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SSAB

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SSAB AB
Company typePublicly traded Aktiebolag
Nasdaq Stockholm: SSAB A
ISIN
IndustrySteel
Founded1978; 46 years ago (1978)
HeadquartersStockholm, Sweden
Key people
  • Lennart Evrell (Chairman)
  • Martin Lindqvist (President and CEO)
RevenueIncrease 95.89 billion kr (2021)[3]
Increase 18.84 billion kr (2021)[3]
Increase 14.67 billion kr (2021)[3]
Total assetsIncrease 112.02 billion kr (2021)[3]
Total equityIncrease 73.48 billion kr (2021)[3]
Number of employees
Increase 14,235 (2021)[3]
Websitewww.ssab.com

SSAB AB, earlier Svenskt Stål AB (English: Swedish Steel) (Nasdaq Stockholm: SSAB A) is a Swedish company, formed in 1978, that specialises in producing steel. The largest shareholders are LKAB and the Government of Finland.[4]

History

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The headquarters are in central Stockholm.[5] SSAB initially saw losses during the years 1978 to 1981, and became profitable in 1982. It is involved in the production of steel and steel products,[6] both standardized and specialized for various fields and uses.[7] In addition to steel production, the company also partners with design firms during their execution of architectural projects.[8] Its R&D department works with customers in order to provide custom solutions for new projects.[9] In 2014 SSAB became a member of the four year pilot program organization “Steel Eco-System” sponsored by the Swedish government.[10] In November 2017 the company has a market cap of $35.55 billion, and is traded on the Stockholm NASDAQ exchange.[11] The company is also the sponsor of the SSAB's Swedish Steel Prize.[12] SSAB's operations[13] which include the SSAB Special Steels, SSAB Europe, and SSAB Americas, and its subsidiaries Ruukki Construction and Tibnor.[14] SSAB's offering includes such brands as SSAB Domex, Hardox, Docol, GreenCoat, Armox and Toolox.[15]

In 2021, SSAB produced the first steel manufactured without the use of fossil fuels. Created with a process using hydrogen instead of traditional methods that require the coking process, the first fossil-free steel was delivered to Volvo on a trial basis.[16]

Swedish operations

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The production is located at Luleå, Borlänge, Oxelösund and Finspång.[17] 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.[17] SSAB produces nearly all of the steel plates created in Sweden.[18] The company also has operations in China.[19]

North American operations

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Congressmember Jerry Carl 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;[20][21] 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.[22]

As of 2000, IPSCO had used mini mills to produce flat-rolled steel for 40 years.[23] 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,[21] with mill stand housings believed to be the largest one-piece cast mill housings in the world at 350 tons each,[23] 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.[24][25] 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.[26]

In May 2007, a deal to acquire IPSCO for $US7.7 billion was announced.[22] At the time, IPSCO's annual production was 4.3 million tonnes, with four steel mills and eleven pipe mills.[27] 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.[28]

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.[29] IPSCO had 4300 employees, with 70% of its operation in the United States and 30% in Canada.[30]

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, USA; and Toronto, Ontario, 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.[31] In 2018 the SSAB Americas division relocated its headquarters to Mobile, Alabama.[32]

Expanding to Finland

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On 22 January 2014, it was announced that SSAB was to purchase Finnish steel manufacturer Rautaruukki for €1.1 bn.[33] The headquarters for SSAB Europe are located in Hämeenlinna, Finland.[34]

Brands

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SSAB's major brands include:[35]

  • 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

Carbon footprint

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SSAB reported Total CO2e emissions (Direct + Indirect) for 31 December 2020 at 9,989 Kt (−766 /-7.1% y-o-y).[36] This is a higher rate of decline than over the period since 4Q'14 (−1.1% CAGR).

SSAB's Total CO2e emissions (Direct + Indirect) (in kilotonnes)
Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020
10,798[37] 10,581[38] 11,154[39] 11,083[40] 10,938[41] 10,755[42] 9,989[36]

See also

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References

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  1. ^ "SSAB A, SSAB A, (SE0000171100)". Nasdaq.
  2. ^ "SSAB B, SSAB B, (SE0000120669)". Nasdaq.
  3. ^ a b c d e f "Annual Report 2021" (PDF). SSAB AB. pp. 123, 137, 138. Retrieved 24 July 2022 – via Cision.
  4. ^ "Shareholders". 2 June 2023.
  5. ^ C. D. Skillings (1986). "SSAB News". Vol. 75. Skillings' Mining Review. p. 48.
  6. ^ Privatization and changing ownership in the steel industry. United Nations. Economic Commission for Europe. 1996. p. 19.
  7. ^ Gadde, Lars-Erik; Håkansson, Håkan; Persson, Göran (19 January 2018). Supply Network Strategies. John Wiley & Sons. ISBN 9780470518540 – via Google Books.
  8. ^ Block, India (15 November 2017). "Skýli mountain shelter is designed to withstand extreme weather conditions". Dezeen.
  9. ^ Thompson, Mark; Tracy, Brian (19 January 2018). Now, Build a Great Business!: 7 Ways to Maximize Your Profits in Any Market. AMACOM Div American Mgmt Assn. ISBN 9780814416976 – via Google Books.
  10. ^ Skjærseth, Jon Birger; Eikeland, Per Ove (13 May 2016). Corporate Responses to EU Emissions Trading: Resistance, Innovation or Responsibility?. Routledge. ISBN 9781317159421 – via Google Books.
  11. ^ "Norman Observer -". Norman Observer.
  12. ^ "Wabash named finalist for SSAB Swedish Steel Prize – Today's Trucking". Trucknews.com. 12 April 2017.
  13. ^ "Swedish steel company SSAB in $1.6 billion bid to merge with Finland's Rautaruukki". Canadian Metalworking. 22 January 2014.
  14. ^ "SSAB in brief". SSAB.
  15. ^ Reuters Editorial. "SSABb.ST – SSAB AB Profile". www.reuters.comundefined. Retrieved 4 July 2021. {{cite web}}: |author= has generic name (help)[dead link]
  16. ^ Frangoul, Anmar (19 August 2021), 'World's first fossil-free steel' produced in Sweden and delivered to Volvo, CNBC.com, retrieved 7 September 2021
  17. ^ a b BAT examples from the Nordic iron and steel industry. Nordic Council of Ministers. 1 March 2006. ISBN 9789289312868 – via Google Books.
  18. ^ 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. DIANE Publishing. ISBN 9781457818615 – via Google Books.
  19. ^ 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. DIANE Publishing. ISBN 9781457818615 – via Google Books.
  20. ^ "Company Profile -IPSCO". LinkedIn. Retrieved 25 May 2010.
  21. ^ a b "IPSCO Steel Officially Opens $425 Million Alabama Mini-Mill". siteselection.com. 10 December 2001.
  22. ^ a b Certain Oil Country Tubular Goods from China, Invs. 701-TA-463 and 731-TA-1156-1159 (Preliminary). DIANE Publishing. ISBN 9781457816833 – via Google Books.
  23. ^ a b "IPSCO Steel (Alabama) Construction Proceeds on Schedule; World's Largest Mill Stands Set in Place". Business Wire. 8 May 2000. Retrieved 25 May 2010.
  24. ^ "IPSCO Inc. – Subsidiary Selects Site for State-of-the-Art Steelworks". Business Wire. 22 December 1998. Retrieved 25 May 2010.
  25. ^ "IPSCO plans multi-million dollar plant". Muscatine Journal. 8 April 2008. Retrieved 25 May 2010.
  26. ^ Amy, Jeff (22 October 2008). "SSAB steel mill in Axis, Ala., to expand by $460m". Press-Register. Archived from the original on 8 June 2011. Retrieved 29 June 2010.
  27. ^ "Sweden's SSAB wants to sell Ipsco tube unit". Reuters. 30 May 2007. Retrieved 25 May 2010.
  28. ^ "SSAB Successfully Completes Acquisition of IPSCO". ThomasNet. 17 July 2007. Retrieved 25 May 2010.
  29. ^ "Evraz Agrees to Buy SSAB Units for $4.03 Billion". AllBiz. 17 March 2008. Archived from the original on 15 April 2008. Retrieved 25 May 2010.
  30. ^ "Russian steel maker Evraz grows in North America". USA Today. 14 March 2008. Retrieved 25 May 2010.
  31. ^ "SSAB Rolls out New Name, New Leadership for North American Operations". steelnews.com. 16 June 2008. Retrieved 16 May 2010.
  32. ^ Lane, Keith (19 October 2017). "SSAB steel company to relocate head office to Mobile".
  33. ^ "Steelmaker SSAB to buy Nordic rival Rautaruukki for $1.6 billion". Reuters. 22 January 2014.
  34. ^ "40 vuotta maalipinnoitusta SSAB:n Hämeenlinnan tehtaalla". News Powered by Cision. 2 November 2017.
  35. ^ "SSAB's Annual Report 2019". SSAB.
  36. ^ a b "SSAB's Sustainability Report for 2020Q4" (PDF). Archived from the original (PDF) on 1 October 2021. Alt URL
  37. ^ "SSAB's Sustainability Report for 2018Q4" (PDF). Archived from the original (PDF) on 1 October 2021. Alt URL
  38. ^ "SSAB's Sustainability Report for 2019Q4" (PDF). Archived from the original (PDF) on 1 October 2021. Alt URL
  39. ^ "SSAB's Sustainability Report for 2020Q4" (PDF). Archived from the original (PDF) on 1 October 2021. Alt URL
  40. ^ "SSAB's Sustainability Report for 2020Q4" (PDF). Archived from the original (PDF) on 1 October 2021. Alt URL
  41. ^ "SSAB's Sustainability Report for 2020Q4" (PDF). Archived from the original (PDF) on 1 October 2021. Alt URL
  42. ^ "SSAB's Sustainability Report for 2020Q4" (PDF). Archived from the original (PDF) on 1 October 2021. Alt URL
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