Cancellation of the announced SSAB extra general meeting

Cancellation of the announced SSAB extra general meeting

The Board of Directors (“the Board”) of SSAB has decided to cancel the announced
extra general meeting of the shareholders at which a proposed authorization for
the Board to decide upon buy-backs of the Company's shares was to be considered

On September 16, 2008 the Board of Directors of SSAB decided to convene an extra
general meeting to be held on October 22, 2008 (se press release; SSAB extra
general meeting, September 17, 2008). The proposal was made in consideration of
the strengthening of the Company's balance sheet, following the disposal of the
tubular business and the strong operating cash flow since the acquisition of
IPSCO. 

The exceptional developments on the global financial markets that have taken
place since the announcement of the proposal, have led to a significantly higher
instability and uncertainty within the global money and credit markets.

The Board believes that the Company's development and financial situation are
unchanged since the share buy-back program was announced. However, due to the
extreme developments in the financial markets since then, the Board prefers to
await the upcoming AGM in March 2009 with a proposal regarding distribution of
capital to its shareholders.

The cancelled extra general meeting was to take place on Wednesday, October 22,
2008 at Nalen, Regeringsgatan 74, Stockholm, Sweden. 


For further information, please contact Sverker Martin-Löf, Chairman of the
Board, 
via Jonas Bergstrand, Corporate Secretary, ph. +46-8-45 45 736

SSAB is a global producer of steels in the high-strength and quenched steels
niches, and is a leader in its markets and as regards productivity. We develop
solutions which increase our customers' competitiveness.