	10,560	4,465	93,020
Product area
Steel products	24,174	28,475	22,831	—	—	75,480
Trading operations	—	—	—	10,560	—	10,560
Ruukki Construction operations	—	—	—	—	4,465	4,465
Slabs, by-products and scrap	302	2,008	—	—	—	2,310
Other	176	30	—	—	—	205
Total	24,652	30,513	22,831	10,560	4,465	93,020

Alternative performance measures

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

Adjusted operating result

	2024	2023	2024	2023	2023
SEK millions	Q3	Q3	Jan-Sep	Jan-Sep	Full-year
Operating result	1,248	4,371	7,374	14,068	16,467
Items affecting comparability	—	—	—	—	—
Adjusted operating result	1,248	4,371	7,374	14,068	16,467

EBITDA and adjusted EBITDA

	2024	2023	2024	2023	2023
SEK millions	Q3	Q3	Jan-Sep	Jan-Sep	Full-year
Operating result	1,248	4,371	7,374	14,068	16,467
Depreciation, amortization and impairment	1,073	936	3,127	2,709	3,674
EBITDA	2,320	5,307	10,500	16,777	20,141
Items affecting comparability	—	—	—	—	—
Adjusted EBITDA	2,320	5,307	10,500	16,777	20,141

Financial information, per quarter

The Group's adjusted result per quarter

SEK millions	Q1 22	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24
Revenue	31,575	35,516	31,516	30,138	31,904	31,777	29,339	26,469	27,148	28,282	24,373
Operating expenses	-22,381	-24,289	-23,922	-25,505	-26,303	-25,892	-24,028	-23,094	-22,992	-24,244	-22,059
Depreciation/amort.	-821	-844	-857	-869	-869	-907	-935	-963	-985	-1,070	-1,071
Affiliated companies	4	12	5	4	2	-14	-5	-12	-14	-	5
Financial items	-101	-136	-20	259	54	56	78	61	161	108	90
Result before tax	8,276	10,260	6,722	4,027	4,787	5,019	4,449	2,460	3,318	3,076	1,338

Revenue per quarter and business segment

SEK millions	Q1 22	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24
SSAB Special Steels	7,907	8,985	8,431	8,343	8,573	8,646	8,013	6,913	7,716	7,847	6,995
SSAB Europe	12,657	14,357	11,989	11,065	12,293	12,953	10,909	10,072	10,817	11,641	9,901
SSAB Americas	7,465	8,842	8,302	7,554	7,714	7,728	7,620	6,711	6,256	6,221	4,962
Tibnor	4,463	4,783	3,594	3,784	4,048	3,600	3,012	3,030	3,112	3,344	2,678
Ruukki Construction	1,588	2,020	1,739	1,534	1,329	1,559	1,587	1,335	1,015	1,472	1,607
Other	—	—	—	—	—	—	—	—	—	—	—
Group adjustments	-2,504	-3,472	-2,539	-2,143	-2,053	-2,709	-1,802	-1,593	-1,769	-2,244	-1,769
Total	31,575	35,516	31,516	30,138	31,904	31,777	29,339	26,469	27,148	28,282	24,373

Adjusted EBITDA, per quarter and business segment

SEK millions	Q1 22	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24
SSAB Special Steels	2,350	2,648	2,674	1,649	2,380	2,305	2,126	1,199	2,143	2,023	1,595
SSAB Europe	3,650	4,476	1,856	189	418	1,196	694	599	600	915	554
SSAB Americas	3,041	3,563	3,089	2,782	2,728	2,697	2,710	1,739	1,473	1,272	146
Tibnor	457	653	-133	-361	50	2	-58	-6	89	110	74
Ruukki Construction	209	263	206	56	41	63	83	14	-18	99	186
Other	-508	-361	-92	323	-18	-393	-247	-181	-145	-382	-234
Total	9,198	11,241	7,599	4,637	5,600	5,871	5,307	3,364	4,142	4,038	2,320

Adjusted operating result per quarter and business segment

SEK millions	Q1 22	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24
SSAB Special Steels	2,086	2,373	2,390	1,369	2,094	2,003	1,808	847	1,781	1,659	1,228
SSAB Europe	3,249	4,069	1,446	-229	0	764	254	165	163	400	42
SSAB Americas	2,991	3,511	3,034	2,725	2,675	2,642	2,653	1,681	1,412	1,204	78
Tibnor	414	608	-181	-408	1	-50	-113	-59	36	57	21
Ruukki Construction	160	209	156	-1	-9	10	28	-36	-78	42	126
Other	-522	-374	-104	311	-29	-405	-260	-198	-157	-394	-246
Total	8,377	10,395	6,742	3,768	4,733	4,963	4,371	2,400	3,157	2,969	1,248

No items affecting comparability were reported in 2023 or 2024.

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

SEK millions	Q1 22	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24
SSAB Special Steels	-141	-5	-149	-18,124	—	—	—	—	—	—	—
SSAB Europe	-25	-1	1	-2,201	—	—	—	—	—	—	—
SSAB Americas	—	—	—	-12,401	—	—	—	—	—	—	—
Tibnor	—	—	—	-542	—	—	—	—	—	—	—
Ruukki Construction	-49	—	—	—	—	—	—	—	—	—	—
Other	—	—	—	—	—	—	—	—	—	—	—
Total	-215	-6		-148 -33,269	—	—	—	—	—	—	—

Items affecting comparability during 2022 related mainly to impairment of goodwill.

Production and shipments

Thousand tonnes	Q1 22	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24
Crude steel production
SSAB Special Steels	630	634	592	453	608	651	584	409	586	576	508
SSAB Europe	889	1,049	1,068	905	1,141	1,142	1,056	1,028	1,077	1,063	919
SSAB Americas	232	303	256	283	295	297	296	271	278	289	189
Total	1,751	1,985	1,916	1,641	2,044	2,090	1,936	1,707	1,941	1,927	1,616
Rolling production
SSAB Special Steels	419	460	430	358	454	447	418	300	419	421	387
SSAB Europe	1,065	1,093	1,010	873	1,157	1,186	1,026	1,034	973	1,152	945
SSAB Americas	233	282	232	273	288	265	283	264	281	265	184
Total	1,716	1,835	1,672	1,505	1,899	1,898	1,727	1,598	1,673	1,839	1,516
Steel shipments
SSAB Special Steels	381	396	336	305	349	364	313	279	327	337	302
SSAB Europe	844	838	713	778	912	907	759	776	818	870	756
SSAB Americas	438	476	416	418	476	451	439	437	437	439	398
Total	1,664	1,711	1,465	1,502	1,737	1,722	1,510	1,491	1,583	1,646	1,457

Analysis of total change in revenue per business segment

		Change vs. Q3 2023		Change vs. Q2 2024
%	SSAB Special Steels	SSAB Europe	SSAB Americas	SSAB Special Steels	SSAB Europe	SSAB Americas
Price	-5	-5	-24	1	0	-8
Product mix	1	0	0	1	0	0
Volume	-3	0	-9	-10	-13	-9
Currency effects	-5	-2	-2	-2	-1	-2
Other sales	-1	-2	0	-1	-1	-1
Total	-13	-9	-35	-11	-15	-20

Financial reports – The Parent company

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

	2024	2023	2024	2023	2023
SEK millions	Q3	Q3	Jan-Sep	Jan-Sep	Full-year
Gross profit	—	—	—	—	—
Selling and administrative costs	-241	-157	-629	-462	-638
Other operating income/expenses	149	84	366	278	370
Operating result	-92	-72	-264	-184	-268
Financial items	113	-39	396	-27	10,165
Result after financial items	21	-111	133	-211	9,897
Appropriations	—	—	—	—	65
Result before tax	21	-111	133	-211	9,962
Income tax	-3	19	-27	41	-16
Result for the period	18	-92	105	-170	9,946

Parent company´s statement of comprehensive income, in summary

	2024	2023	2024	2023	2023
SEK millions	Q3	Q3	Jan-Sep	Jan-Sep	Full-year
Result for the period	18	-92	105	-170	9,946
Other comprehensive income
Items that may be classified to the income statement
Cash flow hedges	-20	10	-39	-20	-61
Income tax attributable to cash flow hedges	4	-2	8	4	13
Other comprehensive income	-16	8	-31	-16	-49
Total comprehensive income for the period	3	-85	75	-186	9,897

Parent company´s statement of financial position, in summary

	2024	2023	2023
SEK millions	Sep 30	Sep 30	Dec 31
Assets
Fixed assets	73,333	76,652	76,458
Other current assets	7,651	3,093	3,100
Cash and cash equivalents	22,040	25,936	27,398
Total assets	103,024	105,681	106,957
Equity and liabilities
Restricted equity	9,964	9,964	9,964
Unrestricted equity	59,125	56,457	65,193
Total equity	69,089	66,421	75,157
Non-current liabilities and provisions	4,378	4,435	4,346
Current liabilities and provisions	29,557	34,825	27,453
Total equity and liabilities	103,024	105,681	106,957

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.

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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

Year-end report for January-December 2024

The Year-end report of 2024 will be published on January 29, 2025.

SSAB AB (publ)

P.O. Box 70, SE-101 21 Stockholm, Sweden

Telephone +46 8-45 45 700. Telefax +46 8-45 45 725

Visiting address: Klarabergsviadukten 70 D6, Stockholm

Email: info@ssab.com

www.ssab.com