SSAB
{{Short description|Swedish multinational steel company}}
{{Use dmy dates|date=May 2025}}
{{Not to be confused with|text=SAAB}}
{{Infobox company
| name = SSAB AB
| logo = SSAB.svg
| logo_size = 200px
| type = Publicly traded Aktiebolag
| traded_as = Nasdaq Stockholm: [https://www.nasdaq.com/european-market-activity/shares/ssab-a?id=SSE300 SSAB A], [https://www.nasdaq.com/european-market-activity/shares/ssab-b?id=SSE301 SSAB B]
Nasdaq Helsinki: [https://www.nasdaq.com/european-market-activity/shares/ssabah?id=HEX102049 SSABAH], [https://www.nasdaq.com/european-market-activity/shares/ssabbh?id=HEX102050 SSABBH]
| ISIN = {{Unbulleted list
| {{ISIN|sl=n|pl=y|SE0000171100}}{{Cite web|url=http://www.nasdaqomxnordic.com/aktier/microsite?Instrument=SSE300|title=SSAB A, SSAB A, (SE0000171100)|publisher=NASDAQ}}
| {{ISIN|sl=n|pl=y|SE0000120669}}{{Cite web|url=http://www.nasdaqomxnordic.com/shares/microsite?languageId=3&Instrument=SSE301|title=SSAB B, SSAB B, (SE0000120669)|publisher= NASDAQ}}
}}
| foundation = {{start date and age|1978}}
| location = Stockholm, Sweden
| key_people = {{Plainlist|
- Lennart Evrell (Chairman)
- Johnny Sjöström (President and CEO)
}}
| industry = Steel
| revenue = {{Decrease}} {{SEK|103.42 billion|link=yes}} (2024){{cite web |url=https://mb.cision.com/Main/980/4097369/3231139.pdf |title=Report for Q4 and full-year 2024 |publisher=SSAB AB |via=Cision |pages=15, 16 |access-date=1 March 2025 |date=29 January 2025}}
| operating_income = {{Decrease}} {{SEK|7.86 billion}} (2024)
| net_income = {{Decrease}} {{SEK|6.53 billion}} (2024)
| assets = {{nowrap|{{Increase}} {{SEK|110.73 billion}} (2024)}}
| equity = {{Increase}} {{SEK|71.02 billion}} (2024)
| owner = {{Nowrap|LKAB (10.85%)
Government of Finland (6.5%)}}{{cite web |title=Shareholders SSAB |url=https://www.ssab.com/en/company/investors/ssab-share/shareholders |website=ssab.com |access-date=1 March 2025}}
| num_employees = {{Increase}} 14,618 (2024)
| homepage = {{URL|https://www.ssab.com}}
}}
SSAB AB ([https://www.nasdaq.com/european-market-activity/shares/ssab-a?id=SSE300 SSAB A], [https://www.nasdaq.com/european-market-activity/shares/ssab-b?id=SSE301 SSAB B]), earlier Svenskt Stål AB ({{lit|Swedish Steel, Limited}}), is a Swedish company, formed in 1978, that specialises in producing steel. The largest shareholders are the Swedish state-owned mining company LKAB, and the Government of Finland.
History
File:Luleå - KMB - 16000300039843.jpg
Svenskt Stål AB was established on 1 January 1978, following a Swedish parliamentary decision to merge three struggling steel companies: Domnarvets Ironworks, Norrbottens Järnverk AB (NJA), and Oxelösunds Ironworks.{{cite web|access-date=9 November 2024 |date=12 January 1978 |publisher=Riksdagen |title=Prop. 1977/78: 87 Regeringens proposition 1977/78: 87 om statligt engagemang inom handelsstålsindustrin, m. m.; |url=https://data.riksdagen.se/dokument/G10387}}{{cite web|access-date=9 November 2024 |date=31 March 1977 |publisher=Industridepartementet, Handelsstålsutredningen |title=Handelsstålsindustrin inför 1980-talet - Betänkande av handelsstålsutredningen - SOU 1977:15 |url=https://weburn.kb.se/metadata/549/SOU_7258549.htm}} The merger was proposed by a government-led investigation to consolidate Sweden's struggling steel industry.
At its founding, SSAB was 50% owned by the Swedish state and 25% each by Gränges and Stora Kopparberg. Björn Wahlström, managing director of NJA, led the merger negotiations and became SSAB's first managing director. The company initially employed approximately 18,000 workers across various operations.
= Restructuring and profitability (1980s) =
The initial years were financially challenging, with losses recorded between 1978 and 1981. The company restructured by closing unprofitable operations and focusing on specific products and locations. In 1982, SSAB reported its first profitable year. Ownership changes followed, with Stora selling its stake to the Swedish state in 1981, and Gränges being acquired by Electrolux. SSAB further focused on steel production and was listed on the Stockholm Stock Exchange in 1989.{{cite news |page=48 |publisher=Skillings' Mining Review |volume=75 |author=C. D. Skillings |year=1986 |title=SSAB News}}
In 1987, a new restructuring plan led to the concentration of production within certain areas. The company formed subsidiaries SSAB Tunnplåt AB (for thin sheet steel production) and SSAB Oxelösund AB. A third subsidiary, SSAB Profiler, was also established but later sold to Ovako Steel. The Domnarvet electrosteel plant was closed in 1989, moving focus to continuous casting from Luleå.{{cite book |page=19 |title=Privatization and changing ownership in the steel industry |publisher=United Nations. Economic Commission for Europe |year=1996}}
= Expansion and modernisation (1990s) =
Following its stock market listing, the Swedish state gradually reduced its own ownership in SSAB, fully divesting direct ownership by 1992. The same year, SSAB acquired Korrugals band-coating line in Finspång and introduced the "Sträng 5" continuous casting line in Luleå. In 1993, a CAS-OB facility was established in Luleå, and SSAB Laminated Steel AB in Ronneby was integrated into SSAB Tunnplåt. Significant investments included a new pre-rolling mill in Borlänge in 1999 and a new blast furnace (Masugn 3) in Luleå in 2000.{{cite book|url=https://books.google.com/books?id=khC0dqDjBrkC&pg=PA65|title=Supply Network Strategies|first1=Lars-Erik|last1=Gadde|first2=Håkan|last2=Håkansson|first3=Göran|last3=Persson|date=19 January 2018|publisher=John Wiley & Sons|isbn=9780470518540|via=Google Books}}
= International expansion (2000s - 2010s) =
In 2008, SSAB acquired the American steel producer IPSCO, which operated mills in Montpelier, Iowa, and Mobile, Alabama. These facilities focused on scrap-based steel production using electric arc furnaces rather than blast furnaces.Affärsvärlden nr 16 år 2021, sida 12
In 2014, SSAB acquired Finnish steel producer Rautaruukki for €1.1 bn.{{cite news |date=22 January 2014 |title=Steelmaker SSAB to buy Nordic rival Rautaruukki for $1.6 billion |url=https://www.reuters.com/article/us-rautaruukki-ssab-idUSBREA0L09N20140122 |work=Reuters}} The acquisition increased SSAB's steel production capacity by 2.6 million tons. Following the merger, Finnish state-owned Solidium became SSAB's third-largest shareholder after Industrivärden and LKAB. Key Rautaruukki production facilities that remained operational included the steel plant in Raahe and the sheet and pipe manufacturing facility in Hämeenlinna.{{cite web|url=https://www.ssab.com/company/about-ssab/ssab-in-brief|title=SSAB in brief|website=SSAB}}
= Sustainability initiatives (2020-) =
In 2021, SSAB produced the world's first fossil-free steel using hydrogen instead of coke-based processes. The steel was delivered to Volvo Group for testing.{{Citation
| last =Frangoul
| first =Anmar
| title ='World's first fossil-free steel' produced in Sweden and delivered to Volvo
| publisher =CNBC
| date =19 August 2021 | url =https://www.cnbc.com/2021/08/19/first-fossil-free-steel-produced-in-sweden-delivered-to-volvo.html
| access-date =7 September 2021 }} Today, SSAB operates under three main divisions: SSAB Special Steels, SSAB Europe, and SSAB Americas. It also owns subsidiaries Ruukki Construction and Tibnor.{{cite web|date=22 January 2014|title=Swedish steel company SSAB in $1.6 billion bid to merge with Finland's Rautaruukki|url=https://www.canadianmetalworking.com/news/metalworking/swedish-steel-company-ssab-in-1-6-billion-bid-to-merge-with-finlands-rautaruukki|website=Canadian Metalworking}} The company's product brands include SSAB Domex, Hardox, Docol, GreenCoat, Armox, and Toolox.{{Cite web|title=SSABb.ST – SSAB AB Profile|url=https://www.reuters.com/markets/companies/SSABb.ST|access-date=1 March 2025|website=Reuters.com|language=en}}
SSAB also sponsors the Swedish Steel Prize and has been involved in various government-supported research programs, such as the "Steel Eco-System" initiative.{{cite book|url=https://books.google.com/books?id=yyEpDAAAQBAJ&pg=PT230|title=Corporate Responses to EU Emissions Trading: Resistance, Innovation or Responsibility?|first1=Jon Birger|last1=Skjærseth|first2=Per Ove|last2=Eikeland|date=13 May 2016|publisher=Routledge|isbn=9781317159421|via=Google Books}}
In 2024, SSAB announced that it would build its €4.5 billion fossil-free steel mill in Luleå, Sweden, rather than in Raahe, Finland. The decision, which was made after considering both locations, is expected to reduce Sweden's carbon dioxide emissions by 7% upon completion in 2028.{{Cite web |last=Teivainen |first=Aleksi |date=8 April 2024 |title=SSAB chooses Sweden over Finland as location for €4.5bn fossil-free mill |url=https://www.helsinkitimes.fi/business/25076-ssab-chooses-sweden-over-finland-as-location-for-4-5bn-fossil-free-mill.html |access-date=18 February 2025 |website=Helsinki Times |language=en-gb}}
Operations
SSAB has its production sites in Sweden, Finland, and the United States.{{Cite web |title=SSAB Locations |url=https://www.ssab.com/en/contact/locations |access-date=18 February 2025 |website=SSAB |language=en}} The company also maintains smaller operations elsewhere, including a processing facility in Kunshan near Shanghai, China.{{cite book |url=https://books.google.com/books?id=OEWE1gXCaaAC&pg=PR135 |title=Carbon Steel Products from Australia, Belgium, Brazil, Canada, Finland, France, Germany, Japan, Korea, Mexico, the Netherlands, Poland, Romania, Spain, Sweden, Taiwan, and the United Kingdom, Volume 1 Determination and Volume 2 Information, Invs. AA1921-1 |publisher=DIANE Publishing |isbn=9781457818615 |via=Google Books}} and distribution hubs in the Baltic region.
= Sweden =
The production is located at Luleå, Borlänge, Oxelösund and Finspång.{{cite book|url=https://books.google.com/books?id=_AT-9P7OTocC&pg=PA150|title=BAT examples from the Nordic iron and steel industry|date=1 March 2006|publisher=Nordic Council of Ministers|isbn=9789289312868|via=Google Books}} SSAB is the largest steel sheet manufacturer in Scandinavia, with its blast furnace, coking plant, and steelworks located in Luleå and its rolling mills and coating plants in Borlänge—the initial product is sent from one location to the other via train. The division also has a coil coating line, lamination line, and special steels production. SSAB Special Steels in Oxelösund is the only steelworks in Sweden to have its entire vertical production base in one place, from raw material handling to its rolling plates. Ninety percent of its production is exported, with its chief export partner being Germany. SSAB produces nearly all of the steel plates created in Sweden.{{cite book|url=https://books.google.com/books?id=OEWE1gXCaaAC&pg=PR134|title=Carbon Steel Products from Australia, Belgium, Brazil, Canada, Finland, France, Germany, Japan, Korea, Mexico, the Netherlands, Poland, Romania, Spain, Sweden, Taiwan, and the United Kingdom, Volume 1 Determination and Volume 2 Information, Invs. AA1921-1|publisher=DIANE Publishing|isbn=9781457818615|via=Google Books}}
= Finland =
SSAB operates two major steel production facilities in Finland, located in Raahe and Hämeenlinna. The Raahe plant, originally established as Rautaruukki in the 1960s to support Finland's heavy industry, is one of the youngest integrated steel plants in Europe. It began operations with its first blast furnace in 1964, followed by an LD steel plant and rolling mills in the subsequent years.{{Cite web |title=SSAB Raahe – The Beauty of Steel |url=https://thebeautyofsteel.com/steel-plants-archive/ssab-raahe-2/ |access-date=18 February 2025 |website=thebeautyofsteel.com}} The Hämeenlinna facility, which started production in 1972, specialises in processing steel into coated products, including galvanised steel for industries such as automotive manufacturing. It employs approximately 1,000 people.{{Cite web |date=17 January 2022 |title=SSAB:n Hämeenlinnan tehdas on toiminut jo 50 vuotta – työllistää nykyään noin tuhat henkilöä |url=https://yle.fi/a/3-12274731 |access-date=18 February 2025 |website=Yle Uutiset |language=fi}} The headquarters for SSAB Europe Oy are located in Hämeenlinna.{{cite web |date=2 November 2017 |title=40 vuotta maalipinnoitusta SSAB:n Hämeenlinnan tehtaalla |url=https://news.cision.com/fi/ssab/r/40-vuotta-maalipinnoitusta-ssab-n-hameenlinnan-tehtaalla,c2381233 |website=News Powered by Cision}}
= North America =
File:Jerry Carl visits SSAB - May 2021 02.jpg visiting SSAB in Axis, Alabama, in 2021]]
IPSCO Inc. began as Prairie Pipe Manufacturing Co., Ltd. in Regina, Saskatchewan in 1956, changing its name to Interprovincial Steel and Pipe Corporation, Ltd. in 1960 and IPSCO, Inc. in 1984;{{cite web|url=http://www.linkedin.com/companies/ipsco|title=Company Profile -IPSCO|publisher=LinkedIn|accessdate=25 May 2010}} the company would later be purchased by SSAB, and is the origin of SSAB's operations in the region. All SSAB operations in North America are now operated as SSAB Americas.{{cite book|url=https://books.google.com/books?id=iZlnQissYIgC&pg=SL252-PA15|title=Certain Oil Country Tubular Goods from China, Invs. 701-TA-463 and 731-TA-1156-1159 (Preliminary)|publisher=DIANE Publishing|isbn=9781457816833|via=Google Books}}
As of 2000, IPSCO had used mini mills to produce flat-rolled steel for 40 years.{{cite news|url=http://www.allbusiness.com/manufacturing/primary-metal-mfg-iron-steel/6479082-1.html|title=IPSCO Steel (Alabama) Construction Proceeds on Schedule; World's Largest Mill Stands Set in Place|work=Business Wire|date=8 May 2000|accessdate=25 May 2010}} Late in 2001, the company officially opened an Axis, Alabama, mill (in the Mobile area), with a capacity of 1,250,000 tonnes,. The $US425 million rolling mill,{{cite news|url=http://www.siteselection.com/ssinsider/pwatch/pw011210.htm|title=IPSCO Steel Officially Opens $425 Million Alabama Mini-Mill|work=siteselection.com|date=10 December 2001}} with mill stand housings believed to be the largest one-piece cast mill housings in the world at 350 tons each, uses scrap steel to produce discrete plate and coiled hot rolled plate. Montpelier, Iowa had a similar facility which began operations in 1997, but this one would serve the Gulf coast.{{cite news|url=http://www.allbusiness.com/economy-economic-indicators/economic/6948996-1.html|title=IPSCO Inc. – Subsidiary Selects Site for State-of-the-Art Steelworks|work=Business Wire|date=22 December 1998|accessdate=25 May 2010}}{{cite news|url=http://www.muscatinejournal.com/news/local/article_b5986f9d-e7a4-517b-94b0-3b39a604119b.html|title=IPSCO plans multi-million dollar plant|work=Muscatine Journal|date=8 April 2008|accessdate=25 May 2010}} On 21 October 2008, SSAB announced a $US460 million expansion of the Axis mill to be completed in 2011. The mill already had 400 employees and 350 contractors.{{cite news|url=http://www.al.com/news/press-register/metro.ssf?/base/news/1224681658317470.xml&coll=3|title=SSAB steel mill in Axis, Ala., to expand by $460m|last=Amy|first=Jeff|work=Press-Register|date=22 October 2008|access-date=29 June 2010|url-status=dead|archive-url=https://web.archive.org/web/20110608231440/http://www.al.com/news/press-register/metro.ssf?%2Fbase%2Fnews%2F1224681658317470.xml&coll=3|archive-date=8 June 2011}}
In May 2007, a deal to acquire IPSCO for $US7.7 billion was announced. At the time, IPSCO's annual production was 4.3 million tonnes, with four steel mills and eleven pipe mills.{{cite news|url=https://www.reuters.com/article/idUSL2916600320070529|title=Sweden's SSAB wants to sell Ipsco tube unit|work=Reuters|date=30 May 2007|accessdate=25 May 2010}} On 17 July 2008, SSAB announced the completion of the deal. John Tulloch succeeded the retiring David Sutherland as IPSCO president and became an executive vice president of SSAB.{{cite news|url=http://news.thomasnet.com/companystory/SSAB-Successfully-Completes-Acquisition-of-IPSCO-525831|title=SSAB Successfully Completes Acquisition of IPSCO|work=ThomasNet|date=17 July 2007|accessdate=25 May 2010}}
On 17 March 2008, Evraz Group SA announced it would buy SSAB's Canada pipe and plate business and the steel tube business of the American IPSCO unit for $US4.3 billion after steel prices rose and the dollar fell. Evraz also planned to sell some of the American assets for $US1.7 billion to OAO TMK.{{cite news|url=http://www.ca.all-biz.info/news/index.php?newsid=2071|title=Evraz Agrees to Buy SSAB Units for $4.03 Billion|work=AllBiz|date=17 March 2008|accessdate=25 May 2010|archive-date=15 April 2008|archive-url=https://web.archive.org/web/20080415225747/http://www.ca.all-biz.info/news/index.php?newsid=2071|url-status=dead}} IPSCO had 4300 employees, with 70% of its operation in the United States and 30% in Canada.{{cite news|url=https://www.usatoday.com/money/industries/manufacturing/2008-03-14-russia-evraz_N.htm|title=Russian steel maker Evraz grows in North America|work=USA Today|date=14 March 2008|accessdate=25 May 2010}}
After the sale, SSAB changed the name of its North American operation to SSAB North American Division (NAD), then later to SSAB Americas; headquarters stayed in Lisle, Illinois, USA. Included in this division were steel operations in Mobile and Montpelier, and cut-to-length lines in St. Paul, Minnesota and Houston, Texas; and Toronto, Canada. David Britten succeeded Tulloch as president. Paul Wilson, with 36 years of industry experience, ten of those with SSAB including management of Mobile's steel operation, became the vice president in charge of the American steel operations.{{cite news|url=http://steelnews.com/Ipsco/tabid/36/Cat/76/Doc/2764/Default.aspx|title=SSAB Rolls out New Name, New Leadership for North American Operations|work=steelnews.com|date=16 June 2008|accessdate=16 May 2010}} In 2018 the SSAB Americas division relocated its headquarters to Mobile, Alabama.{{cite web|url=http://mynbc15.com/news/local/ssab-steel-company-to-locate-head-office-to-mobile|title=SSAB steel company to relocate head office to Mobile|first=Keith|last=Lane|date=19 October 2017}}
Brands
SSAB's major brands include:{{cite web|url=https://www.ssab.com/news/2020/03/11/12/31/ssabs-annual-report-2019-published|title=SSAB's Annual Report 2019|website=SSAB}}
{{div col|colwidth=20em}}
- Hardox
- Strenx
- Docol
- GreenCoat
- Toolox
- Armox
- SSAB Boron
- SSAB Domex
- SSAB Form
- SSAB Laser
- SSAB Weathering
- SSAB Multisteel
- Hardox in my Body
- My Inner Strenx
- Hardox Wearparts
{{div col end}}
Carbon footprint
SSAB reported Total CO2e emissions (Direct + Indirect) for 31 December 2020 at 9,989 Kt (−766 /-7.1% y-o-y).{{Cite web |title=SSAB's Sustainability Report for 2020Q4 |archive-url=https://web.archive.org/web/20211001132000/https://www.ssab.com/-/media/Files/Company/Investors/Annual-reports/2020/SSAB_Annual_Report_2020_EN.pdf |url=https://www.ssab.com/-/media/Files/Company/Investors/Annual-reports/2020/SSAB_Annual_Report_2020_EN.pdf|archive-date=1 October 2021 }} [https://analytics.exerica.com/App/Name/SSAB/Total%20CO2e%20Emissions%20-%20Location-Based%20Scope%201%20%2b%20Scope%202/2020Q4 Alt URL] This is a higher rate of decline than over the period since 4Q'14 (−1.1% CAGR).
See also
{{Portal|Companies}}
References
{{Reflist}}
External links
{{commons category|SSAB}}
- {{Official website|http://www.ssab.com}}
{{OMX Stockholm 30 companies}}
{{Nasdaq Helsinki}}
{{Authority control}}
Category:Manufacturing companies established in 1978
Category:Steel companies of Sweden
Category:Companies listed on Nasdaq Helsinki
Category:Companies listed on Nasdaq Stockholm