Slides
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Welcome to Capital Markets Day 4 November 2025
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08.50 Moderator Helena Norrman, Head of Group Communications Johnny Sjöström, President & CEO 09.40 Per Elfgren, Head of SSAB Special Steels 10.05 T ony Harris, Head of SSAB Europe 10.45 Chuck Schmitt, Head of SSAB Americas 11.05 Fredrik Haglund, President Tibnor 11.25 Sami Eronen, President RuukkiConstruction 11.45 Q&A 12.45 Carl Orrling, CTO & Head of Transformation Office 13.05 Leena Craelius, CFO 13.25 Summary andQ&A 13.45 Presentation program ends CapitalMarkets Day 2025
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Johnny Sjöström President & CEO Capital Markets Day 2025
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1. SSAB in a strong position
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Consistent strategy has built our strong position Diversification in terms of products and geographies 6 Commercial steel Three independent steel companies Steel crisis; SSAB formed 1978 First Q&T line in Oxelösund and introduction of Hardox (1970s) North American footprint & Merger with Rautaruukki Hardox produced with scrap in EAF’s Downstream expansion: Processing centers, Hardox wearparts Docol 1700MpA – steel now competitive vs aluminum in Automotive World’s first fossil-free steel Commercializing decarbonized steels with SSAB Zero Deliver superior customer value… More advanced steel grades Increased customization and value-add solutions Decarbonized steels …while improving our cost position with EAF’s and mini-mill Major restructuring International expansion Specialization Accelerating premium leadership 1870s – 1970s 1970s – 1990s 2000 – 2015 2015 – 2025 2025 – onwards
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SSAB with leading position across all divisions 58%30% EuropeNorth America 12% RoW 55% 45% Premium Standard High share of premium Share of Group shipments (tonnes) – includes advanced grades, value-add and decarbonizedShare of Group revenue Geographically diversified Strong financials SEK 11bn Net cash (Q3 2025) SSAB Special Steels >30% market share wear steels - Global leader in Q&T SSAB Americas #1 rated by customers vs. other US peers last 5 years SSAB Europe 48% of volumes advanced steel grades Tibnor & Ruukki Construction ~25% market share Nordics 7
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0 5 10 15 20 25 30 2017 2018 2019 2020 2021 2022 2023 2024 Industry-leading profitability and shareholder returns SSAB versus competitors SSAB European competitors (avg) 2020 2021 2022 2023 2024 0 5.3 (37%) 8.7 (39%) 5.0 (40%) 2.6 (40%) 22.0 11.2 7.9 Dividend to shareholders Maintenance capex Strategic capex Shareholder returns Dividend per share, SEK, % of net profit Capital allocation last 5y, SEK bn Total return SSAB B last 5 years: ~200% 15% 14% Average over the period US competitors (avg) EBITDA margin, % 6% 8
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SSAB Special Steels Global leader in Q&T with high profitability and low volatility – Global leader in Q&T (Quenced & Tempered steels) with > 30% market share in wear steels – Unique sales model addressing the global market incl. small and midsize customers – World leading products with significant customer value EBITDA margin, % 0 10 20 30 2015 2017 2019 2021 2023 2025 Q3 9
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SSAB Americas Low-cost operations with high earnings – Quality leader in US plate – Cost leadership with modern EAF set-up – Close proximity to major customers and raw materials – High, but volatile earnings EBITDA margin, % 0 10 20 30 40 SSAB Americas US competitors 2015 2019 2021 2023 2025 Q3 2017 10
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SSAB Europe Outperforming peers through mix shift and downstream channels – Outperforming peers +4p.p. EBITDA margin on average – 48% of sales advanced steel grades through successful expansion in Automotive AHSS – Nordic market share 45% reaching fragmented customer base through Tibnor and Ruukki – Current investments re- positioning SSAB Europe towards more premium offering with higher and more stable earnings 0 5 10 15 20 25 SSAB Europe European competitors (avg) EBITDA margin, % 2015 2019 2021 2023 2025 Q3 2017 11
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Subsidiaries strengthen SSAB Europe’s position Reaching smaller/mid-size customers, supporting market share and margins 100 Hot rolled Cut-To-Length Cut-To-Length via Tibnor 135 +35% Volumes processed via Tibnor Gross profit per ton Indexed Cut To Length = 100 Volumes processed via Ruukki Gross profit per ton Indexed Color coated = 100 100 153 Color coatedColor coated via RC +53% 400 kt 25% of SSAB’s shipments to Nordic market 130 kt ~40% of SSAB’s color coated shipments Leader in Nordic distribution, established competitive cost position Restructured to construction product business in core markets 12
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Improving our operational performance 13 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (R12) 6.9 6.3 6.7 5.6 6.1 4.2 3.7 1.8 1.1 0.9 0.8 0.6 Lost time injury frequency (LTIF) LTIF target (<1) Lost time injury frequency (LTIF) relates to the number of injuries reported in an absence of more than one day per million hours worked. – Long-term work in safety yielding results, testament of operational excellence – Continuous improvements, efficiency targets broken down to units and shift teams – Focus on key areas: – Production stability – Capacity utilization – Delivery performance
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2. Global market conditions are changing
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Global market conditions are changing – Strong growth outlook for more advanced steel grades – Main drivers automotive (EVs), transport sector, mechanical equipment… Adoption of advanced high-strength steels – Political movement - regionalization in US – Tariffs and “Made in America” – Regionalization on the EU agenda – Safeguards Overcapacity and increased regionalization – EU Fit for 55 still high on Commission’s agenda – Free allocation phase out (and CBAM phase in) starting in 2026 EU CO2 agenda 15
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Clear customer demand for more high-strength steels Advanced and Ultra high strength steels market size, USD billion Strong demand increase for high-strength steel in the past years - Development expected to continue beyond 2030 Automotive Buildings and infrastructure Mechanical equipment Other transport Source: Based on Advanced and Ultra High Strength Steel Market research reports Main drivers 16 2020 2025 2030 35 50 75+9%CAGR UHSS AHSS
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Increased regionalization in both US and EU as a response to global overcapacity EU commission new proposal for steel safeguard package – Reduce tariff-free import volumes by 47% vs 2024 quotas – Double out-of-quota duty to 50% (compared to current 25%) In addition, CBAM in effect 2026 – Importers to pay carbon tax as if produced in EU, based on EU CO2 price EU share of steel supply from imports 2025 ~2027 20-25% 10-13% “Made in America” policies – Section 232 tariffs and “Melt and pour” requirements for steel – Regionalization of manufacturing industries increasing US steel demand US steel tariffs development % tariff rate* Pre 2018 2018-2023 2024 2025 0% 25% 25% 50% Stricter “Melt and pour” requirements added *For most countries/imports – exceptions exists Expansion to downstream applications 17
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3. Accelerating premium leadership
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SSAB’s business strategy to accelerate premium leadership Focus on world class products with superior properties, tolerances and/or quality that other competitors do not offer Provide availability, processing, and solutions that optimize the value chain and deliver unique customer value Offer leading steels with a superior sustainability footprint that contribute to customer decarbonization goals Accelerating premium leadership Advanced steel grades Value-add services & solutions Decarbonized steels 19
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We have many advanced steel grades in our portfolio already today – examples Corrosion resistance HardoxHiAce® Martensitic steel Docol® Protective steel Armox® Structural steel Strenx® Extends equipment life in corrosive wear environments up to 2.7 times compared to standard AR450 Reduces repair & downtime costs Combines tensile strength with good ductility (up to 1700 MPa) Can replace aluminum at similar weight at up to 50% lower cost Hardness up to 600 HBW and yield strength above 1500 MPa Enables up to 50% weight reduction without loss of protection Guaranteed yield strength all the way up to 1300 MPa Significant performance increase with weight savings up to 30% compared to mild steel (S355) 20
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Value-add services already part of our business – examples Laser Hardening LaserTool Roofing safety Pisko Safeline Customization Tibnor 3D printing Additive Manufacturing Laser hardening with minimal distortion Precision control ensures consistent depth and quality, longer lifetime and less scrap Fall arrest cable system for walkways and ladders Creates safe access routes without perforating waterproofing Complex requirements met by tailored steel products Multiple customization services such as figure cutting, bending and drilling Weld-free geometries with superior durability Prints parts on demand for lightweight, high-strength components 21
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SSAB is the leader in market driven decarbonization initiatives – examples Decarbonized steel SSAB Fossil-free steel Decarbonized steel SSAB Zero World’s first near-zero emissions steel Hydrogen-reduced sponge iron based on HYBRIT® technology Made using fossil-free sponge iron based on HYBRIT®technology, and fossil-free energy T arget less than 0.05 kg CO2e/kg steel in Scope 1 and 2, and for iron ore upstream Scope 3, of the GHG Protocol High quality end products are made with SSAB Zero – using recycled steel and fossil-free energy – without compromising on performance Less than 0.05 kg CO2e/kg steel in Scope 1 and 2 of the GHG Protocol SSAB isthe world’s first steel company to meet near-zero emissions steel thresholds (IEA guidelines as used by FMC)* Integrating hydrogen-reduced sponge iron based on HYBRIT® technology into SSAB Zero production process New patented product with close to 100% metallization rate Significantly higher value-in-use in EAF steelmaking compared to NG-HBI * FMC = First Movers Coalition; IEA = International Energy Agency 22
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Clear profitability difference for advanced steel grades versus standard steel Hardox HiAce Strenx Docol Europe standard gross profit per ton in premium segments, compared to standard European HRC ~2-5X Based on average gross profit last 5 years 23
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Value-add services integral part of our go-to-market model… Plate from mill CNC, drilling etc Plate and CTL from mill ProcessedColor coated Color coated via RC SSAB Europe SSAB Americas Gross profit per ton, indexed per division X 2.6 X 1.5 X 1.6 SSAB Special Steels …while also improving profitability per tonne – Local presence and customization enables us to serve the local market directly (and not via service centers) – Long-term relationships and services strengthen customer retention – Backbone of Special Steels sales model, and an enabler for SSAB Europe’s strong Nordic presence through Tibnor and Ruukki Based on 2024 gross profit 24
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Premium potential for SSAB’s decarbonized offering ~15% SSAB Zero SSAB Fossil-free steel ~55% Regular EAF (Ox, Luleå, US) ~30% Blast furnace (Raahe) Tangible customer value – Enabling end-product premium for many customers – Decarbonized materials a ‘ticket to play’ in many tender processes – Reaching set climate objectives important for customers’ stakeholders – Enabling green financing – Sustainability position important for employees and talent retainment – Avoided penalties for not meeting CO2 requirements, or receive upsides/bonuses Our experience indicate a premium value of 200-300 EUR/t steel for e.g. an automotive or construction customer in the European market Share of volumes sold as SSAB Zero / SSAB Fossil-free steel post Luleå With high premium Ability to grow with demand 25
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Strategy to create unique value to SSAB’s customers Solutions Assembly welding & 3D printing Processing Bevel cutting & drilling Distribution Consignment stock, central / local stock Niche Advanced With little or no competition High-performance Superior products with better properties and guaranties Standard Commercial grades many can make Armox, Powder & future 3rd gen grades (MC/CR), Martensitic 1900M Hardox 500 Tuf & Martensitic cold rolled (1500-1700) Hardox 450, Strenx 700 MC, Docol 1000 and GreenCoat Basic Coil/plate from mill, Cut to length & slitting BF based Scrap based SSAB Zero SSAB Fossil-free steel Iron ore based from coal fired blast furnaces Scrap based EAF steelmaking EAF based, virtually zero CO2 emissions 100% HDRI / HYBRIT® technology 1 2 3 Advanced steel grades Value-add services & solutions Decarbonized steels SSAB Premium offerings 26
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T arget to reach >75% premium offering share % of volume 2035 75% 2030 65% 2024 55%
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Strategic investment areas next 5 years Continue growth trajectory of SSAB’s most profitable and least volatile products Gradually expand sales of most advanced grades Reduce sales of standard material and enhance uniqueness of business Become a more complete supplier to core markets and customer segments Expand value add to tap into additional profit pools Reduce volatility of business by targeting a more fragmented customer base Moving from primary (BF/BOF) to secondary steelmaking (EAF) Reduced cost of CO2, shift of fixed cost to variable, and green premiums SEK ~6 billion* - New Q&T lines - Tempering capacity SEK ~18 billion - Luleå cold-mill complex SEK ~16 billion - Luleå hot rolling SEK ~3 billion* - Downstream capabilities - Some M&A Q&T capacity Advanced cold rolled and coated products Downstream distribution and processing Modernization and efficiency Decarbonization and cost avoidance Replace hot strip mill in Borlängewith Luleå direct rolling Reduced transportation needs, energy costs and improved production efficiency SEK ~15 billion - Oxelösund EAF - Luleå EAFs 28 * SEK 0.5 billion approved, remainder to be approved
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Nordic transformation − On-going investment in Luleåof EUR 4.5bn in new mini-mill − Oxelösund EAF investment on-going (SEK 6.2bn), as well as power line investment (SEK 2bn). (Groundworks and preparations completed in 2022 and 2023, SEK 1.3bn) − Technical blueprint for Raahe adjusted to an “Oxelösund-like” solution, leveraging Raahe existing downstream assets − Transforming Raahe hot-end to EAF technology still planned with current CO2 regulations − Timing of investments dependent on raw material access, SSAB’s financial capacity and overall market situation Illustrative 29
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Strategy designed to strengthen SSAB’s profitability and resilience Low Medium High Circle size = revenue EBITDA/ton - over the cycle Premium share (Sum of all grades within Advanced, Value-add and Decarbonized) American Plate European Steel (incl Subs) Special Steels To-be Today Today Today To-be To-beILLUSTRATIVE Low Medium High 30
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Summary − SSAB is a world leading steel company − All Divisions performing better than peers with potential to strengthen profitability and resilience over the business cycle − Macro trends moving in our direction − Lightweighting, productivity, regionalization, and sustainability − Strategy to accelerate premium leadership and deliver superior returns − Advanced steel grades, value-add services and solutions and decarbonized steels − Balanced investment strategy − Q&T and AHSS expansion, services, cost efficiency and CO2 reductions 31
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Capital Markets Day 2025 32
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SSAB Special Steels Per Elfgren Head of SSAB Special Steels Capital Markets Day 2025
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SSAB Special Steels business model is built for resilience +4,100 Professionals +130 Countries with sales +90 Local stocks ~29 SEK bn in sales 2024 5-8% CAGR over time 100% Premium products Key segments Trailer & body builders Raw material handling Recycling Yellow goods Lifting +15,000 Customers Protection 34
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World-leading steel products 35 Wear Structural Protection Tooling 3D powders AM Powder Key segments Truck & body builder Material handling Key segments Lifting Forestry Key segments Civil Military Key segments Tooling Engineering Key segments Tooling Automotive Current position Market outlook Strategy
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Our unique products add significant value to our customers Case 1 Solution scope Create an ultra-light tipper chassi replacing S700 MC with Strenx 960 MC Plus and in the body Hardox 500 Tuf replaced Hardox 450 -310 kg less weight, increasing payload and productivity x2 -4,700 Liters fuel reduction over its service life Service life vs. previous solution Solution scope Wear resistant waste container with corrosion resistant properties -35% Less weight = payload +1.1 ton -50% Less welding and no stiffeners x2.7 Service life vs. stainless steel Current position Market outlook Strategy Ultra light tipper and body upgraded to Hardox 500 Tuf and Strenx 960 Case 2 Waste container upgraded to Hardox HiAce 36
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SSAB Protection – superior properties, wide product range in both defense and civil application areas – World leading portfolio of protection steels – widest product range, superior properties – Armox® serves different applications and customer segments – Tailored, fit-for-purpose solutions across a wide range of protection applications, fulfilling the highest standards – Demand is steadily increasing – long-term growth both in defense and civil applications – Production in Europe and in the US – Strict export control regulations Current position Market outlook Strategy 37
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History of successully upgrading our customers to stronger and lighter – keeping competition behind us Design concept Classic box shape U-shape being introduced U-shape U-shape Arc shape Steel grade used Hardox 400 700 Material Hardox 400 Hardox 450 Hardox 450 Hardox 500TUF (introd) Hardox 500TUF Material thickness 8-10 mm 5-8 mm 4-7 mm 3-6 mm Solution weight 4.5 t 3 t 2.7 t 2.3 t 1990-2000 2000-2010 2010-2020 2020-2030 Current position Market outlook Strategy 38
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Unmatched product properties generate customer value Illustrative relationship between hardness, impact toughness and service life Current position Market outlook Strategy 39 Y = Impact toughness (impact wear) 300 400 500 600 X = Hardness (sliding wear) 200 50 40 30 20 60 Service life of a tipper application = increased service life = SSAB Hardox grades = Competitor grades Unique selling point: Wear steels that balance toughness and hardness can have up to 50x longer service life
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Solid business model delivers stable earnings Serving multiple segments Majority being small to mid-sized customers (>15,000) Global presence >130 countries and >90 local stocks Own sales and distribution incl. local technical support Significantly less impacted by potential downturn in specific segments or geographies Globally recognized brand programs and networks Current position Market outlook Strategy 40
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Our strategy has resulted in a step-change in profitability Average sales price (KSEK/t ) EBITDA margin (Percentage) 15 16 17 18 19 20 21 22 23 24 11 11 11 13 14 13 15 22 23 22 8% 12%12% 10% 13% 16% 24% 28% 25%24% 15 16 17 18 19 20 21 22 23 24 − Price effect driven by market climate and mix improvement (mainly mix in recent years as index prices have gone down) − Unique products such as Hardox500 Tuf and Armox have supported growth − Solid position for leveraging a potential market rebound e.g. in Europe Current position Market outlook Strategy 41
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Structural demand growth for stronger and lighter steel Raw material handling (mining & recycling) Heavy Transport Lifting Protection Electrical vehicles & automation: Lightweighting Deeper exploration: durable and resilient Sustainability:demand for a more recycled world Productivity: high payload in mid- sized vehicles Efficiency demand: fuel efficiency and reducing emissions Urbanization & infrastructure growth: mobile cranes Weight/performance optimization: higher load capacity Improved mobility: agility with remained impact tolerance Lightweight on existing infrastructure: weight limitation on adding steel to existing infrastructure 5% 5% 3% >10% CAGR 2025-2030 Current position Market outlook Strategy 42
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Protection segment shows long term growth – Increased security concerns drive defense spending – up to 5% of GDP in Europe/NATO countries – Need to close capability gaps and years of underinvestment in this area – Strong demand development for heavy plate and strip – Limited tier-1 supply possibilities – SSAB in an excellent position to capture growth Source: SSAB analysis based on external consultancy project Heavy plate and strip demand forecast in protection applications KTON & annual CAGR 2025 2030 450 - 500 800 - 850 >10% Current position Market outlook Strategy 43
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In addition, plenty of room to grow and upgrade the current market Hot Rolled Plate (HRP) vs. Quenched & Tempered (Q&T) MTON & market share Global hot rolled plate market 3-4 Q&T market 335 Q&T share of global HRP ~1% T otal plate market Q&T share Current position Market outlook Strategy 44
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Grow the share of products with highest customer value Strategic direction for the period 1 5 >20 Remain the clear leader in Q&T steel % annual volume growth (shipments) % EBITDA margin Current position Market outlook Strategy 0% 100% 2024 2030 Other high strength steels Advanced wear Protection Advanced structural Products with highest customer value 45
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Continue develop in existing areas Build new capabilities for the future Stock Abraservice Shared centers Additive manufacturing Laser hardening Maintain stock strategy and develop where needed Continue conversion towards premium grades and site turnaround in selected markets Develop center structure to support sales of plate and strip Grow the business in terms of sales and production capability Grow the business and continue develop new application areas Current position Market outlook Strategy Strengthening existing value-add and building new capabilities for the future 46
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Investments in capacity and flexibility Oxelösund conversion to EAF − Increased Oxelösund capacity up to 1.5 Mt – new flexibility − Oxelösund capable to supply decarbonized slabs to the whole Nordic system Luleå mini-mill − The Luleåmini-mill will bring increased capacity of Q&T strip − Especially in new dimensions (thinner/wider) opens for new Q&T applications for Special Steels Q&T capacity − Sequential investments in all mills producing Q&T (plate & strip) to support growth of key grades − Ongoing investment in Mobile for a tempering line (supporting e.g. Hardox500 Tuf) − Further investments considered on a case-by-case basis as sales develop Current position Market outlook Strategy 47
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Summary – Strong and unique position – Mix focus has been a success, high and stable margins – Will grow shipments 5% per year with focus on high-value products – Investments underway to support growth – Strategy to continue generating strong and stable earnings 48
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Capital Markets Day 2025
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SSAB Europe Tony Harris Head of SSAB Europe Capital Markets Day 2025
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51 This is SSAB Europe 41.8 6,850 SSAB Luleå Slabs, blast furnace steel production SSAB Borlänge Strip products Key production sites Steel Service Centers Arendal (SWE) Beuningen (NL), Brierley Hill (UK), Ghedi (IT) SSAB Raahe Heavy plates and strip products, blast furnace steel production SSAB Hämeenlinna Strip and tubular products SSAB Tubular (Finland) Hämeenlinna, Pulkkila, Oulainen, Toijala SEK bn Revenue in 2024 Employees in 2024 2016 2025 R12 8.6 0.4 LTIF evolution CC CR HDG HR CTL HRC HRP TUBULAR Heavy transportIndustrial appl. and other Service centers ProductsSegments Deliveries in 2024 EU 88% Sweden Finand Automotive Construction Other Europe Rest of world USA
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1. Unique customer value proposition
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53 A decade of commercial transformation 45% 55% Share advanced steel grades % (volume) 2015-2024 SSAB Europe sales development, % Home Market Share 73% 61% 52% 27% 2015 39% 2020 48% 2024 Standard Advanced steel grades Current position Market outlook Strategy
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54 Market leader in high-end Martensitic grades ColorCoated/GreenCoat® – a Nordic reference Piles – cornerstone of tubes Optimized offering for industry applications (e.g. heat exchanger) Higher capacity as well as more premium in cold rolled Enabled leadership in automotive safety & lightweighting Differentiated through the wide range of colors and premium finishes including bio content in the paint, offering up to 50 years guaranteed durability Home market leadership Niche leadership in high profitability segment Expanded infrastructure footprint A wide range of products optimized for specific needs and segments Commercial scale sustainable solutions Advanced steel grades Advanced steel grades Value-add services & solutions Value-add services & solutions Decarbonized steels Product mix improvement through innovation and sustainability Current position Market outlook Strategy
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55 Product development and innovation drives growth Automotive advanced high-strength steels (AHSS) Docol 1200-1400M 2010 20202000 1250 1900 1500 1000 Docol 1500M Docol 1700M Docol development over time Yield strength MPa (y-axis); launch year (x-axis) Grades approval evolution Number of active OEM and Tier approvals Docol 1900M (under development) 1700 2015 2020 2025 ~430% * OEMs – Original Equipment Manufacturers 2015 2020 2024 350 540 719 ~105% Automotive AHSS shipments 2015-2024, kton Current position Market outlook Strategy
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Hailuoto bridge, Oulu, Finland Ca. -20% weight Lower Life cycle costs Lower life cycle emissions 56 Innovative solutions creating unique customer value Seat side member; Prototype Craemer Ca. -20% weight Ca. -10% cost Ca. -20% CO2 emissions Inner sill reinforcement; Bertrandt Cooperation Similar weight Ca. -50% cost Ca. -34% CO2 emissions Current position Market outlook Strategy New grade: Docol 1500M Original steel grade: DP980 New grade: Docol 1500M Original material: Aluminium 6 series New grade: Weathering 460ML Original steel grade: Painted S355 Source: Väylävirasto
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57 SSAB Europe with industry-leading profitability Ø 7% 10.9 8.2 7.3 5.4 3.3 2016-2024: European peer companies, average EBITDA performance, % Competitor 1 Competitor 2 Competitor 3 Competitor 4 SSAB Europe * Adjusted to compare like for like steel businesses; Technology and Trade business units impact taken out Source: Companies financial results, Market Intelligence team analysis Current position Market outlook Strategy
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2. Favourable market outlook
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Structural changes in the European steel market supports SSAB's premium strategy Trade Resilience & Policy Tailwinds – EU safeguards proposal – CBAM (Carbon Border Adjustment Mechanism) Supply Balance Improving – Utilization rates to improve due to less imports – Steel mills announcing capacity reductions Demand Growth – Construction, infrastructure initiatives, green transition and defense Steel & Metals Action Plan – Expected to support the green steel development through a mix of initiatives Together, these forces position European steel for sustainable value creation and competitive leadership Source: Eurofer Current position Market outlook Strategy
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60 With current CO2 policies, EU flat steel market will divide “leaders” from “laggards” Imports Average last 3y Legacy blast furnace based Converted BF sites New mills Green imports Grey imports Future scenario - 10y SSAB Political pressure to cut imports - CBAM will affect from 2026 European flat carbon steel market supply, % of supply Imports EAF Blast furnace based Remainder blast furnace based– a few site closures, others increasingly managed for cash Some “Green” - ongoing mini-mill projects and EAF conversion plans Current position Market outlook Strategy
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61 Demand growth for SSAB's advanced steel grades Energy Driving forces Energy transition Energy Infrastructure Automotive Driving forces BEV* & Lightweighting Trade restrictions Sustainability Construction Driving forces Urbanization & infrastructure investments Sustainability Heavy Transport Driving forces Electrification Transport demand Sustainability ~17*% ~4% ~5% ~20% CAGR 2025-2030 Ship building Driving forces Defense Ice breakers Cruise ships ~3% * BEV – Battery Electric Vehicles, Current position Market outlook Strategy
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62 Demand for AHSS in Automotive is expected to increase, supported by BEV adoption Evolution of the steel Body-in-white distribution, share % Structural growth in BEV* Light weighting in BEV* Replacing Aluminium Recycled content targets Drivers for increase in AHSS and UHSS demand, Medium term drivers * BEV – Battery Electric Vehicles Source: SSAB analysis +35% growth 5% 17%14% 17% 22% 9% 15% 22% 38% 29% 24% 36% 34% 15% 3% 2015 2020 2030 100% High-strength steel Mild steel Advanced High Strength Steel Press Hardened Steel Ultra High Strength Steel Current position Market outlook Strategy
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3. Transformation for long-term competitiveness
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Cornerstone of our premium transformation – Luleåmini-mill Additional premium capacity ~1.2 mton CR and MC incl. ~400kton continuous annealed Sustainability “0” CO2/t Scope 1 & 2 Advanced capabilities 3rd Generation steels AHSS grades New coatings ZM, Coated PHS Zn Exposed quality Competitive cost position Lower operating costs Wider dimensional range Thicker: HR 1.3 – 25.4mm, CR/MC 0.4 – 2.5mm Wider: HR up to 2100mm 3. ZM – Zinc Magnesium; PHS – Precipitation Hardening Steel 5. HR – Hot Rolled ; CR – Cold rolled; MC – Metal coated Current position Market outlook Strategy 1. 2. 3. 5. 6. 4.
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65 low highmedium best in class Current capability Capability after transformation Width Thickness Offer Grading Hot RolledCold RolledMetal Coated Width Thickness Offer Grading Width Thickness Offer Grading 46% 5% 3% 20%25%Current capability 6%6%25%20%42%Future capability 100% 100% Body Closures Chassis Wheels Interior (incl. Seats) Out of scope Competitiveness of SSAB automotive offer compared to peers* One-stop-shop for premium products Building best-in-class product offer for broader applications * Compared to peers assessed capabilities in 2025, grey=as-is and green=to-be Current position Market outlook Strategy
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~2 Mton of customer agreements of which over 30% decarbonized steel from >65 partners Biggest interest from Mobility segment Partners in Construction, Industrial & Energy segments Current position Market outlook Strategy
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67 Growing value-add services through distribution, processing and solutions 02 03 04 01 Solutions RD® pile wall Segment based solutions Value increase Additional profit Distribution and Processing Tubular products & Parts Downstream value creation illustration Coil Steel service center Ghedi Processing Plate component 4% CAGR aimed over the strategy period ca. +400% vs. HR coil Current position Market outlook Strategy ca. +250% vs. plate ca. +100% vs. HR coil
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68 Building on our industry-leading position SSAB Europe’s strategy Growing advanced steel grades, kton Nordic market leader with value adding offering, kton Growing decarbonized offering • Automotive business to be taken to next level • Premium offering in selected applications and niches • Home market balancing business portfolio • Increased profitability through premium and value add sales together with Tibnor and Ruukki Current (2024) Post Luleå 1310 ~1900 +50% Current (2024) Post Luleå 1490 ~2400 +60% • Leveraging Oxelösund EAF to be the first significant producer of decarbonized steels • Accelerate decarbonized offering with Luleå mini mill 25% <1% Current Post Luleå Conventional Other EAF Decarbonized Current position Market outlook Strategy
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4. Summary
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Advanced steel grades Decarbonized steels Value-add services & solutions Cost position 70 From today’s strength to tomorrow’s edge: Accelerating premium leadership Today Future (~2030) • AHSS/UHSS lead in auto • 48% advanced grades mix • Efficient, flexible EAF steel • ~1mton decarbonized steel • Wide processing and distribution • Ruukki, Tibnor add value • Luleå: Expanded capabilities • ~56% advanced steel grades target • 4% CAGR over strategy period • Customer-first integrated solutions • CO2 efficient but scale disadvantage vs. big EU mills • Luleå: Step-change in operating cost and flexibility • Blast furnace: 6.6 Mt* CO₂ • Zero & Fossil-Free launched Accelerating premium leadership *Scope 1, Raahe and Luleå, AHSS – Advanced high strength steel, UHSS – Ultra high strength steel
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SSAB Americas Chuck Schmitt Head of SSAB Americas Capital Markets Day 2025
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SSAB Americas – the leading producer of quality heavy plate and coil 72 SegmentsManufacturing footprint close to major customers 5%4% 5% 11% 5% 11% 15% 44% Pipe Tank Construction Elec. Transmission Heavy Equipment Heavy Transport Wind Steel Service centers 22.7 BILLION SEK Revenue in 2024 >25% EBITDA MARGIN 5-year average 2.0 MILLION TONNES Annual steel production capacity 600 Professionals #1 in quality and customer satisfaction St Paul, Minnesota Cut to Length Houston, Texas Cut to Length Mobile, Alabama Heavy plate mill Montpelier, Iowa Heavy plate mill Toronto, Canada Cut to Length
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1. SSAB Americas leading position
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SSAB Americas is no.1 in quality, service and satisfaction 74 Quality Service Overall Satisfaction 9.1 8.8 7.7 7.7 8.3 8.2 7.2 8.0 8.2 8.1 6.9 7.6 SSAB Comp 1 Comp 2 Comp 3 5-year average | Source: Jacobson Plate Survey About the Jacobson plate survey – Gathers feedback from 2,000 steel customers across North America – Evaluates product quality, delivery performance, pricing, sales and customer service – Receives over 8,000 customer evaluations of mill performance each year Current position Market outlook Strategy
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Highly productive and low-cost operations 75 − Modern EAF operations and mini-mill culture − Close proximity to major customers and raw materials − Continuous improvement program in place since mills started operations − Recently, more advanced digitalization improving EAF productivity and giving power on- time savings 60 65 70 75 80 85 90 95 100 2021 2022 2023 2024 2025 YTD Industry average Montpelier Mobile 90% Capacity utilization 5-year avg versus industry average of 78% % Current position Market outlook Strategy
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Enabling SSAB’s decarbonization offer * IEA = International Energy Agency76 − Recycled steel melted using fossil-free electricity, biocoaland renewable fuels − Same properties, quality and performance − Verified by independent third-party Sep 2025: Near-zero steel global first − Integrates hydrogen-reduced sponge iron based on HYBRIT® technology into the SSAB Zero production process using fossil-free energy ~ 300 ktons of SSAB Zero slabs produced since January 2023 − SSAB is the world’s first steel company to meet near-zero emissions steel threshold (IEA* guidelines) Since 2023: Making SSAB Zero slabs in Iowa Current position Market outlook Strategy
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Top 4 producers represent ~85% of domestic plate supply in the US market 77 Outperforming plate peers in profitability -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2018 2019 2020 2021 2022 2023 2024 Q3 2025 YTD SSAB Americas Comp 1 Comp 2 Comp 3 Excluding impairments and other unusual items EBITDA margin, % Current position Market outlook Strategy
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2. Attractive outlook for North American plate market
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US manufacturing recharged by import safeguards and industrial policy 79 − Bipartisan Infrastructure Law drives demand for US-made steel in roads, bridges, and transit − SHIPS Act elevates steel’s role in naval and commercial shipbuilding − Energy dominance agenda with expedited permitting and project approvals for oil and gas investments; expansion of the US electrical grid to support the digital economy (CHIPS Act, data centers, AI) − Sec. 232 tariffs increased to 50% and expanded to derivative products − 'Melted and Poured' Rules reinforce domestic US supply chain Supply chain policies 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1.3 1.1 0.7 0.5 0.5 0.3 0.5 0.5 0.6 0.6 0.5 Source: DOC, Census. Metric tonnes, 2025 refers to rolling 12 month Plate imports (cut-to-length), million tons Current position Market outlook Strategy Demand growth policies
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Key market segments expected to grow next ~10 years 80 Construction Marine Wind Transmission Increase in construction & agriculture expected after earlier production decline Non-residential construction benefits from onshoring activities and manufacturing investments SHIPS Act expected to drive demand for American made commercial cargos, and aging military fleet Producers and installers benefit short term from expiring tax credits Investor-owned utilities to invest USD 1.1 trillion in transmission construction from 2025 – 2030 Current position Market outlook Strategy 3% CAGR 8% CAGR 9% CAGR 18% CAGR
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Favorable supply-demand outlook 81 ImportsUS plate making capacity today SSAB 6.5 Market supply today 1.0 7.5 Supply, million metric tons Demand, million metric tons Customers increasingly looking for local sourcing of steel, supported by Made-in- America policies and tariffs Recent expansions likely to displace older legacy production ≠ Increase driven by energy, infrastructure and overall industrial activity Market demand 9.5 (2035) 7.2(T oday) No significant supply growth expected (potential decline) Current position Market outlook Strategy
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3. Strategy to advance industry leadership
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Strategy to continue to outperform on “the basics” while expanding premium offering 83 Maintain leadership on fundamentals - Quality - Service - Customer experience Taking a stronger leadership position in growing customer segments, e.g. - Shipbuilding - Transmission towers - Yellow goods Move into (new) premium segments: - SSAB Zero - Laser Premium - Value-add from downstream #1 #1 20% Current position Market outlook Strategy
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T aking a stronger position in growing attractive customer segments 84 Shipbuilding Increased capabilities for premium and downstream volumes (e.g. icebreakers) Attractive Gulf Coast location to military and commercial fabricators Transmission Towers Customized sizes and packaging provided by downstream CTL-TL operations High-strength, high-toughness steels with restricted chemistries Heavy Equipment R&D Midwest presence aligns with customer projects and application engineering Longer term contracts with lower volatility Current position Market outlook Strategy 100 200 2024 2035 225 375 2024 2035 100 150 2024 2035 SSAB Americas shipments (ktons)
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Initiatives to move into new premium segments 85 SSAB Zero steel Laser Premium Downstream/Campus Less than 0.05 kg CO2e/kg steel Commercially available Broad range of grades Allows end-users to become part of a low-emission value-chain Optimized surface quality for laser cutting Superior steel cleanliness Narrow and consistent dimensional tolerances Ability to capture small and mid-sized market Attractive site partners at Montpelier Logistics efficiency Circularity benefits for scrap Opportunities for upgrading and downstream processing Current position Market outlook Strategy
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3. Summary
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Summary SSAB Americas advancing industry leadership 87 Future (~2030) ~20% share of premium offering Continues improvements. Increase downstream value improving OEM customer efficiencies 12% share of premium offerings Leading cost position, quality, consistency, On-Time Delivery compared to other mills Reduced imports and significant demand recovery Relatively high import volumes and stagnant demand recent years Premium steel grades Cost position and customer experience Plate market dynamics Today
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Capital Markets Day 2025
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Tibnor – the leader in Nordic steel distribution 89 Fredrik Haglund, President Tibnor CMD, 4 November 2025
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The Leading distributor of steel, metals and processing services in the Nordics 90 Tibnor at a glance 10,000 customers in the Nordics and Baltics 1,050 employees in 7 countries 800 kton of delivered products (50% SSAB) 0.0 LTIF R12 >95% delivery accuracy 40 Locations close to our customers 9 Processing centers 23% Nordic market share
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Tibnor - #1 distributor and processor in the Nordics 91
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92 Leading product and processing offerings Wide product offering and depth in Premium & Low CO2 Broad range of processing services Customized solutions Strongest set-up for the local customers ▪ Full-range assortment ▪ Strong in Premium and Low CO2 ▪ High delivery accuracy ▪ Strong product competence ▪ Broad range of processing services ▪ Several unique areas in laser cutting and bending of flat and long products ▪ Solutions / project leading expertise for complex projects ▪ Digital integration and JIT deliveries ▪ Wide local set-up ▪ Local stocks, short lead times, high customer intimacy ▪ Handelsstålsgruppen Current position Strategy
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93 Industry leading profitability – built a strong position 2019 Sanistål steel-division acquisition in Denmark 2020 Production restructuring SEK 140m 2021 Creation of Handelsstålsgruppen in Sweden 2023 Program to reduce cost by SEK 120m 2024 Key strategic CAPEX in Processing 2025 Continuous Improvement program of SEK 160m * Peer Group consists of Klöckner Europe and BE Group, EBITDA excluding one-offs Historical performance Structural changes - Built a strong position 2016 – 2024 2024 – 2025Q2 Performing better than Peers* (EBITDA%) Tibnor Peers 4.0% 3.9% Tibnor Peers 2.6% -0.2% Tibnor 10 years average ROCE 8% EBITDA 4% Significant value contribution to SSAB 400 kton SSAB full-range with long margin Current position Strategy
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94 Tibnor – supporting SSAB’s leading position in the Nordics ~10,000 customers ▪ Full range of SSAB products ▪ Mainly from Borlänge, Raahe and Hämeenlinna mills ▪ Major European mills for non-SSAB products ▪ Full range of products Customers ~400 kton ~400 kton Current position Strategy
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95 Successfully strengthened our market position in the Nordics Volume development and market share, kton Market share, based on estimated full distribution market (incl SSC) in the Nordics 697 707 716 705 786 781 869 875 820 794 2015 2016 2017 2018 2019 19% 2020 21% 2021 22% 2022 23% 2023 23% 2024 Market share % Volume, KTON Market position Market share1 19% 23% 27% 26% 23% Turnover SEK bn 4.4 1.8 3.2 2.1 #1 #1/2 #1/2 #1 11.52 #1 1 Market share based on import statistics and estimation of full distribution market in each country 2 Additional turnover and volumes for other markets than shown above not included Current position Strategy
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Strategy towards higher profitability 96
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97 The platform for higher profitability Strategic focus: High value growth 4 Cost Position and Capital efficiency Pricing Excellence 1 Premium Steel Products 2 Processing 3 Local Presence (SME) Continue strong upgrading track-record and new Low CO2 products Organic growth in new Strategic assets and value-based selling Continue grow the unique set-up, targeting the small and medium-size segment Continue strengthen the basics ▪ Maintain low cost position, continues improvements ▪ Develop Nordic inventory steering process ▪ Continue pricing excellence program, focus on value-add Current position Strategy
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98 Targeting growth in our most profitable segments * Gross Profit per ton Indexed 2020-2024 ** Share of Total Sales 2024 and Strategic target 2030 High value business Profitability * High Value – Increase Share of Sales ** 2024 2030 45% 65% 2025, Q3 50% 100 180 190 195 Standard Products Premium Steel Products Processing Local Presence 2X Gross profit per ton in High Value areas vs Standard Product Current position Strategy
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99 ▪ 9 Processing units ▪ 3,000 customers Continue to strengthen Processing and Solutions Lanna (Cutting) Seinäjoki (Parts) Köping (Cutting/Painting) Köping (Cut & Bend) Eidsvoll (Cutting/Painting) Eskilstuna (Cutting) Hyvinkää (Cutting/Painting & tube laser) Järvenpää (Cutting & slitting) Taulov (Cutting) ▪ Broad range of Processing services ▪ Local set-up and Nordic centres ▪ Seinäjoki in Finland, unique set-up of processing of SSAB products ▪ Strategic CAPEX in place ▪ Long Laser cutting and Bending of flat ▪ Plasma & drilling line of long ▪ Cut-to-length and Slitting from Coils ▪ Precision cutting of Tubes Strong foot-print in the Nordics Good capabilities already in place Grow processing to 30% Strategic CAPEX ramping-up well Current position Strategy Seinäjoki Processing center for Components / Flat products
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100 Local presence – building on our successful expansion Stålsenteret in Haugesund Acquired in 2025 Wide offering in the Nordics ▪ The local market of small and medium-size customers ▪ Handelsstålsgruppen in Sweden, unique customer offering ▪ Local stocks, Short lead times, Processing, High customer service ▪ Good presence also in Denmark and Norway ▪ Strong growth outlook – organically and through selected acquisitions Almost tripled salesSuccessful expansion Sales, SEK million 400 2020 1,100 2024 ~X3 Stålshoppen in Örebro Acquired in 2023 > 20 local stocks, with basic processing > 5,000 customers Current position Strategy
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101 Continue to strengthen the basics *Scandinavian countries Cost position over-time ▪ Significant cost and productivity measures over the last 5 years ▪ Digitalization of the value chain, large potential ▪ eCommerce channels 35%* of order-rows ▪ Target to keep costs/ton flat over the period Capital Efficiency ▪ Historical 10-year average is 3.0 ▪ Clear improvement potential in a normalized market ▪ Nordic purchasing set-up and new common inventory steering 100 95 2024 2030 -5% Indexed total fixed cost SEK/ton 2024 Target 2.4 3.3 +0.9 Capital turnover Current position Strategy
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Summary 102
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103 Tibnor well positioned for next steps ▪ Undisputed leader in Nordic steel distribution ▪ Growth journey, continue secure home market position for SSAB, significant long-margin ▪ Better profitability than peers ▪ Strong cost position ▪ Leader in pricing excellence ▪ Good track record in growing in high-value ▪ Strategy for higher profitability levels ▪ Targeting EBITDA >6% and ROCE 15% ▪ Long-term EBITDA target 8%
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Capital Markets Day 2025
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The Nordic leader in Roofing and Building Envelopes Sami Eronen I President Ruukki Construction AI image
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Ruukki Construction: Steel-based roof and wall solutions for construction professionals 5,508 Net sales in 2024 SEK million Net sales by business RoofingBuilding Envelopes 1,350 Employees 10 Countries where we are present 42 Net Promoter Score 14 Specialized production units in 5 countries 106
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Strong position in home markets serving wide customer base Building Envelopes (roof & wall structures)Roofing Construction companies (63 %) Installation companies (6 %) Hall contractors (15 %) Dealers (62 %) Installation companies (11 %) Tinsmiths (6 %) Others (5 %) Construction Companies (12 %) House factories (4 %) Others (13 %) 40% 25% 25% 35% 25% 10% Market shares, Nordics* % Market shares, Nordics* % 107 *Source: Ruukki estimates and Euroconstruct market size data Current position Strategy
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SEPTEMBER 29, 2025108 Reliable partner with innovative premium offering AI image • Broad range – complete solutions • Innovative premium products based on SSAB steel • Sustainability leadership with Ruukki® LowCarbon offering Complete roof & wall • Superior order to delivery experience • Easy design process with digital tools and technical support • Logistics and service outlets close to customers Services • Reliable partner with strong Ruukki and Plannja brands • Partner programs together with customersPowerful brands 108 Current position Strategy
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Foundation built for the next phase Pro forma figures: ¹ Without Ru, Ro & UK ² Figures without Building Systems Headcount Russia divestment Building Systems divestment RO & UK exitRC25 savings program merger acquisition 2018¹ 2019²2016 20172015 2020² 20212014 Net sales EUR m 3180 2500 2530 1920 1490 1460 1500 1500 1410 1350 1330 562 556 595 564 470 470 590 646 505 481 493 2023 acquisitions 2022 acquisitions RC 1.0 Fix the structure RC 2.0 Focus on the core RC 3.0 Growth 2024 EBITDA EUR m 3.5% 5.8% 5.3% 6.0% 9.0% 9.8% 12.7% 20 32 32 34 42 46 75 69 15 24 24 10.7% 3.0% 5.1% 4.9% Q3/R12 109 Current position Strategy Market downturn => RC15 savings program
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Growth Strategy 2030 AI image110
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Ruukki’s growth benefits SSAB in two ways 111 Current position Strategy • Growth – outgrow the general construction market with improved market and customer focus • Profitability – becoming the most profitable building product supplier with increased value add and differentiation in products and services Ruukki Construction standalone value creation Value contribution to SSAB steel business+ • Volumes – captive channel on the Nordic market, can ramp up and down based on needs. SSAB Europe’s biggest customer in color coated products • Premium – supporting SSAB steel business to develop Nordics into premium markets • Innovation – joint R&D and product development
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Favorable outlook after low cycle in construction Ruukki market shares** *) Market research by EMR Claight **) Combined estimate for main product groups Market recovery is expected, as interest rates come down: • Roofing (total) Europe CAGR + 3.8%* • Envelopes (total) Europe CAGR + 5.4%* Structural growth drivers: • Net-Zero: Zero-emission buildings (ZEB) becomes the EU norm for all new buildings from Jan 2030 • Energy Efficiency: EU target -11.7% final energy use by 2030 • Circular economy: Shift from new construction towards repurposing old • Renovation: Aging building stock drives demand for upgrades 112 Current position Strategy
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Profitable growth through premium products and higher customer share of wallet 113 23% 29% 2024 2030 Premium, share of sales 108 200 2024 2030 Premium, sales growth (EUR m) Current position Strategy Accelerate sales of premium products Grow market share in home markets Boost export sales driven by premium products Develop the Nordics as a premium market for color-coated steels together with SSAB Europe
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114 Growth driven by complete roofs & walls that deliver customer value throughout the lifecycle Roof profiles Roof safety products Rainwater systems Flashings Entrance roofs Other accessories Solar PV Current position Strategy
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Outlets and logistics service close to customers 15 Ruukki Express outlets in 5 countries close to customers Expanding sales of premium products with high availability Fast and reliable customer service 115 Strong market presence and customer proximity across Northern and Central Europe Current position Strategy
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Digital lead generation for building growth and customer loyalty Internal / Q3 results for 2024 / Ruukki Construction 116 Current position Strategy Certified Ruukki Partner Program for roof installation companies
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Vimpeli (FI): Flow improvements From productivity to profitable growth: 50 MEUR investment program in commercialization 117 ✓ EUR 8m, 2021–2024 ✓ Faster delivery times ✓ Wider product range ✓ Automation and quality ✓ EUR 8m, 2022–2025 ✓ Capacity expansion ✓ Wider product range ✓ Flow improvement ✓ EUR 15m, 2022–2025 ✓ Scandinavia's first PIR line ✓ Nordic product range ✓ Faster delivery times and competitive logistics Kauhava (FI): Piristeel expansion Borlänge (SE): New panel factory Current position Strategy
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Ruukki Construction’s strategyand targets until 2030: Sustainable growth together with customers Growth Number 1 in sustainable steel-based solutions for roofs and walls Scalability Best-in-class products and solutions delivered efficiently to customers Net sales target: EUR 700m EBITDA-margin target: 10% OFFERING GEOGRAPHY SALES CHANNELS BUSINESS MODELS PROCESSES Current position Strategy 118
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Capital Markets Day 2025 Transformation projects Carl Orrling CTO & Head of Transformation Office 120
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1950s–60s BOF Oxygen steelmaking Speed ↑ Scale ↑ 1960s–70s Continuous Casting Ladle→slab/billet Yield ↑ 1970s–80s EAF & Mini-mills Scrap-based EAF Flexibility ↑ CapEx ↓ 1980s–90s Automation & Secondary Metallurgy Robots, LF, VD/RH Quality ↑ Control ↑ 1990s–2000s Direct Casting & Rolling Thin-slab → hot mill Energy ↓ Throughput ↑ 2010s Industry 4.0 Sensors & data Uptime ↑ OPEX ↓ 2020s Green Steel H₂-DRI + EAF CO₂ ↓ Near-zero T echnology development in steel production 121
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122 Oxelösundconversion and Luleå mini-mill Luleå – new mini-mill − Two EAFs with total capacity of 2.5 Mt − Hot strip mill and new cold mill complex for premium products − Planned start at end of 2029, ramp-up during 2030 Oxelösund – new EAF − One EAF with capacity of 1.5 Mt − Planned start early 2027, ramp-up during 2027
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1. Oxelösund conversion
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New capabilities and increased flexibility in Oxelösund New technology (EAF) offers better production and raw material flexibility, better product mix, volume growth, as well as virtually zero CO2 emissions − Produce SSAB Zero steel commercially in Europe – Ability to supply Borlängeand Raahe with more advanced, decarbonized steel slabs. − Flexible steel production from 1.0-1.5 Mt (vs. ~1.0 Mt since financial crisis of 2008) − Opportunity to optimize costs of Nordic production based on Electricity/Scrap (Oxelösund) versus Iron ore/Coal/CO2 (Luleåand Raahe) − Eliminate 1.5 Mt CO2 emissions per year 124 Project overview − Closing down coking plant and 2 blast furnaces − Construction of new advanced Electric Arc Furnace (EAF) − Expansion of scrap handling and efficient material logistics − New infrastructure for biofuels − Advanced rolling mill and Oxelösund’s unique Q&T lines are not affected
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Examples of products possible to produce in EAF route (not exhaustive) 125 Proven technical feasibility to produce branded and highly demanding products via EAF route in US Hardox 500 Tuf Armox 500T Strenx 1100 Hardox HiAce Docol 1500M Close cooperation between our teams in Oxelösund and Mobile, US
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2. Luleå mini-mill
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– Core infrastructure already in place with harbor and train connection – Groundworks ongoing, foundations and structures start during 2026 − New advanced steel grades requested by our customers − Additional cold rolling and metal coating capacity with expanded width, length and thickness capabilities − More cost-efficient setup for the Swedish system, eliminating ~3.5 Mt CO2 emissions per year 127 The Luleåmini-mill will repositionSSAB Europe as a stronger, premium division Highly efficient ”Digital” Electric Arc Furnace Powerful secondary metallurgy & high productivity caster Energy efficient direct hot rolling Coupled pickeling cold rolling mill; 3rd Gen AHSS Galvanizing and Annealing lines !
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Most advanced Electric Arc Furnace − Digital energy control − Continuous scrap feeding with pre-heating − Fully automated operations “no man on the floor” Significant benefits − ~10% less electricity (~60 kWh/t) − Less emissions − Improved steel quality 128 T echnology highlight: Digital continuous melter
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First of its kind process lines − Fully electrical heating − T ailor made for AHSS − Flexibility in coatings − Combined annealing and coating capacity Benefits − 15% less energy consumption compared to natural gas lines − Product capability for current and future advanced steels − Flexibility to switch between coatings and steel qualities pending demand and market situation 129 T echnology highlight: Fully electric complex for advanced high strength steel
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3. Considerations and summary
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Technology Budget Ramp up 131 Both projects progressing according to plan with well managed risk areas − Extensive experience of running all sections of new mills: − EAF’s (US) − Hot Strip Mill (Raahe, Borlänge) − Cold Mill Complex (Borlänge, Hämeenlinna) − Core infrastructure in place (harbor, scrap handling) − Contracts with key suppliers signed together with strong performance guarantees − Healthy contingency included in budgets − Close dialogue over several years with machine suppliers on technical specification − Well established main suppliers Italian Danieli and German SMS; Well established contractors NCC, Peab, ABB Planning for ramp-up and parallel production during first year after commissioning, securing customer shipments as well as SSAB’s cash flow!
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132 Securing SSAB's raw materials needs Significant amount of home scrap generated within SSAB’s own network (mills and processing centers) Internally falling scrap Customer partnerships for pre-consumer scrap Scrap take-back agreed with Volvo Cars - other customer dialogues ongoing Strategic partnerships for post-consumer scrap Partnership in place with Stena Recycling; existing business with other steel scrap merchants in Europe Spot market access Good availability outlook – current exports of 17 Mt from EU with more EU EAF projects now on hold Scrap sourcing LKAB planning to industrialize the HYBRIT® technology for usage by SSAB and other customersHYBRIT partnership Raahe Pig iron Capability to produce own pig iron in Raahe if needed External HBI market Rapidly developing world market for commercial sponge iron Option to partner in other DRI initiatives SSAB with access to technology and competence from HYBRIT to leverage in other initiatives Virgin Iron to complement recycled scrap
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− Transformation key for our business strategy – new premium advanced grades, volume growth and decarbonized steels, with substantial operational and financial benefits − Projects in Oxelösund and Luleåprogressing according to plan − Building on extensive EAF experience from our US mills, product qualification verified for our most advanced products − 50% lower fixed cost compared to current system − Flexible raw material sourcing both for Oxelösund and Luleå 133 Summary
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Capital Markets Day 2025
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Capital Markets Day 2025 Industry leading financials Leena Craelius CFO
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Strong track record of delivering on financial targets 136 Profitability target EBITDA margin vs. peers Capital structure target Net gearing+/-20% Dividend target 40% of profit after tax 17 18 19 20 21 22 23 24 -25% -15% -5% 5% 15% 25% 0 1 2 3 4 5 6 7 8 9 SEK/share 17 18 19 20 21 22 23 24 45% 44% 0% 0% 37% 39% 40% 40% 5% 15% 25% 17 18 19 20 21 22 23 24 #3 #3 #3 #3 #2 #2 #2 #2 Target to retain BBB- rating EBITDA % # = Position relative peer group Peer group: Nucor, Salzgitter, Tata steel, Arcelor Mittal, VoestAlpine (new, replacing US Steel) % = share of profit after tax
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137 SSAB's “over-the-cycle” EBITDA level at SEK ~14 bn Nominal average 2016-2024 1.7 Real 2025 adjustment & currency effects 1.0 Adjusted for structural changes in e.g. product mix* 1.7 Adjusted for peak earnings 2021-23 considered exceptional Current "over-the-cycle" 13 14 Assessment of current SSAB over-the-cycle EBITDA, SEK billion EBITDA- margin ~14% * Positive shifts netted out by group transformation costs
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Accelerating premium leadership Advanced steel grades Value-add services & solutions Decarbonized steels 138 Strategy recap 138 • Grow Special Steels volumes by 5% per year • Continue Special Steels upgrading journey (e.g., Hardox 450 to 500 TUF) • Grow SSAB Europe’s advanced steel grades by 900+ kton • Capacity to produce up to 4mton decarbonized steel • Premium potential, but not on all volumes • Grow SSAB Europe’s value add volumes by 4% per year • Topline growth of >2bn SEK in Ruukki Construction • Tibnor to expand share of high value sales by 20pp
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Limited strategic investments in recent years 2016 2017 2018 2019 2020 2021 1.5 0.5 2022 1.0 0.8 0.1 2023 0.7 1.7 2015 2024 0.6 2.3 4.5 2025E 0.7 0.3 0.2 0.4 1.0 0.6 0.8 2.0 1.9 2.6 7.3 0.2 Other Strategic Capex Oxelösund conversion pre-phase Oxelösund EAF conversion Luleå mini-mill Historical strategic capex, SEK billion 1.2% 0.5% 0.4% 0.5% 1.4% 0.9% 0.9% 1.5% 1.6% 2.5% % of revenue Oxelösund conversion started with ground works, preparations, ladle metallurgy Q&T capacity in Mobile 139
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140 Estimated strategic capex profile coming 5 years Strategic investment cash-out, SEK billion 2026 2027 2028 2029 2030 11 17 14 12 4 Luleå mini-mill, incl. power line Oxelösund conversion incl power line Premium expansion (Q&T , Value-add)– To be approved* * SEK 0.5 billion approved, remainder to be approved
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141 Strong financials creating a solid base for our strategy 11 58 Current cash position Modelled cash flow after R&C and tax Dividend(40%) Buy-backs option Potential cash availability Planned strategic capex 2026-2030 Luleå financing package ~30 Cash & secured debt in SSAB’s base case modelling, until 2030, SEK billion
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142 Significant benefits with EBITDA > SEK 20bn Current “Over the cycle” ~5 Advanced steel grades (Luleå mini- mill, Q&T investments and upgrading) ~1 Value-add services and growth in subsidiaries Net profit from decarbonized steel sales ~2 Improved cost structure with modern assets T argeted “over the cycle” ~14 0.5-1.5 ~23 ~14% Assessment of future SSAB over-the-cycle EBITDA after 2030, SEK billion, % EBITDA margin >16%
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143 Financial targets unchanged Before determining the yearly dividend proposals and capital structure adjustments, the management and board of directors will evaluate the capital needs for the coming years based on market outlook, capex plans and other considerations. Profitability Industry-leading EBITDA margin compared to peers* Capital structure Net gearing ratio between -20% to 20% (Net Debt to Equity) Dividend 40% of profit after tax Unchanged Unchanged Unchanged *ArcelorMittal, Nucor, Salzgitter, Tata Steel Europe, ThyssenKrupp and Voestalpine (new, replacing US steel)
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− Strong track record of delivering on financial targets − Investment program will reposition SSAB to a more premium, unique and profitable steel company, ready for the future − The potential to lift Group EBITDA is significant with future EBITDA ‘over the cycle’ +9 SEK billion − Financial capacity to carry out investments and maintain dividend policy 144 Summary
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Johnny Sjöström President & CEO Capital Markets Day Key takeaway’s
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Key takeaway's − SSAB is a world leading steel company − All Divisions performing better than peers with potential to strengthen profitability and resilience. Track record of delivering on financial targets − Macro trends moving in our direction − Lightweighting, productivity, regionalization, and sustainability − Acceleratepremium leadership and deliver superior returns − Advanced steel grades, value-add services and solutions and decarbonized steels. The potential to lift Group EBITDA – ‘over the cycle’ +9 SEK billion − Balanced investment strategy − Investment program will reposition SSAB to a more premium.Financial capacity to carry out investments and maintain dividend policy 146
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Appendix 147
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148 Backup | Robust cost improvement independent of CO2 Current system Mini mill -15% Fixed costs Iron carrier Coal & energy Other variable With CO2 policy as planned Free allocation phase out and CBAM With CO2 policy as today i.e. no free allocation phase out Current system Mini mill -13% – -15% cost benefit with mini-mill with planned CO2 policies, driven by lower fixed and logistics costs with mini-mill and avoidance of CO2 costs – Similar cost benefit with policies as today (-13%), as scrap prices would remain tied to current blast furnace-based costs CO2 Production cost current Lu-Bo vs. Mini-mill after 2030