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    SSAB A   SE0000171100

SSAB AB

(SSAB A)
  Report
Delayed Quote. Delayed Nasdaq Stockholm - 10/15 11:29:39 am
44.7 SEK   +0.31%
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SSAB : to deliver fossil-free steel to Cargotec

09/07/2021 | 02:01am EDT

SSAB is to deliver fossil-free steel to Cargotec, a leading provider of cargo and load handling solutions. Cargotec plans to use the fossil-free steel in their cargo handling equipment.

SSAB and Cargotec have agreed to work together on the introduction of fossil-free steel to the cargo handling industry. The companies will start coordinated development toward the use of SSAB's fossil-free steel in Cargotec's cargo handling equipment.

This is a strategic partnership for the benefit of both parties and end users. It represents a significant milestone in moving toward a sustainable development and a fossil-free product offering.

"We are happy to welcome Cargotec as a partner for fossil-free steel products. Close collaboration with the development of a fossil-free value chain means we contribute to strengthening our customers' competitiveness and to reducing their carbon footprint. Together, we also ensure the best solutions for end users," said Martin Lindqvist, President and CEO of SSAB.

"I am proud that we are paving the way in the cargo handling industry through commitment to using fossil-free steel and have this unique opportunity to work with a forerunner in fossil-free steel development. This is an important step toward our vision of becoming a leader in sustainable cargo flow," said Mika Vehviläinen, CEO of Cargotec.

In 2026, SSAB plans to supply the market with fossil-free steel at a commercial scale after a conversion of its Oxelösund blast furnaces into an electric arc furnace and by using HYBRIT technology, which replaces coking coal traditionally needed for iron ore-based steelmaking, with fossil-free electricity and hydrogen. This process virtually eliminates carbon dioxide-emissions in steel production.

SSAB, LKAB and Vattenfall created HYBRIT, Hydrogen Breakthrough Ironmaking Technology, in 2016, with the aim of developing a technology for fossil-free iron- and steelmaking. In July, SSAB Oxelösund rolled the first fossil-free steel produced using HYBRIT technology, i.e., reduced by 100% fossil-free hydrogen instead of coal and coke, with good results.

For further information, please contact:
Atte Kaksonen, SSAB Corporate Communications, +358 50 3143 634, atte.kaksonen@ssab.com
Päivi Koivisto, VP Sustainability, Cargotec, +358 40 7430 306, paivi.koivisto@cargotec.com

SSAB is a Nordic and US-based steel company. SSAB offers value added products and services developed in close cooperation with its customers to create a stronger, lighter and more sustainable world. SSAB has employees in over 50 countries. SSAB has production facilities in Sweden, Finland and the US. SSAB is listed on Nasdaq Stockholm and has a secondary listing on Nasdaq Helsinki. www.ssab.com.
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https://news.cision.com/ssab/r/ssab-to-deliver-fossil-free-steel-to-cargotec,c3410946

https://mb.cision.com/Main/980/3410946/1465091.pdf

https://news.cision.com/ssab/i/forklift-cargotecssabraahesite,c2951419

(c) 2021 Cision. All rights reserved., source Press Releases - English

Stocks mentioned in the article
ChangeLast1st jan.
CARGOTEC OYJ 0.45% 44.32 Delayed Quote.31.05%
SSAB AB 0.31% 44.7 Delayed Quote.52.56%
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Financials
Sales 2021 92 730 M 10 775 M 10 775 M
Net income 2021 11 288 M 1 312 M 1 312 M
Net Debt 2021 2 932 M 341 M 341 M
P/E ratio 2021 4,11x
Yield 2021 8,09%
Capitalization 41 847 M 4 860 M 4 862 M
EV / Sales 2021 0,48x
EV / Sales 2022 0,47x
Nbr of Employees 14 043
Free-Float 81,3%
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Mean consensus BUY
Number of Analysts 16
Last Close Price 44,70 SEK
Average target price 58,23 SEK
Spread / Average Target 30,3%
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Managers and Directors
Erik Martin Lindqvist President, Chief Executive Officer & Director
Hňkan Victor Folin Chief Financial Officer & Executive Vice President
Bengt David Harry Kjell Chairman
Martin Pei Chief Technology Officer & Executive VP
Eva Petursson Executive Vice President-Research & Innovation
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