Presentation of the Q2/2021 resultsMartin Lindqvist, President & CEOHåkan Folin, CFO

July 21, 2021

Agenda

2

►Q2/2021

►Financials

►Outlook and summary

►Q&A

Nytt foto

Q2/2021 in brief

3

A historical quarter for SSABSolid internal performance in a strong market

4

Improved safety performance High and stable production rate in Q2

Efficiency improved over time Record high earnings – best quarter ever

5.7 5.14.3

2.3

20Q218Q2 19Q2 21Q2

LTIF

2,050

18Q2

1,926

1,573

19Q2 20Q2 21Q2

1,941

1,630 1,316

-251

4,083

18Q2 19Q2 21Q220Q2

2.15

2.24

20Q218Q2 19Q2 21Q2

2.19

2.02

Rolling production(ktonnes)

Operating profit (SEK m)Fixed

cost/tonne(SEK thousand/ tonne)

Leading force in the green transition

5

Strategic cooperation established with Volvo Cars and AB Volvo

Reduction of iron ore using hydrogen at a pilot scale – first time ever

Sustainability-linked bond issued with great interest from investors

Operating profit by division – record level of earningsSEK million

6

678544

358

-126

458 485

73

491

904

1,109

19Q1 19Q2 20Q119Q3 19Q4 20Q420Q320Q2 21Q1 21Q2

SSAB Special Steels

SSAB Europe

SSAB Americas

34766

-480 -609 -566 -631

83

758

1,512

19Q1 19Q2 19Q3 20Q419Q4 20Q1 20Q2 20Q3 21Q1 21Q2

0

956 872

522

-222

106

-10

-435

45268

1,151

19Q1 20Q119Q2 20Q319Q3 19Q4 20Q2 20Q4 21Q1 21Q2

Tibnor

38 29 2

-39

12 29 6 48

218

449

20Q419Q1 21Q119Q2 21Q219Q3 20Q219Q4 20Q1 20Q3

Ruukki Construction

-14

95 13467

1186

14572 48

162

21Q219Q419Q219Q1 20Q219Q3 20Q1 20Q3 20Q4 21Q1

Order intake continues at a high levelSSAB Europe example

7

SSAB Europe, monthly order intake, tonnes

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

Ap

r-2

0

Au

g-2

0

Feb

-20

Jan

-20

Mar

-20

May

-20

Jun

-20

Jul-

20

Mar

-21

Sep

-20

Oct

-20

No

v-2

0

Jan

-21

Dec

-20

Feb

-21

Ap

r-2

1

May

-21

Jun

-21

SSAB Special SteelsRecord shipments and earnings

8

► High and stable production

► Shipments at 388 ktonnes – highest level ever

− Up 46% vs. Q2/20 and 3% vs. Q1/21

► EBIT of 1,109m (485m) and EBIT-margin rose to 19% (12%)

− Better prices and higher volumes

− Stable production

► SSAB Special Steels to assume responsibility for the Mobile steel mill to increase focus on high-strength steels

− No changes in divisional shipments and only minor adjustments in earnings for Special Steels and Americas

678544

358

-126

458 485

73

491

9041,109

19Q1 19Q319Q2 19Q4 20Q1 20Q2 20Q420Q3 21Q1 21Q2

145 130 13483

151 156

60

117147 156

Q2/20Q1/19 Q4/19Q2/19 Q3/20Q1/20Q3/19 Q4/20 Q1/21 Q2/21

Operating profit/loss, SEK million

Rolling production Oxelösund, ktonnes

Shipments, ktonnes

338 339 299249

305 266 259 297376 388

20Q119Q3 21Q119Q1 20Q420Q319Q2 19Q4 20Q2 21Q2

SSAB EuropeStrong market conditions – record level of Automotive AHSS shipments

9

► High and stable production, fixed cost at low level

► Shipments at good level and high share of premium

− Up 41% vs. Q2/20 and unchanged vs. Q1/21

− Automotive AHSS at record level, shipments up 7% vs. Q1/21

► EBIT rose to SEK 1,512m (-566m)

− Higher prices

− Higher volume and better capacity utilization

► EBIT-margin increased to 15% (-9%)

907 909794 752

955

695 751913 980 980

19Q419Q1 19Q2 20Q119Q3 20Q2 20Q3 20Q4 21Q1 21Q2

Operating profit/loss, SEK million

Shipments, ktonnes

34766

-480 -609 -566 -631

83

758

1,512

19Q1 19Q3 20Q219Q2 19Q4 20Q1 20Q3 20Q4

0

21Q1 21Q2

SSAB AmericasSignificantly higher prices

10

► High and stable production, fixed cost at low level

► Good demand, higher shipments

− Up 7% vs. Q2/20 and up 3% vs. Q1/21

► EBIT rose to SEK 1,151m (-10m)

− Significantly higher prices

► EBIT-margin increased to 24% (0%)

956 872

522

-222

106

-10

-435

45268

1,151

20Q219Q1 19Q4 20Q319Q2 19Q3 20Q1 20Q4 21Q1 21Q2

31

10

-14-26 -30 -27 -22

-11

16

62

20Q220Q119Q1 19Q4 20Q419Q2 19Q3 20Q3 21Q221Q1

Change in realized prices y/y, %

Operating profit/loss, SEK million

TibnorImproved margins

11

► Competitive position improved sigificantlythrough completed efficiency program – SEK 200 million on annual basis

► Increased market share in a strong market

► Revenue was up by 58% vs. Q2/20

► EBIT rose to SEK 449m (29m), EBIT-margin 14% (1%)

− Higher volumes

− Better prices

− Inventory gains

38 29 2

-39

12 29 648

218

449

20Q419Q1 19Q2 20Q119Q419Q3 20Q2 20Q3 21Q1 21Q2

2.3 2.52.2 2.2 2.4

2.0 1.8 2.0

2.73.2

19Q219Q1 20Q119Q3 19Q4 20Q2 20Q420Q3 21Q1 21Q2

Operating profit/loss, SEK million

Revenue, SEK billion

Ruukki ConstructionContinued improvement of operating profit

12

► Solid performance with full focus on productbusiness

► Revenue increased by 11% vs. Q2/20

► EBIT improved to SEK 162m (86m), EBIT-margin 10% (6%)

− Better volumes in both Roofing and Envelopes

-14

95

134

67

11

86

145

7248

162

19Q319Q1 19Q2 20Q119Q4 20Q420Q2 20Q3 21Q1 21Q2

1.3

1.7 1.8 1.81.5 1.4 1.4

1.2 1.1

1.6

19Q1 19Q2 19Q3 19Q4 20Q1 20Q420Q320Q2 21Q1 21Q2

Operating profit/loss, SEK million

Revenue, SEK billion

Financials

13

Better prices and higher shipments improved the result

14

Sales

EBITDA and EBITDA margin2

Shipments1

EBITDA per tonne delivered steel2

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

2) Excluding items affecting comparability

0

5,000

10,000

15,000

20,000

25,000

18

Q1

18

Q2

18

Q3

18

Q4

19

Q1

19

Q2

19

Q3

19

Q4

20

Q1

20

Q2

20

Q3

20

Q4

21

Q1

21

Q2

2018 2019 2020 2021

SEK

mill

ion

0200400600800

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

18

Q1

18

Q2

18

Q3

18

Q4

19

Q1

19

Q2

19

Q3

19

Q4

20

Q1

20

Q2

20

Q3

20

Q4

21

Q1

21

Q2

2018 2019 2020 2021

kto

ns

-5.0 %

0.0 %

5.0 %

10.0 %

15.0 %

20.0 %

25.0 %

-1,000

0

1,000

2,000

3,000

4,000

5,000

6,000

18

Q1

18

Q2

18

Q3

18

Q4

19

Q1

19

Q2

19

Q3

19

Q4

20

Q1

20

Q2

20

Q3

20

Q4

21

Q1

21

Q2

2018 2019 2020 2021

SEK

mill

ion

EBITDA EBITDA %

-500

0

500

1000

1500

2000

2500

3000

3500

18

Q1

18

Q2

18

Q3

18

Q4

19

Q1

19

Q2

19

Q3

19

Q4

20

Q1

20

Q2

20

Q3

20

Q4

21

Q1

21

Q2

2018 2019 2020 2021SE

K/t

on

ne

Change in operating profit Q2/2021 vs. Q2/2020

SEKm

15

-251

150

Var COGSVolume

1,5504,083

2020 Q2 Price

4,110

-1,630

-540

Fixed costs FX

650

Capacity utilization

44

Other 2021 Q2

Mainly SSAB Europe and

SSAB Americas

Higher rawmaterial cost

Mainly SSAB Europe and SSAB

Special Steels

Higher thanQ2/20, but

clearly lowerthan Q2/19

Change in operating profit Q2/2021 vs. Q1/2021

SEKm

16

1,993

4,083

2,860

50-290 30

210

2021 Q1 Var COGS 2021 Q2Price Volume

-890

Fixed costs FX

120

Capacity utilization

Other

Mainly SSAB Europe and

SSAB Americas

Higher rawmaterial cost

Mainly Ruukki Construction

Strong net cash flow in Q2

Significant reduction of net debt

18

►Net debt decreased to SEK 6.5bn (12.8bn) at the end of Q2/21

►Net gearing was 11% (21%)

►2015-2017 excluding IFRS 16 (impact of around SEK 2bn)

0

5,000

10,000

15,000

20,000

25,000

2015 2016 2017 2018 2019 2020 2021 Q2

0

10

20

30

40

50

60

Net interest bearing debt, SEKm Net gearing ratio, %

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

Cashand

back-upfacilities

2021 2022 2023 2024 2025 2026+

Well-balanced maturity profile

SEKm

SEK 4.7bn

Cash

Back-upfacilities

19

Maturity profile Q2/2021

►Duration of the loan portfolio was 6.1 (5.3) years

►Liquid assets and committed credit lines at SEK 16.6bn – corresponds to 22% of rolling 12 month revenue

►Most maturities in 2021 refer to commercial papers

►Sustainability-linked bond of SEK 2bn issued in Q2

Cash needs of the business

20

0.5

2.2

2.8

Capex (maintenance and strategic)

3.0-3.5

0.1

2020 2021F

Net interest

Taxes and other

4.8-5.3►Total cash needs* estimated at SEK 4.8-5.3

billion in 2021 – unchanged compared to previous forecast

►Higher strategic capex:− Capacity expansion of Q&T in Mobile

− Start of Oxelösund conversion

► Interest paid expected to be relatively stable

►Taxes paid will normalize**

*Cash needs defined as capex, interest paid and taxes paid. Excluding working capital

**2019-level used as starting point, will depend on earnings in FY 2021

Higher prices for iron ore and coking coal

►Average coking coal purchase price in Q2/21 was 8% higher in terms of SEK (8% in USD) vs. Q1/21

►Coal spot prices (Australia) started to increase significantly in Q2

Coking coal

Iron ore

► Average pellet purchase price in Q2/21 was 18% higher in terms of SEK (+17% in USD) vs. Q1/21 – will impact result in Q3/21

► Iron ore spot prices have stabilized so far in July

SSAB’s purchase price, coking coal and iron ore

Indexed

21

0

50

100

150

200

250

Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21

Iron ore (SSAB purchase price, indexed) Coal (SSAB purchase price, indexed)

Scrap spot prices increased in Q2

Scrap spot price

USD/gross ton

Source: AMM22

►SSAB’s average purchase price for scrap in Q2/21 was 7% higher (in terms of USD) vs. Q1/21

►Stable development in July

0

50

100

150

200

250

300

350

400

450

500

AMM Chicago #1HM

Major planned maintenance outages in 2021

SEKm Q1/21 Q2/21 Q3/21 Q4/21 2021 2020 2019

SSAB Special Steels

- - 370 - 370 250 300

SSAB Europe - - 275 145 420 335 420

SSAB Americas

- - - 420 420 220 415

Total - - 645 565 1,210 805 1,135

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

23

► Total maintenance costs for 2021 expected to be SEK 1,210m

► Costs in 2020 were lower than normal – more use of our own resources, due to a lower level of production

► SSAB Americas maintenance take place at SSAB’s mill in Mobile in 2021, including Q&T lines

Outlook and summary

24

Outlook for Q1 for SSAB’s key customer segments

Segment Demand Comments

Heavy Transport Heavy truck production at high level – shortage of semi-conductors

Positive signs from rail car production in the US

Automotive Good production levels – shortage of semi-conductors

Underlying structural growth in AHSS

Construction Machinery Good level in main markets

Material Handling Strong demand from mining

Energy Low activity in oil and gas

Good activity within wind power and transmission

Construction High activity

Service Centers Low inventory levels in Europe and the US into Q325

WeakNeutralGood

SSAB’s outlook for main customer segments Q3/2021

SSAB’s outlook for Q3/2021

►Demand for steel is estimated to be strong, driven both by underlying demand and by customer restocking− Global demand for high-strength steel is also

estimated to be very strong

►The increase in realized prices will be partly counteracted by higher raw material cost

►Planned seasonal maintenance in Q3 will impact shipments

26

Volume and pricing outlook

Q3 2021 vs. Q2 2021

Shipments Realized prices

SSAB Special Steel Significantly lower Higher

SSAB Europe Significantly lower Significantly higher

SSAB Americas Stable Significantly higher

Definitions: Significantly lower (>10%), Lower (5-10%), Somewhat lower (0-5%), Stable (~0%), Somewhat higher (0-5%), Higher (5-10%), Significantly higher (>10%)

Summary

►Solid internal performance in a strong market

►Positive outlook

►Continued strong cash flow generation

►Significant reduction of net debt

►Leading position in fossil-free steel− Strategic cooperation with AB Volvo and

Volvo Cars

− Shipments of fossil-free steel for concept vehicles already this year

− Over 100 tonnes sponge iron produced with hydrogen-reduced iron ore

27

Questions & Answers

28

Appendix

29

Debt cost and duration

%

Debt portfolio duration and interest rate

►Duration of the loan portfolio was 6.1 (5.3) years

►Averaged fixed interest term was 1.2 (0.9) years

►Average interest rate was 2.06% (1.93%)

Years

30

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

2018Q1

2018Q2

2018Q3

2018Q4

2019Q1

2019Q2

2019Q3

2019Q4

2020Q1

2020Q2

2020Q3

2020Q4

2021Q1

2021Q2

2018 2019 2020 2021

Duration Average interest rate

SSAB's climate goals approved by the Science Based Targets initiative

31

►SSAB is committed to reducing its greenhouse gas (CO2e) emissions by 35% by 2032 (based on 2018 figures). − The goal applies to both direct and indirect

emissions (Scope 1 and 2)

− In line with the objective of keeping global warming well below 2°C

►Objective is scientifically based and in line with the Paris Agreement