|Publicly traded Aktiebolag (OMX: SSAB A)|
|Sverker Martin-Löf (Chairman), Martin Lindqvist (President and CEO)|
|Revenue||SEK 39.88 billion (2010)|
|SEK 1.08 billion (2010)|
|Profit||SEK 552 million (2010)|
|Total assets||SEK 61.05 billion (end 2010)|
|Total equity||SEK 30.08 billion (end 2010)|
Number of employees
|8,480 (average, 2010)|
SSAB AB, earlier Svenskt Stål AB (English: Swedish Steel), (OMX: SSAB A) is a Swedish company, formed in 1978 and specialised in processing raw material to steel. Industrivärden is the largest shareholder.
North American operations
As of 2000, IPSCO had used mini mills to produce flat-rolled steel for 40 years. Late in 2001, the company officially opened an Axis, Alabama mill (in the Mobile area), with a capacity of 1,250,000 tons. The $425 million rolling mill, 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. On October 21, 2008, SSAB announced a $460 million expansion of the Axis mill to be completed in 2011. The mill already had 400 employees and 350 contractors.
In May 2007, a deal to acquire IPSCO for $7.7 billion was announced. At the time, IPSCO's annual production was 4.3 million tons, with four steel mills and eleven pipe mills. On July 17, 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.
On March 17, 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 $4.3 billion after steel prices rose and the dollar fell. Evraz also planned to sell some of the American assets for $1.7 billion to OAO TMK. IPSCO had 4300 employees, with 70 percent of its operation in the United States and 30 percent in Canada.
After the sale, SSAB changed the name of its North American operation to SSAB North American Division (NAD); headquarters stayed in Lisle, Illinois. Included in this division were steel operations in Mobile and Montpelier, and cut-to-length lines in St. Paul, Minnesota; Houston, Texas; 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.
Expanding to Finland
- "Annual Results 2010" (PDF). SSAB. Retrieved 12 February 2011.
- "Company Profile -IPSCO". LinkedIn. Retrieved 2010-05-25.
- "IPSCO Steel Officially Opens $425 Million Alabama Mini-Mill". siteselection.com. 2001-12-10.
- "IPSCO Steel (Alabama) Construction Proceeds on Schedule; World's Largest Mill Stands Set in Place". Business Wire. 2000-05-08. Retrieved 2010-05-25.
- "IPSCO Inc. - Subsidiary Selects Site for State-of-the-Art Steelworks". Business Wire. 1998-12-22. Retrieved 2010-05-25.
- "IPSCO plans multi-million dollar plant". Muscatine Journal. 2008-04-08. Retrieved 2010-05-25.
- Amy, Jeff (2008-10-22). "SSAB steel mill in Axis, Ala., to expand by $460m". Press-Register. Retrieved 2010-06-29.
- "Sweden's SSAB wants to sell Ipsco tube unit". Reuters. 2007-05-30. Retrieved 2010-05-25.
- "SSAB Successfully Completes Acquisition of IPSCO". ThomasNet. 2007-07-17. Retrieved 2010-05-25.
- "Evraz Agrees to Buy SSAB Units for $4.03 Billion". AllBiz. 2008-03-17. Retrieved 2010-05-25.
- "Russian steel maker Evraz grows in North America". USA Today. 2008-03-14. Retrieved 2010-05-25.
- "SSAB Rolls out New Name, New Leadership for North American Operations". steelnews.com. 2008-06-16. Retrieved 2010-05-16.
- "Steelmaker SSAB to buy Nordic rival Rautaruukki for $1.6 billion". Reuters. 2014-01-22.