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SSAB AB
Company typePublicly traded Aktiebolag (Nasdaq Stockholm: SSAB A)
IndustrySteel
Founded1978; 46 years ago (1978)
HeadquartersStockholm, Sweden
Key people
Sverker Martin-Löf (Chairman), Martin Lindqvist (President and CEO)
RevenueSEK 39.88 billion (2010)[1]
SEK 1.08 billion (2010)[1]
SEK 552 million (2010)[1]
Total assetsSEK 61.05 billion (end 2010)[1]
Total equitySEK 30.08 billion (end 2010)[1]
Number of employees
8,480 (average, 2010)[1]
Websitewww.ssab.com

SSAB AB (SSAB from Scandinavian Steels Are Better), earlier Svenskt Stål AB (English: Swedish Steel), (Nasdaq Stockholm: SSAB A) is a Swedish-Finnish company, formed in 1978 and specialised in processing raw material to steel. Largest shareholders are Industrivärden and Government of Finland.

Swedish operations

The headquarters is in central Stockholm. The production is located at Luleå, Borlänge, Oxelösund and Finspång. SSAB Sweden produces 3.9 million tonnes of steel.

North American operations

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.[2][3]

As of 2000, IPSCO had used mini mills to produce flat-rolled steel for 40 years.[4] 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,[3] with mill stand housings believed to be the largest one-piece cast mill housings in the world at 350 tons each,[4] 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.[5][6] 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.[7]

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.[8] 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.[9]

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.[10] IPSCO had 4300 employees, with 70 percent of its operation in the United States and 30 percent in Canada.[11]

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.[12]

Expanding to Finland

On January 22, 2014 it was announced that SSAB is to purchase Finnish steel manufacturer Rautaruukki for 1.1 bn euro.[13]

See also

References

  1. ^ a b c d e f "Annual Results 2010" (PDF). SSAB. Retrieved 12 February 2011.
  2. ^ "Company Profile -IPSCO". LinkedIn. Retrieved 2010-05-25.
  3. ^ a b "IPSCO Steel Officially Opens $425 Million Alabama Mini-Mill". siteselection.com. 2001-12-10.
  4. ^ a b "IPSCO Steel (Alabama) Construction Proceeds on Schedule; World's Largest Mill Stands Set in Place". Business Wire. 2000-05-08. Retrieved 2010-05-25.
  5. ^ "IPSCO Inc. - Subsidiary Selects Site for State-of-the-Art Steelworks". Business Wire. 1998-12-22. Retrieved 2010-05-25.
  6. ^ "IPSCO plans multi-million dollar plant". Muscatine Journal. 2008-04-08. Retrieved 2010-05-25.
  7. ^ Amy, Jeff (2008-10-22). "SSAB steel mill in Axis, Ala., to expand by $460m". Press-Register. Retrieved 2010-06-29.
  8. ^ "Sweden's SSAB wants to sell Ipsco tube unit". Reuters. 2007-05-30. Retrieved 2010-05-25.
  9. ^ "SSAB Successfully Completes Acquisition of IPSCO". ThomasNet. 2007-07-17. Retrieved 2010-05-25.
  10. ^ "Evraz Agrees to Buy SSAB Units for $4.03 Billion". AllBiz. 2008-03-17. Retrieved 2010-05-25.
  11. ^ "Russian steel maker Evraz grows in North America". USA Today. 2008-03-14. Retrieved 2010-05-25.
  12. ^ "SSAB Rolls out New Name, New Leadership for North American Operations". steelnews.com. 2008-06-16. Retrieved 2010-05-16.
  13. ^ "Steelmaker SSAB to buy Nordic rival Rautaruukki for $1.6 billion". Reuters. 2014-01-22.
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