SSAB Concludes Negotiations to Reduce Workforce in Its Nordic Operations

Regulatory News:

In February, SSAB (STO:SSABA) (STO:SSABB) (HEX:SSABAH) (HEX:SSABBH) announced that it had initiated negotiations in order to reduce the workforce in its Nordic operations by a maximum of 465 employees. All negotiations in this respect have now been concluded.

The negotiations that SSAB initiated to reduce the number of front-line workers in Oxelösund applied to a maximum of 150 front-line employees. This is the last of the series of negotiations initiated in February this year.

The negotiations just concluded will result in the loss of 98 permanent front-line jobs in Oxelösund. The reductions will be carried out through redundancies, retirement and natural attrition. In addition to this, the number of temporary employees will be reduced by 85 persons.

As communicated earlier, the workforce will also be reduced by a total of around 50 office jobs in Finland and around 260 in Sweden.

These reductions are part of the cost savings program communicated earlier as result of the combination with Rautaruukki in July 2014, but also include further efficiency measures. Since the combination, the main focus has been on improving organizational efficiency and ways of working, and on capturing the synergies identified between the two companies.

SSAB is a Nordic and US-based steel company. SSAB offers value added products and services developed in close cooperation with its customers to create a stronger, lighter and more sustainable world. SSAB has employees in over 50 countries. SSAB has production facilities in Sweden, Finland and the US. SSAB is listed on the Nasdaq OMX Nordic Exchange in Stockholm and has a secondary listing on the Nasdaq OMX in Helsinki. www.ssab.com.

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