Financial rewiew 2012 - SSAB high-strength steel

Sakari Tamminen, President & CEO

Rautaruukki Corporation

15 February 2013

Financial review 2012

Agenda

• 2012 in brief, key figures

• Financial performance

• Business area performance

• Business environment

• Key actions in 2012,

near-term outlook and guidance

15 February 2013 www.ruukki.com | Sakari Tamminen 2

www.ruukki.com | Sakari Tamminen 15 February 2013

2012 in brief

• Net sales and operating profit in the construction business were

practically at the same level y-o-y

• The steel business posted a loss due mainly to a rise in raw

material costs and lower selling prices

• Good progress made with efficiency projects and around €20

million achieved of total savings target of €100 million

• Clear improvement in cash flow and €173 million cash conversion

from working capital

• Gearing was 71% at year-end

• Fortaco arrangement completed at end of year, Ruukki to focus

more strongly on construction and special steels

• Board of Directors’ dividend proposal €0.20 per share

3

Key figures Q4/2012


Q4/2012 Q4/2011

Order intake €m 651 651

Net sales *) €m 676 718

Operating profit *) €m -39 -40

as % of net sales *) -5.8% -5.6%

Net cash from

operating activities €m 79 163

*) Comparable

• Capacity utilisation rate in steel production averaged around 80%

due to weak market conditions

Key figures 2012:


2012 2011

Order intake €m 2 767 2 675

Net sales *) €m 2 789 2 797

Operating profit *) €m -65 56

as % of net sales *) % -2% 2%

Result before income tax €m -137 -12

Earnings per share, diluted, € -0.83 -0.07

Gearing % 71.4 60.4

Net cash from operating activities €m 172 114

• Cash conversion from working capital was €173 million in 2012

• Board of Directors’ dividend proposal €0.20 per share (0.50)

*) Comparable

Financial performance

426 44

9

41

4 451

50

7

59

6

576

647 67

4

67

2

678

651 68

6 75

5

67

56

51

0

100

200

300

400

500

600

700

800

Q1

/09

Q2

/09

Q3

/09

Q4

/09

Q1

/10

Q2

/10

Q3

/10

Q4

/10

Q1

/11

Q2

/11

Q3

/11

Q4

/11

Q1

/12

Q2

/12

Q3

/12

Q4

/12

0

300

600

900

1200

1500

1800

2100

2400

2700

3000

2009

2010

2011

2012

Order intake up 3% in 2012


Growth in construction and steel businesses

Engineering business Steel business Construction business

2 675

Order intake 2009-2012 (€m)

2 767

2 326

1 740

+3%

Quarterly order intake (€m)

+0%

Net sales for whole year approximately at same level as previous year


Quarterly net sales (€m) *)

*) Comparable

Construction business Engineering business

Steel business

Change in net sales by business

area (€m) 2011 vs. 2012 *)

500

648615

641675

730

674718

699740

674 676

0

100

200

300

400

500

600

700

800

Q1

/10

Q2

/10

Q3

/10

Q4

/10

Q1

/11

Q2

/11

Q3

/11

Q4

/11

Q1

/12

Q2

/12

Q3

/12

Q4

/12

-6%

2 797 -17 + 8 + 4 - 3 2 789

1 700

1 800

1 900

2 000

2 100

2 200

2 300

2 400

2 500

2 600

2 700

2 800

2 900

20

11

Co

nst

ruct

ion

bu

sin

ess

En

gin

eeri

ng

bu

sin

ess

Stee

l bu

sin

ess

Oth

ers

20

12

Strongest net sales growth in Russia and in markets outside Europe


Net sales by market area

2012 (2011) *) 100% = €2789m (€2797m)

Net sales down in Finland and the other Nordic countries

• Growth in Russia +18%, markets

outside Europe +14%, Central

Eastern Europe +4%

• Net sales down in Finland -8%

and other Nordic countries -2%

• Emerging markets accounted for

increased share 29% (27) of

comparable consolidated net

sales

Other Nordic

countries

32% (33%)

Finland

25% (27%)

Central Eastern

Europe

14% (13%)

Rest of Europe

14% (14%)

Other

countries

6% (5%)

Russia and

Ukraine

9% (8%)

*) Comparable

Operating profit was -€65m


*) Comparable

Construction business Engineering business

Steel business

Engineering and construction businesses improved y-o-y, steel

business posted a loss

Quarterly operating profit (€m) *)

Change in operating profit by

business (€m) 2011 vs. 2012 *)

-43

45

41

-5

25

71

1

-40

-15

8

-18

-39

-70

-50

-30

-10

10

30

50

70

90

Q1

/10

Q2

/10

Q3

/10

Q4

/10

Q1

/11

Q2

/11

Q3

/11

Q4

/11

Q1

/12

Q2

/12

Q3

/12

Q4

/12

56

-122

+4 +4

-6 -65

-125

-105

-85

-65

-45

-25

-5

15

35

55

75

95

115

20

11

Co

nst

ruct

ion

bu

sin

ess

En

gin

eeri

ng

bu

sin

ess

Stee

l bu

sin

ess

Oth

ers

20

12

532

696

474

619

744

797

15

19

25 2627

28

0

10

20

30

40

0

200

400

600

800

20

07

2008

20

09

20

10

20

11

20

12

Cost of raw materials calculated by average cost of raw materials in 2011

€m %

€m %

Fixed costs continued to account for decreasing share of net sales


Share of raw materials costs rose

Development of steel raw materials

costs

Sales, administrative and general costs (€m)

As % of comparable net sales

Cost of raw materials used in steel production (€m)

As % of comparable net sales

Development of consolidated SGA

costs

768

308

252251

255242

8

13

109,1

8,7

0

5

10

15

20

0

100

200

300

400

2008

2009

2010

2011

2012

14

32

18

0

5

10

15

20

25

30

35

Q1

/08

Q2

/08

Q3

/08

Q4

/08

Q1

/09

Q2

/09

Q3

/09

Q4

/09

Q1

/10

Q2

/10

Q3

/10

Q4

/10

Q1

/11

Q2

/11

Q3

/11

Q4

/11

Q1

/12

Q2

/12

Q3

/12

Q4

/12

382

182

-64

114

172169

30

-226

-57

78

-300

-200

-100

0

100

200

300

400

20

08

20

09

20

10

2011

20

12

Cumulative cash flow €172 million


Successful working capital management

Net cash from operating activities

and net cash before financing

activities (€m)

Net working capital as % of

comparable 12-month rolling net sales

Net cash from operating activities

Net cash before financing activities Net working capital as % of comparable 12-months rolling net

sales

€173 million of working capital

released in 2012 (€9 million tied

up in 2011)

1 948

1 507

1 3871 273

1 069

155

336

621

770 765

8

22

45

60

71

0

20

40

60

80

100

120

0

250

500

750

1000

1250

1500

1750

2000

2250

2500

2008 2009 2010 2011 2012

Gearing ratio 71%


Net interest-bearing financial liabilities at practically same level

as during the previous year

Net interest-bearing financial liabilities Equity Gearing ratio (%)

%

229

161

173179

97

221

153162

169

92

145 145 148 144 146

0

50

100

150

200

250

2008 2009 2010 2011 2012

Capex clearly below depreciation


Capex in 2013 estimated to be around €90 million

Gross capex *) Net capex *) Depreciation

€m

*) In tangible and intangible assets

Business area performance

541

629

721756

172 170

0

100

200

300

400

500

600

700

800

20

09

20

10

20

11

20

12

Q4

/11

Q4

/12

Construction: order intake up for whole year


Order intake, (€m)

Growth in residential construction and Russia

-1%

+5%

2012 vs. 2011

+ Residential roofing products +3%,

growth especially in Sweden and

Russia

- Commercial and industrial construction

-4%, growth in Russia, Sweden and

Norway

- Infrastructure construction -18%

Q4/2012 vs. Q4/2011

+ Residential roofing products +10%,

growth in Finland, Sweden and Russia

+ Commercial and industrial construction

+7% growth in Russia, Sweden and

Estonia

- Infrastructure construction -18%

Construction

Construction: net sales


Net sales by product group, (€m) *)

Growth in residential roofing products and Russia, net sales

down in commercial & industrial and infrastructure construction

*) Comparable

Construction

1 067

589628

757 740

0

200

400

600

800

1 000

1 200

20

08

20

09

20

10

20

11

2012

-2%

203180

0

20

40

60

80

100

120

140

160

180

200

220

Q4

/11

Q4

/12

-11%

Infrastructure construction Residential

construction

Commercial and industrial

construction

Construction: net sales by market area



2012 (2011) *)

2012 vs. 2011

+ Russia and Ukraine +20%

+ Growth in residential roofing products

in almost all markets

- Finland -11%

- Other Nordic countries -9%

Net sales down in most markets, however strong growth in

Russia

Other Nordic

countries

23% (25%)

Finland

25% (27%)

Central

Eastern

Europe

28% (28%)

Rest of

Europe

2% (2%) Russia and

Ukraine

22% (18%)

*) Comparable

Q4/2012 vs. Q4/2011

- Overall net sales down in almost all

market areas

+ Growth in residential roofing products

in Sweden, Finland and Russia

+ In commercial and industrial

construction, growth in project

deliveries in Sweden

Construction

EBITDA and EBIT (€m) *)

Comparable operating profit in construction improved y-o-y


Comparable operating profit €1m

(-3) for 2012

- Profitability of project and component

business still not at a satisfactory level

- Relative fall in share of net sales of

infrastructure construction

+ Relative growth in share of residential

roofing business

+ Higher capacity utilisation rate in

Russian businesses

+ Improved profitability of project

business

• Efficiency project: €8m of the €20m earnings improvement target was achieved during

2012 and the remainder is expected to be seen in full by the end of Q3/2013 onwards.

*) Comparable EBIT, reported EBITDA EBITDA*) EBIT*)

Construction

-13

4

11

-6

-10

4

8

-1

-6

10

17

2

-4

11

14

-1

-15

-10

-5

0

5

10

15

20

Q1

/11

Q2

/11

Q3

/11

Q4

/11

Q1

/12

Q2

/12

Q3

/12

Q4

/12

Reported EBITDA in Q4/12 includes non-recurring items of €7 million not having an impact on cash flow

Engineering business: net sales up 3%


Single project increased deliveries to equipment manufacturers

in the offshore industry

Net sales, (€m) *)

Manufacture of

construction and

mining industry

equipment

15% (15%)

Manufacture

of materials

handling

equipment

30% (36%)

Energy and

offshore

35% (21%)

Other

13% (18%)

Shipbuilding

6% (11%)

Net sales by customer segment

2012 (2011) *)

Engineering

312

193

257265

7360

0

30

60

90

120

150

180

210

240

270

300

330

20

09

20

10

20

11

20

12

Q4

/11

Q4

/12

+3%

-18%

*) Comparable

Comparable EBIT (€m)

Engineering business: comparable operating profit improved year on year


+ Higher selling prices and delivery

volumes

+ Improved cost efficiency

Engineering

Comparable operating profit -€3m

(-7) for 2012

-2-2

1

-4

-1

10

-3

-5

-3

-1

1

3

5

Q1

/11

Q2

/11

Q3

/11

Q4

/11

Q1

/12

Q2

/12

Q3

/12

Q4

/12

Fortaco arrangement completed at year-end

• The units transferred to Fortaco accounted for €137 million of

Ruukki Engineering’s net sales in 2012

• Ruukki received a 19.0% holding in Fortaco, together with

equity and debt capital financing instruments from Fortaco for

the units transferred

• Ruukki Engineering’s units not forming part of the new

company are reported as part of Ruukki Metals division from

the start of 2013

• The units excluded from the arrangement are estimated to

have net sales of €75 million in 2013


Ruukki’s business structure more focused than earlier

Engineering

959

1 459

16911782

416 437

0

200

400

600

800

1000

1200

1400

1600

1800

20

09

20

10

20

11

20

12

Q4

/11

Q4

/12

Steel business: order intake up 5%


Order intake (€m)

Strongest growth in Russia and North America

+ Strongest growth in Russia and North

America

- Orders for special steel products down

slightly year on year, strong growth,

however, in Russia and North America

+5%

2012 vs. 2011

Q4/2012 vs. Q4/2011

+ Strongest growth in Russia and North

America

- Down in Finland, Sweden and Poland

- Orders for special steel products down

slightly year on year, however, strong

growth in Russia

+5%

Steel

0

50

100

150

200

250

300

350

400

450

500

Q4

/11

Q4

/12

434 442 -2%

Steel business: net sales for whole year approximately at same level as a year earlier


Net sales by product group, (€m) *)

Net sales for the fourth quarter were down 2% year on year

*) Comparable

Steel

Special steel products Customised steel products Price-sensitive steel

products

Stainless steel and aluminium

1997

1050

1581

1783 1787

0

200

400

600

800

1 000

1 200

1 400

1 600

1 800

2 000

20

08

20

09

20

10

20

11

2012

+0%

Average prices fell, deliveries rose


Tonnes delivered and average selling price (€/t)

During Q4, 70,000 tonnes of low-margin products were delivered

outside the main market area

487

415

364

455507

448

389

466

983

11271086

970 9421049 1045

930

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

0

100

200

300

400

500

600

Q1

/11

Q2

/11

Q3

/11

Q4

/11

Q1

/12

Q2

/12

Q3

/12

Q4

/12

1000 tonnes €/t

Special steel products accounted for 31% of steel business, unchanged year on year

% of Ruukki Metals’ net sales


Share of special steel products of net sales in the steel business

Share of special steel products of net sales in the steel business, rolling 12-month average

22%

26%28%

30%32%

34%32%

28%

30%

34%

32%

28%

0%

5%

10%

15%

20%

25%

30%

35%

40%

Q1

/10

Q2

/10

Q3

/10

Q4

/10

Q1

/11

Q2

/11

Q3

/11

Q4

/11

Q1

/12

Q2

/12

Q3

/12

Q4

/12

31% 31%

Steel




2012 (2011) *)

Net sales development

+ Russia +16%

+ Other countries +13%

+ Central Eastern Europe +9%

- Finland - 7%

+ Russia +16%

+ Central Eastern Europe +19%

- Finland -12%

- Other Nordic countries -7%

Growth in deliveries to Russia, Central Eastern Europe and to

certain markets outside Europe

*) Comparable

Other Nordic

countries

34% (34%)

Finland

25% (27%)

Russia and

Ukraine

6% (5%)

Other

countries

8% (7%)

Rest of Europe

19% (19%)

Central

Eastern

Europe

9% (8%)

2012 vs. 2011

Q4/2012 vs. Q4/2011

Steel

42

75

-9

-28

0

10

-18

-34

69

99

-6 -2

2835

9

-10

-50

-30

-10

10

30

50

70

90

110

Q1

/11

Q2

/11

Q3

/11

Q4

/11

Q1

/12

Q2

/12

Q3

/12

Q4

/12

EBITDA and EBIT (€m) *)

Steel business posted a loss

15 February .2013 www.ruukki.com | Sakari Tamminen 28

Comparable operating profit for the fourth quarter was also down

year on year

- Operating profit was down both year

on year and quarter on quarter

- Lower operating profit year on year

was mainly due to higher costs of raw

materials used in steel production and

lower average selling prices

+ Reported EBITDA for 2012 was

positive

*) Comparable EBIT, reported EBITDA EBIT*) EBITDA*)

Steel

Comparable operating profit -€42m

(80) for 2012

Reported EBITDA in Q4/12 includes non-recurring items of €8 million not having an impact on cash flow

Steel business: operating profit down €16 million quarter on quarter

15.02.2013 www.ruukki.com | Sakari Tamminen 29

Operating profit (€m) Q4/12 vs. Q3/12 *)

• Average end-product prices were

down 11%, lower prices and

changes in the product mix had a

total impact of -€51 million

• Delivery volumes were up by 77

thousand tonnes or 20% quarter

on quarter

*) Comparable

Steel

-18

+7

-34

-51

+19

+9

-80

-70

-60

-50

-40

-30

-20

-10

0

Q3/

12

End

-pro

du

ctp

rice

s an

d m

ix

Raw

mat

eria

l an

do

ther

co

sts

Del

iver

y vo

lum

es

Uti

lisat

ion

rat

e

Q4/

12

Capacity utilisation rate in steel production around 80% during fourth quarter


Quarterly steel production

1000 tonnes • Steel production during Q4/2012

was up 4% year on year at 566

thousand tonnes

• The utilisation rate in steel

production averaged around 80%

during Q4

• The utilisation rate for the whole

year averaged around 81%

611

418

609 591

645 636

392

542

601 594

540566

0

100

200

300

400

500

600

700

800

Q1

/10

Q2

/10

Q3

/10

Q4

/10

Q1

/11

Q2

/11

Q3

/11

Q4

/11

Q1

/12

Q2

/12

Q3

/12

Q4

/12

Steel

Business environment

Poland: 1.6%

Russia: 2.8%

Sweden: 5.2%

Finland: 1.5%

Estimated growth in commercial and industrial construction in 2013

*) The figures for Romania, Ukraine, Bulgaria and Russia also include renovation construction

Source: Global Insight 12/2012

Growth > 2.0% -2.0 < Growth < 2.0% Growth < -2.0% Growth > 5.0%

Western Europe:

0.2%

In a challenging market environment,

Ruukki is supported by:

• Strong market shares

• Strong brand and product portfolio

• Energy-efficient solutions

• Good location in Russia – proximity of

Moscow


Poland: -1.2%

Russia: 2.2%

Sweden: 2.5%

Finland: -2.8%

Estimated growth in residential construction 2013

Ukraine: -0.7%

Growth > 2.0% -2.0 < Growth < 2.0% Growth < -2.0% Growth > 5.0%

*) Includes new and renovation construction


Western Europe:

0.1%

In a challenging market environment,

Ruukki is supported by:

• Strong market shares

• Strong brand and product portfolio

• Expansion of Ruukki Express network

• Less volatile seasonality in renovation

construction than in new construction


80

90

100

110

120

130

140

150

2009 2011 2013 2015

Ind

ex

20

09

=1

00

Residential construction (new and renovation construction)

Stronger growth expected in 2014

*) The figures for Russia also include renovation construction


Finland Sweden Poland Russia Ukraine Western Europe

80

90

100

110

120

130

140

150

2009 2011 2013 2015

Ind

ex

20

09

=1

00

Commercial and industrial construction (new construction *)


0

25

50

75

100

125

150

175

200

2008 2009 2010 2011 2012e 2013f 2014f

www.ruukki.com | Sakari Tamminen 35

Source: Eurofer Market Outlook, 2/2013

Million tonnes

Apparent steel use down in Europe last year

-8%

-35%

+ 22% -10% 3% -1%

Apparent steel use (ASU) in EU-27 2008-2014f

6%

15 February 2013

Demand forecast to remain around the same level in 2013

1,0

1,5

2,0

2,5

3,0

3,5

0

250

500

750

1 000

1 250

1 500

1 750

2 000

2 250

2 500

1/0

82

/08

3/0

84

/08

5/0

86

/08

7/0

88

/08

9/0

81

0/08

11

/081

2/08

1/0

92

/09

3/0

94

/09

5/0

96

/09

7/0

98

/09

9/0

91

0/09

11

/091

2/09

1/1

02

/10

3/1

04

/10

5/1

06

/10

7/1

08

/10

9/1

01

0/10

11

/101

2/10

1/1

12

/11

3/1

14

/11

5/1

16

/11

7/1

18

/11

9/1

11

0/11

11

/111

2/11

1/1

22

/12

3/1

24

/12

5/1

26

/12

7/1

28

/12

9/1

21

0/12

11

/121

2/12

Steel wholesalers’ inventories in Europe slightly below normal level


Monthly inventories/deliveries (6-month rolling average, situation 12/2012)

Million tonnes Monthly inventories/deliveries

(6-month rolling average)

Inventories/deliveries Sales (1000 tonnes) Inventories (1000 tonnes)

Source: EASSC (NB Viewpoint of one source that does not reflect inventory levels of all steel wholesalers in Europe )

• Prices of iron ore purchases during the first quarter will remain at the level of the fourth

quarter of 2012, the winter inventory risk related to coking coal will be smaller compared

to previous years in 2013

0

50

100

150

200

250

300

350

400

01

/09

03

/09

05

/09

07

/09

09

/09

11

/09

01

/10

03

/10

05

/10

07

/10

09

/10

11

/10

01

/11

03

/11

05

/11

07

/11

09

/11

11

/11

01

/12

03

/12

05

/12

07

/12

09

/12

11

/12

01

/13

0

50

100

150

200

250

300

01

/09

03

/09

05

/09

07

/09

09

/09

11

/09

01

/10

03

/10

05

/10

07

/10

09

/10

11

/10

01

/11

03

/11

05

/11

07

/11

09

/11

11

/11

01

/12

03

/12

05

/12

07

/12

09

/12

11

/12

01

/13

Main raw materials in steel production


Average market price of both iron ore and coking coal rose

clearly during the fourth quarter of 2012

Monthly average spot price of

iron ore *) USD/t

Monthly average spot price of

coking coal **) USD/t

Source: CRU *) C&F China (63.5% Fe) **) FOB Australia

158

163

38

Key actions in 2012,

near term outlook and guidance

.

.

Construction: key actions in 2012

• Restructuring the loss-making project business

• Focus on chosen segments

(incl. energy-efficient concept buildings)

• Centralisation of capacity (Fredrikstad, Norway)

• Withdrawal from the windpower business

• Profitability improvement programme in loss-making units in the

component business (Romania, Ukraine)

• Reorganisation of production and supply chain in Russia, as

well as sales efficiency programme

• Savings programme of €20m had impact of €8m on result in

2012, headcount down by 273 persons

39 15 February 2013 www.ruukki.com | Sakari Tamminen

Profitability

improvement

Growth

• Expanding distribution in the roofing business, especially in the

Nordic countries and Poland (Ruukki Express)

• Strong profitable growth of roofing business in Russia

• Launch of new construction products that save energy and

utilise renewables

.

.

Metals: key actions in 2012

• Successful implementation of the €70m efficiency programme

• Improved production cost efficiency with the help of

many process improvements

• Reorganisation of administration and sales organisation, more

effective production organisation

• Savings programmes had impact of €10m on result in 2012,

headcount down by 182 persons

• Efficiency actions to improve the use of materials in production

• Recovery of coal tar as a reducing agent to replace more

expensive special heavy fuel oil

• Running-in of more cost-efficient coal mix: Russia, Poland

40 15 February 2013 www.ruukki.com | Sakari Tamminen

Profitability

improvement

• Growth in special steels

• Establishment of new sales areas and offices (Americas and

SEA, India, Australia, Canada and Chile)

• New Certified Partners (5 in Europe, 2 in South America)

Growth

Focus areas in 2013

• Completion of efficiency projects

• Full run rate of the targeted around €100 million savings will

be achieved by the third quarter onwards

• Metals €70 million

• Construction: €20 million

• Corporate: €10 million

• Strong focus on cash flow to bring gearing down

• Growth from residential roofing construction and Russia

• Growth by developing the special steels business


.

Near-term outlook


Uncertain economic outlook, no significant pick-up expected

.

• Construction activity at 2012 level or slightly down

• Commercial and industrial construction to grow slightly in

Russia

• Moderate growth in residential construction

• Service centre sales at a good level

• Demand from mill customers remains uncertain

• Restocking by steel wholesalers in Q1/13

• Average prices to show a moderate rise in Q1/13

Construction business outlook

Steel business outlook

Guidance


.

• Comparable net sales in 2013 are estimated to be at

the same level as in 2012.

• Comparable operating profit is estimated to improve

compared to 2012 and to be positive.

Appendices

Key figures


2012 2011

Net sales *) €m 2 789 2 797

Operating profit *) €m -65 56

as % of net sales *) -2.3 2.0

Result before taxes *) €m -103 22

Result for the period €m -116 -10

Earnings per share, diluted, € -0.83 -0.07

Return on capital employed (rolling 12 months) % -4.8 1.3

Gearing ratio % 71.4 60.4

Gross capex **) €m 97 179

Net cash from operating activities €m 172 114

Net cash before financing activities €m 78 -57

Personnel (average) 11 214 11 821

*) Comparable **) In tangible and intangible assets

Quarterly comparable net sales, operating profit and deliveries


€m

Q1/

11

Q2/

11

Q3/

11

Q4/

11

Q1/

12

Q2/

12

Q3/

12

Q3/

12

Comparable net sales

Ruukki Construction 135 201 219 203 153 199 208 180

Ruukki Engineering 62 62 59 73 69 72 63 60

Ruukki Metals 478 467 396 442 477 470 406 434

Other 0 0 0 0 0 -2 -3 2

Total 675 730 674 718 699 740 674 676

Comparable operating profit

Ruukki Construction -13 4 11 -6 -10 4 8 -1

Ruukki Engineering -2 -2 1 -4 -1 0 0 -3

Ruukki Metals 42 75 -9 -28 0 10 -18 -34

Other -3 -6 -3 -3 -4 -7 -7 -2

Total 25 71 1 -40 -15 7 -18 -39

Deliveries,

Ruukki Metals 487 415 364 455 507 448 389 466

Financial rewiew 2012 - SSAB high-strength steel

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