OSKAR LINDSTRÖM, SENIOR ANALYST, DANSKE BANK MARKETS, STOCKHOLM ANTTI KOSKIVUORI, ANALYST, DANSKE BANK MARKETS, HELSINKI

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1 OSKAR LINDSTRÖM, SENIOR ANALYST, DANSKE BANK MARKETS, STOCKHOLM ANTTI KOSKIVUORI, ANALYST, DANSKE BANK MARKETS, HELSINKI TALOUSTUNTI 15 TOUKOKUUTA

2 Esityksen sisältö SSAB-Rautaruukki yhdistyminen (Antti Koskivuori) Vaihtotarjous Rautaruukin omistajille Yhdistymisen logiikka SSAB (Oskar Lindström) SSAB Uusi Yhtiö SSAB:n näkymät (itsenäisenä yhtiönä) Chart Chart 2

3 Vaihtotarjous Rautaruukin omistajille SSAB ja Rautaruukki tiedottivat yhdistymisestä 22. tammikuuta 2014 Rautaruukin omistajille vaihtotarjouksessa uutta SSAB A-sarjan osaketta ja uutta SSAB B-sarjan osaketta jokaista Rautaruukin osaketta kohden Vaihtotarjous vastaa 20% hintapreemiota SSAB:n ja Rautaruukin painotettuun keskihintaan viimeisen kolmen kuukauden aikana ennen ilmoitusta Vaihtotarjous voimassa 27. kesäkuuta asti Pääomistajat tukevat yhdistymistä Yhdistyminen vaatii toteutuakseen kilpailuviranomaisten hyväksynnän sekä EU:ssa että useissa muissa maissa Yhdistyminen arvioidaan mahdolliseksi toteuttaa kesän kuluessa 3

4 Yhdistymisen logiikka suuremmat tuotannon joustot sekäkustannussynergiat 4

5 Synergiat Vuosittaiset kustannussynergiat noin SEK 1.4 miljardia. Tämä vastaa noin 3% kokonaiskustannuksista uuden yhtiön Euroopan operaatioissa Lisäksi mahdollisuus päällekkäisten investointien karsimiseen sekä käyttöpääoman pienentämiseen Synergioiden odotetaan olevan täysimääräisinä tuloksessa kolmen vuoden kuluessa Source: SSAB 5

6 Uuden Yhtiön omistajarakenne 6

7 Esityksen sisältö SSAB-Rautaruukki yhdistyminen (Antti Koskivuori) Vaihtotarjous Rautaruukin omistajille Yhdistymisen logiikka SSAB (Oskar Lindström) SSAB Uusi Yhtiö SSAB:n näkymät (itsenäisenä yhtiönä) Chart Chart 7

8 SSAB Oxelösundista maailmalle 8

9 SSAB erikoistunut toimija globaalilla teräsmarkkinalla 9

10 SSAB Merkittävimmät loppumarkkinat Raskas kuljetus Kaivoslaitteet Rakennusteollisuus Autoteollisuus Energia / Teollisuus Terästukkurit 10

11 SSAB Maantieteellinen jakauma 11

12 Uusi Yhtiö Liikevaihto EUR6.2miljardia 12

13 Jun.07 Sep.07 Dec.07 Mar.08 Jun.08 Sep.08 Dec.08 Mar.09 Jun.09 Sep.09 Dec.09 Mar.10 Jun.10 Sep.10 Dec.10 Mar.11 Jun.11 Sep.11 Dec.11 Mar.12 Jun.12 Sep.12 Dec.12 Mar.13 Jun.13 Sep.13 Dec.13 Mar.14 Euroopan talouden elpyminen positiivista terästuottajille 56 EU manufacturing Purchasing Managers Index (PMI) European steel industry capacity utilization, percent (three month rolling average) EU manufacturing Purchasing Managers Index (PMI) European steel industry capacity utilization, percent (three month rolling average) 13

14 SSAB:n näkymät (itsenäisenä yhtiönä) ovat mielestämme positiivisia Kasvava kysyntä päämarkkinoilla Nousevat hinnat ja parempi kannattavuus SSAB EBITDA/tonne 4Q rolling avg. (SEK) SSAB: Ennustamme kannatavuuden palautuvan tasolle ennen vuosien supersykliä E -500 SSAB EBITDA/tonne 4Q rolling avg. (SEK) 14

15 Disclosure This presentation has been prepared by Danske Bank Markets, a division of Danske Bank A/S ( Danske Bank ). The authors of this presentation are Oskar Lindström and Antti Koskivuori. Analyst certification Each research analyst responsible for the content of this presentation certifies that the views expressed in the presentation accurately reflect the research analyst s personal view about the financial instruments and issuers covered by the presentation. Each responsible research analyst further certifies that no part of the compensation of the research analyst was, is or will be, directly or indirectly, related to the specific recommendations expressed in the presentation. Regulation Danske Bank is authorised and subject to regulation by the Danish Financial Supervisory Authority and is subject to the rules and regulation of the relevant regulators in all other jurisdictions where it conducts business. Danske Bank is subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority (UK). Details on the extent of the regulation by the Financial Conduct Authority and the Prudential Regulation Authority are available from Danske Bank upon request. The research reports of Danske Bank are prepared in accordance with the Danish Society of Financial Analysts rules of ethics and the recommendations of the Danish Securities Dealers Association. Conflicts of interest Danske Bank has established procedures to prevent conflicts of interest and to ensure the provision of high-quality research based on research objectivity and independence. These procedures are documented in Danske Bank s research policies. Employees within Danske Bank s Research Departments have been instructed that any request that might impair the objectivity and independence of research shall be referred to Research Management and the Compliance Department. Danske Bank s Research Departments are organised independently from and do not report to other business areas within Danske Bank. Research analysts are remunerated in part based on the overall profitability of Danske Bank, which includes investment banking revenues, but do not receive bonuses or other remuneration linked to specific corporate finance or debt capital transactions. Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from SSAB and Ruukki and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this presentation. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments that are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked. Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to SSAB and Ruukki and have whatever rights are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding SSAB and Ruukki that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this presentation. 15

16 Danske Bank is a market maker and may hold positions in the financial instruments mentioned in this presentation. As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to SSAB and Ruukki in the next three months. Danske Bank has made no agreement with SSAB and Ruukki to write this presentation. No parts of this presentation have been disclosed to SSAB and Ruukki.No recommendations or opinions have been disclosed to SSAB and Ruukki and no amendments have accordingly been made to the same before dissemination of the presentation. Financial models and/or methodology used in this presentation Recommendations and opinions in this presentation are formed on the basis of a combination of Discounted Cash Flow analysis, industry knowledge, peer group analysis, and company specific and market technical elements (events affecting both the financial and operational profile of the company). Forecasting of company sales and earnings is based on segmented bottom up models using subjective views of relevant future market developments. In addition, the expected macro economical environment is taken into account. The output is aggregated into models for group profit and loss, balance sheets and cash flow estimates all taking into account the recent development in historical research reports. Risk warning Major risks connected with recommendations or opinions in this presentation, including a sensitivity analysis of relevant assumptions, are stated throughout the text. Recommendation structure The Danske Bank Markets Recommendation System is Absolute. It means that each stock is rated on the basis of a total return, measured by the upside potential (including dividends and capital reimbursement) over a 12 month time horizon. The Danske Bank Markets spectrum of recommendations (or ratings) for each stock comprises 3 categories: Buy, Hold, Sell, (in short: B, H, S). In specific cases and for a limited period of time, the analysts do have to rate the stocks as Rating Suspended (RS) or Not Rated (NR), as explained below. Meaning of each rating or recommendation: Buy: the stock is expected to generate a total return of over 10% during the next 12 months time horizon Hold: the stock is expected to generate a total return of 0% to 10% during the next 12 months time horizon Sell: the stock is expected to generate a total return below 0% during the next 12 months time horizon Rating Suspended: the rating is suspended due to a capital operation (take-over bid, share issue, ) where the issuer or a related party of the issuer is or could be involved or to a change of analyst covering the stock Not Rated: Danske Bank Markets produces investment research on Danske Bank but does not have an investment recommendation to buy, hold or sell or any target price on the stock 16

17 General disclaimer This presentation has been prepared by Danske Markets (a division of Danske Bank A/S). It is provided for informational purposes only and should be viewed solely in conjunction with the oral presentation provided by Danske Markets and/or Danske Markets Inc. It does not constitute or form part of, and shall under no circumstances be considered as, an offer to sell or a solicitation of an offer to purchase or sell any relevant financial instruments (i.e. financial instruments mentioned herein or other financial instruments of any issuer mentioned herein and/or options, warrants, rights or other interests with respect to any such financial instruments) ( Relevant Financial Instruments ). The presentation has been prepared independently and solely on the basis of publicly available information which Danske Bank considers to be reliable. Whilst reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation is made as to its accuracy or completeness, and Danske Bank, its affiliates and subsidiaries accept no liability whatsoever for any direct or consequential loss, including without limitation any loss of profits, arising from reliance on this presentation. Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from any issuer mentioned herein and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned herein. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked. Danske Bank is authorized and subject to regulation by the Danish Financial Supervisory Authority and is subject to the rules and regulation of the relevant regulators in all other jurisdictions where it conducts business. Danske Bank is subject to limited regulation by the Financial Services Authority (UK). Details on the extent of the regulation by the Financial Services Authority are available from Danske Bank upon request. This presentation is not intended for retail customers in the United Kingdom or the United States. This presentation is protected by copyright and is intended solely for the designated addressee. It may not be reproduced or distributed, in whole or in part, by any recipient for any purpose without Danske Bank s prior written consent. Disclaimer related to presentations to U.S. customers In the United States this presentation is presented by Danske Bank and/or Danske Markets Inc., a U.S. registered broker-dealer and subsidiary of Danske Bank. In the United States the presentation is intended solely to "U.S. institutional investors" as defined in SEC Rule 15a-6. Any U.S. investor recipient of this presentation who wishes to purchase or sell any Relevant Financial Instrument may do so only by contacting Danske Markets Inc. directly and should be aware that investing in non-u.s. financial instruments may entail certain risks. Financial instruments of non-u.s. issuers may not be registered with the U.S. Securities and Exchange Commission and may not be subject to the reporting and auditing standards of the U.S. Securities and Exchange Commission. 17