Comments by the CEO

SSAB's operating result for the second quarter of 2025 amounted to SEK 2,140 (2,969) million. The decrease compared to last year was mainly related to lower prices of standard steel. The operating result improved compared to the previous quarter, primarily driven by increased prices for SSAB Americas. The market in Europe saw a weakening and SSAB will take appropriate measures during the third quarter.

SSAB Special Steels reported an operating result of SEK 1,480 (1,659) million and an operating margin of 22% (21%) during the quarter. SSAB Special Steels' unique products provide significant added value for our customers and this in turn translates into more stable prices than for standard products over the business cycle. SSAB Americas' operating result amounted to SEK 807 (1,204) million with an operating margin of 14% (19%). SSAB Europe's operating result decreased to SEK 110 (400) million and the operating margin was 1% (3%). Record high shipments of high-strength steel to the automotive industry supported margins in a weak market.

The turbulence of tariffs and trade barriers resulted in increased uncertainty during the second quarter. The largest impact was seen on the European steel market, which weakened. As a consequence, SSAB Europe will adjust production and staffing levels during the third quarter, which is also typically seasonally slow. Adjustments will take place through planned maintenance, time banks and short-time work. Also, the markets for SSAB Special Steels and SSAB Americas were somewhat affected by the increased uncertainty.

The direct impact of the US steel tariffs on SSAB is limited, as the local production accounts for most of SSAB's sales on the US market. However, certain special products, mainly high-strength steel for the automotive industry, are exported from the Nordics.

The transformation of Luleå and the conversion of Oxelösund are progressing. The rationale of the projects is to lower costs, improve the product mix and largely remove CO2 emissions. During the second quarter, SSAB was notified that the reinforcements to the transmission grid to Luleå will not be delivered as planned. This means that the planned start-up of the new steel mill in Luleå will be pushed back by 12 months, from the end of 2028 to the end of 2029. The revised timeline is not expected to affect the previously communicated investment amount of EUR 4.5 billion, or the expected annual EBITDA improvement, totaling more than SEK 5 billion compared to continued operation of the current system.

SSAB has flexibility to carry out the investment in Luleå in a robust way, taking into account our financial capacity, customer demand and the overall market situation. The Luleå financing was increased in June to EUR 2.7 billion in total and is backed by the Swedish National Debt Office, the Italian Export Credit Agency, the Nordic Investment Bank and the German Export Credit Agency Euler Hermes.

SSAB and Volvo Cars signed an agreement for the delivery of SSAB Zero steel, starting in 2025, and for the purchase of high-quality scrap steel from Volvo Cars' production. The scrap will be recycled and used in the new electric arc furnace in Oxelösund to make steel without fossil carbon dioxide emissions.

SSAB continues its long-term and systematic work to improve workplace safety and lost time injury frequency (LTIF) was stable at 0.64 (0.64) during the quarter.

SSAB invites you to a presentation of the Q2 2025 report at 9.30am CEST on Wednesday, July 23, 2025.

The report will be presented by SSAB's President and CEO Johnny Sjöström, and CFO Leena Craelius.

The press conference will be held in English and live webcast on SSAB's website www.ssab.com.

Link to webcast: https://edge.media-server.com/mmc/p/c3j3iwku

You can also participate in the briefing by telephone. Click on the link below and complete the online registration form. You can choose if you want to dial in or click "Call Me" for a call-back.

Link to teleconference: https://register-conf.media-server.com/register/BI157fe1c7d1c344f3b11bc327f25436b7

For further information, please contact:
Helena Norrman, EVP and Head of Group Communications, Helena.norrman@ssab.com, phone: +46 730 66 53 46
Per Hillström, Head of Investor Relations, per.hillstrom@ssab.com, phone: +46 702 95 29 12

This information is inside information that SSAB AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and information that SSAB AB (publ) is obliged to make public pursuant to the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 7.30am CEST on July 23, 2025.