Solid earnings improvement driven by SSAB EuropePresentation of the Q1/2017 result Martin Lindqvist, President & CEOHåkan Folin, CFO

April 21, 2017

AgendaQ1/2017 and performanceby division

Financials

Summary & outlook

Q&A

2

Q1/2017 and performance by division

3

Highlights in Q1/2017

4

New products and progress in sustainability

Improved production flexibility

• High deliveries and production level, better prices and mix

• Automotive premium volumes up ~20%

• Good level of deliveries in SSAB Special Steels despite the Oxelösundbreakdown

• SSAB Europe and SSAB Americas mills produced high-strength steels above expectations

Strong performance from SSAB Europe

• New wear plate Hardox500 Tuf launched

• HYBRIT project gained support from The Swedish Energy Agency

Improved market situation both in Europe and North America

5

Spot price development: Hot Rolled Coil (HRC) in Northern Europe, Plate in US, HRC in China

Indexed (Jan 2015 =100)

Q1

Northern Europe/HRC

US/Plate

50

60

70

80

90

100

110

120

130

140

150

Jan

15

Feb

15

Mar

15

Apr 1

5

May

15

Jun

15

Jul 1

5

Aug

15

Sep

15

Oct

15

Nov

15

Dec 1

5

Jan

16

Feb

16

Mar

16

Apr 1

6

May

16

Jun

16

Jul 1

6

Aug

16

Sep

16

Oct

16

Nov

16

Dec 1

6

Jan

17

Feb

17

Mar

17

Apr 1

7

Northern Europe HRC US Plate China HRC

Improving demand, lower

imports, low inventories, plate

spot prices increased

Stable demand,inventories in

balance, spot prices levelling off

Anti-dumping measures are in placeand under preparation in EU and the US

Cold-rolled carbon steels (China, Russia)Hot-Rolled flat carbon steels (China) • Final AD duties for strip 18%-36% in April

2017• Final AD duties 65%-74% for plate in Feb

2017

Under preparationIn place

Europe

US

Hot-rolled sheet and coils (China, Russia, India, Ukraine, Indonesia, Taiwan, Thailand)Hot-rolled sheet and coils (Australia, Brazil, Japan, Korea, Netherlands, Turkey)Heavy plate (China, India, Indonesia, Russia, Ukraine)

Heavy plate (China, Austria, Belgium, Taiwan, France, Germany, Italy, Japan, South Korea)• Final AD decision for the 8 countries in

March 2017 – increased duties vs. preliminary duties

• Final AD and CVD decision on Chinese plate AD margin of 68% and a subsidy (CVD) margin of 251%

Hot-Rolled flat carbon steels (Brazil, Russia, Iran, Serbia and Ukraine)• EU decided not impose preliminary

duties, final decision expected in Oct 2017

Corrosion Resistant Steel (China)

Cold-rolled sheet and coils (Brazil, India, Korea, Russia, United Kingdom)Heavy plate (Turkey, Brazil, South Africa)

Preliminary AD decision in place for Turkey, Brazil, South Africa

6

Summary of Q1/2017Solid earnings improvement driven by higher prices and volumes

EBIT of SEK 702m, upSEK 595m compared with Q4/16+ Higher prices+ Higher volumes- Maintenance outage in Mobile- Higher costs of raw materials

EBIT up SEK 895m vs. Q1/16

Operating cash flow at SEK 876m

Gearing at 32% (34%)

SEKm Q1/2017 Q1/2016 Q4/2016 FY 2016

Sales 15,739 12,964 14,442 55,354

EBITDA 1,627 741 1,066 4,951

EBIT 702 -193 107 1,213

Operating cash flow

876 77 1,053 3,207

Key figures

7

Sales and EBITDA marginSEKm

1) Excluding depreciation/amortization on surplus values on intangible and tangible fixed assets related to the acquisition of Rautaruukki

8

SSAB Special SteelsImproved result despite the breakdown

Shipments increased 8% vs. Q1/2016 despite the breakdown • Improving demand in several

segments• Flexible production system EBIT was SEK 243m, up SEK 272m vs. Q4/2016+ Higher volumes+ Lower fixed costs- Breakdown in Oxelösund- Higher raw material costs

SEKm Q1/2017 Q1/2016 Q4/2016 2016

Sales 3,925 3,132 3,066 12,582

EBITDA 377 345 111 1,453

EBIT1 243 202 -29 902

Shipments,ktonnes 277 256 233 1,008

-5%

0%

5%

10%

15%

20%

25%

-500

500

1,500

2,500

3,500

4,500

5,500

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2015 2016 2017

Sales EBITDA %

SEKm

9

SSAB Europe Strong result improvement due to higher prices and volumes

Shipments +9% vs. Q4/16• Good demand in all

segments• Automotive continued at

high levelEBIT in Q1 was SEK 826m, up SEK 450m vs. Q4/2016+ Higher volumes+ Higher prices- Higher raw material costs

9 1) Excluding depreciation/amortization on surplus values on intangible and tangible fixed assets related to the acquisition of Rautaruukki

SEKm Q1/2017 Q1/2016 Q4/2016 2016

Sales 7,657 6,040 7,001 25,831

EBITDA 1,182 244 746 2,458

EBIT1 826 -118 376 1,000

Shipments,ktonnes 982 946 898 3,720

Sales and EBITDA margin

0%2%4%6%8%10%12%14%16%18%20%

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2015 2016 2017

Sales EBITDA %

SSAB Americas Lower profitability due to the Mobile outage and higher scrap costs

Demand improved during Q1• Continued good demand from

Energy segmentEBIT was SEK -157m, down SEK 123m from Q4/16+ Higher prices- Mobile outage- Higher scrap costs SEKm

10 1) Excluding depreciation/amortization on surplus values on intangible and tangible fixed assets related to the acquisition of IPSCO

SEKm Q1/2017 Q1/2016 Q4/2016 2016

Sales 3,019 2,428 2,825 10,639

EBITDA 8 209 136 737

EBIT1 -157 55 -34 110

Shipments,ktonnes 486 475 502 1,924

Sales and EBITDA margin

0%2%4%6%8%10%12%14%16%18%20%

0

1000

2000

3000

4000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2015 2016 2017

Sales EBITDA %

TibnorHigher volumes and better margins

Shipments +8% vs. Q4/2016 • Good level of demand in all

main market areasEBIT was SEK 99m, up SEK 119m vs. Q4/2016+ Better margins + Higher volumes

11

SEKm

SEKm Q1/2017 Q1/2016 Q4/2016 2016

Sales 2,019 1,707 1 813 6 879

EBITDA 118 1 57 191

EBIT1 99 -20 34 106

1) Excluding depreciation/amortization on surplus values on intangible and tangible fixed assets related to the acquisition of Rautaruukki

Sales and EBITDA margin

-4%

-2%

0%

2%

4%

6%

8%

10%

0

500

1,000

1,500

2,000

2,500

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2015 2016 2017

Sales EBITDA %

Ruukki ConstructionResult improvement due to higher sales volumes

Seasonally lower demandSales +22% vs. Q1/2016• Growth in Building

Components and Roofing segments

EBIT was SEK -29m, up SEK 19m vs. Q1/2016 + Higher volumes

12

SEKm

1) Excluding depreciation/amortization on surplus values on intangible and tangible fixed assets related to the acquisition of Rautaruukki

SEKm Q1/2017 Q1/2016 Q4/2016 2016

Sales 1,131 928 1,353 5,304

EBITDA 8 -10 45 322

EBIT1 -29 -48 7 171

Sales and EBITDA margin

-5%

0%

5%

10%

15%

20%

25%

0

500

1000

1500

2000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2015 2016 2017

Sales EBITDA %

Financials

0%2%4%6%8%10%12%14%

0200400600800

1,0001,2001,4001,6001,800

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2015 2016 2017

SEK

mill

ion

EBITDA EBITDA %

Strong profitability improvementHigher sales due to both higher prices and volumes

14

Sales

EBITDA and EBITDA margin

Shipments1

EBITDA per tonne delivered steel

1) Including the steel operations: Special Steels, Europe and Americas

0200400600800

1,0001,2001,4001,6001,8002,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2015 2016 2017

kton

s

02,0004,0006,0008,000

10,00012,00014,00016,00018,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2015 2016 2017

SEK

mill

ion

0

200

400

600

800

1000

1200

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2015 2016

SEK/

tonn

e

Change in operating profit Q1/2017 vs. Q1/2016

SEKm

15

702

270

-193

2017 Q1

45

2016 Q1 Fixed costVar COGS Other

1 730

VolumePrice

-1 100

-100 50

FX

Change in operating profit Q1/2017 vs. Q4/2016

SEKm

16

745

435

90 180

107

702

2017 Q1OtherFX

-165

Fixed costVar COGS

-690

VolumePrice2016 Q4

Good operating cash flow despite higher inventories and accounts receivables SEKm Q1/2017 Q1/2016 Q4/2016 2016

Operating profit before depreciation/amortization 1,627 741 1,066 4,951

Change in working capital -526 -476 417 -661

Maintenance expenditure -215 -219 -365 -1,053

Other -10 31 -65 -30

Operating cash flow 876 77 1,053 3,207

Financial items -222 -178 -271 -994

Taxes -21 -48 244 80

Cash flow from current operations 633 -149 1,026 2,293

Strategic capital expenditure in plant and machinery -44 -88 -83 -273

Acquisitions of shares and operations 0 -7 - -46

Divestments of shares and operations 0 0 - -

Net cash flow 589 -244 943 1,974

17

Net debt and gearing decreased

18

Net gearing ratio decreased from 34% at the end of 2016 to 32%

Net debt decreased by SEK 0.9bn and amounted to SEK 17.0bn

%SEKbn

Net debt and net debt/equity ratio

0

10

20

30

40

50

60

2012 2013 2014 2015 2016 Q1/20170

5

10

15

20

25

30

Net interest bearing debt, SEKm Net gearing ratio, %

Net debt reduction according to planSEK 10 bn. between the end of Q1/16 and the end of 2017

SEK bn

10.0

4.9

7.7

TargetRemaining in 2017

2.3

2.8

Realized so farRights issue (net) Net cash flow Q2/16-Q1/17

19

0

2,000

4,000

6,000

8,000

10,000

12,000

Cash andback-upfacilities

2017 2018 2019 2020 2021 2022-

Balanced maturity profile in coming years

20

Loans maturing in 2017-2018 amounted to SEK 6.0bnOf the total maturities in 2017, commercial paper accounts for SEK 0.75bnBond issue of SEK 1bn and buy-back of 1.2bn outstanding bonds 2017 and 2019, effective in Q2

SEKmQ1/2017

6.0bn

Debt cost and duration

%

Duration on debt portfolio and interest rate

21

Duration of the loan portfolio was 4.9 years (5.1 at the end of 2016)Averaged fixed interest term was 0.7 years (0.8) Average interest rate was 3.05% (3.03 % in Q4/2016)

Years

4.0

4.2

4.4

4.6

4.8

5.0

5.2

5.4

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Q1 Q2 Q3 Q4 Q1

2016 2017

Avg. duration (rhs) Avg. interest rate

Higher raw material prices New contract with LKAB for iron ore pellets with monthly pricing

22

Coking coal

Iron ore

Average coking coal purchase price in Q1 was 2% higher in SEK vs. Q4/16

Average pellet purchase price in Q1 was 15% higher in SEK vs. Q4/16New contract with LKAB for the period April 1, 2017-March 31, 2018

• Prices are adjusted on monthly basis

50

75

100

125

150

175

200

225

250

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017

Coal (SSAB's purchase price, indexed)

Iron ore (SSAB's purchase price, indexed)

SSAB’s purchase price, coking coal and iron ore

Index

0

50

100

150

200

250

300

350

Jan-

15Fe

b-15

Mar

-15

Apr-

15M

ay-1

5Ju

n-15

Jul-1

5Au

g-15

Sep-

15O

ct-1

5N

ov-1

5De

c-15

Jan-

16Fe

b-16

Mar

-16

Apr-

16M

ay-1

6Ju

n-16

Jul-1

6Au

g-16

Sep-

16O

ct-1

6N

ov-1

6De

c-16

Jan-

17Fe

b-17

Mar

-17

Apr-

17

Chicago #1HM Scrap (AMM) [USD/gross ton]

Scrap spot prices continued to increase in Q1 along with other raw materials

23

Scrap spot price

USD/gross ton

Q1

Source: AMM

Scrap spot prices in US at the end of Q1/17 were:

6% higher vs. Q4/1620% higher vs. Q1/16

Outlook

SSAB’s outlook for Q2/2017In North America, demand for heavy plate is expected to be good both from Steel Service Centers and end customers

In Europe, demand is expected to be good

No major changes in inventory levels expected

Demand for high-strength steels is expected to develop positively

Overall, SSAB’s shipments are expected to be somewhat higher than during Q1

Realized prices are expected to be higher than in Q1, however mitigated by increased raw material costs

Work started on the major maintenance outage in Mobile during Q1 and was completed during the beginning of Q2

25

Swedish Steel Prize 2017 finalists lead the way with innovative design concepts

26

Fermel, South AfricaMINING VEHICLEFermel, South AfricaMINING VEHICLE

JMG Cranes, ItalyELECTRICAL PICK AND CARRY CRANE

JMG Cranes, ItalyELECTRICAL PICK AND CARRY CRANE

Wabash National, USAREAR IMPACT GUARDWabash National, USAREAR IMPACT GUARD

Kiruna Wagon, SwedenDUMPER WAGONKiruna Wagon, SwedenDUMPER WAGON

Questions & Answers

Appendix

Maintenance outages in 2017

29

Costs were SEK 180m for Q1/2017 (incl. direct costs and under absorption)SSAB Americas SEK 160m, SSAB Europe SEK 20m

Q2/2017 costs are estimated to be SEK 250m - SSAB Americas SEK 230m, SSAB Europe SEK 20m

SEKm Q1/2017 Q2/2017 Q3/2017 Q4/2017 2017 2016

SSAB Special Steels 230 0 230 250

SSAB Europe 20 20 170 100 310 300

SSAB Americas 160 230 0 0 390 290

Total 180 250 400 100 930 840

Major, planned maintenance outages 2017

Note: The estimates shown in table includes direct maintenance cost and cost of lower capacity utilization (under absorption), but excludes lost margins.

SSAB’s key customer segments – outlook Segment Outlook for

Q2 vs. Q1 Comments on outlook

Heavy TransportGrowth in demand expected in Europe

Railcar production in US is expected to continue to decline

Automotive Automotive is expected to remain at high level in Europe and in the US

Construction Machinery

Demand in the main European markets is expected to pick-up somewhat

Demand in US is showing some signs of recovery from low level

Mining Higher repair and maintenance activity in the Mining sector

EnergyContinued solid demand in wind energy segment expected

Oil-related segments are expected to pick-up

Construction Material Demand expected to pick up seasonally

Service Centers (US) Demand from Service Centers is expected to be fairly stable in Q2, although inventories are still low

3030