SSAB: Negotiations Concluded Regarding Personnel Downsizing among Office Workers in SSAB’s Swedish Operations

Regulatory News:

SSAB Svenskt Stål AB (STO:SSABA) (STO:SSABB) (HEX:SSABAH) (HEX:SSABBH)

The negotiations that SSAB initiated in order to reduce office workers within the Nordic operations have now been concluded. The result of the negotiations will be a reduction of 262 office workers in Sweden.

In February, SSAB announced that it had begun negotiations in order to reduce the number of employees in the Nordic operations.

The negotiations in Sweden covered employees in Oxelösund, Borlänge, Luleå and the group functions. As a result of the negotiations, there will be a reduction in total of 262 office workers in the Swedish operations, of which 64 in SSAB Special Steels, 161 in SSAB Europe and 37 in Group Functions. Our production sites were affected as follows: 169 in Borlänge, 72 in Oxelösund, and 20 in Luleå. When the negotiations began, it was estimated that 265 office workers in Sweden would be reduced. The downsizing will be carried out through terminations, retirement and natural attrition. Those office workers affected will receive information from their immediate superiors during weeks 17 and 18.

These reductions are part of the cost savings program communicated earlier, but also include further efficiency measures. Since the combination with Rautaruukki in July 2014, the main focus has been on improving organizational efficiency and ways of working, and on capturing the synergies identified between the two companies. Since the acquisition of Rautaruukki, SSAB has, by the end of 2015, reduced the workforce by around 1,300 employees excluding the negotiations just or shortly to be completed.

Negotiations have begun regarding front line workers in Oxelösund, and they will be concluded and communicated in May. It has previously been communicated that about 50 office-jobs will be reduced in Finland.

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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