Restructuring and profitability (1980s)
The initial years were financially challenging, with losses recorded between 1978 and 1981. The company restructured by closing unprofitable operations and focusing on specific products and locations. In 1982, SSAB reported its first profitable year. Ownership changes followed, with Stora selling its stake to the Swedish state in 1981, and Gränges being acquired by Electrolux. SSAB further focused on steel production and was listed on the Stockholm Stock Exchange in 1989.[7]
In 1987, a new restructuring plan led to the concentration of production within certain areas. The company formed subsidiaries SSAB Tunnplåt AB (for thin sheet steel production) and SSAB Oxelösund AB. A third subsidiary, SSAB Profiler, was also established but later sold to Ovako Steel. The Domnarvet electrosteel plant was closed in 1989, moving focus to continuous casting from Luleå.[8]
Expansion and modernisation (1990s)
Following its stock market listing, the Swedish state gradually reduced its own ownership in SSAB, fully divesting direct ownership by 1992. The same year, SSAB acquired Korrugals band-coating line in Finspång and introduced the "Sträng 5" continuous casting line in Luleå. In 1993, a CAS-OB facility was established in Luleå, and SSAB Laminated Steel AB in Ronneby was integrated into SSAB Tunnplåt. Significant investments included a new pre-rolling mill in Borlänge in 1999 and a new blast furnace (Masugn 3) in Luleå in 2000.[9]
International expansion (2000s–2010s)
In 2008, SSAB acquired the American steel producer IPSCO, which operated mills in Montpelier, Iowa, and Mobile, Alabama. These facilities focused on scrap-based steel production using electric arc furnaces rather than blast furnaces.[10]
In 2014, SSAB acquired Finnish steel producer Rautaruukki for €1.1 bn.[11] The acquisition increased SSAB's steel production capacity by 2.6 million tons. Following the merger, Finnish state-owned Solidium became SSAB's third-largest shareholder after Industrivärden and LKAB. Key Rautaruukki production facilities that remained operational included the steel plant in Raahe and the sheet and pipe manufacturing facility in Hämeenlinna.[12]
Sustainability initiatives (2020s)
In 2021, SSAB produced the world's first fossil-free steel using hydrogen instead of coke-based processes. The steel was delivered to Volvo Group for testing.[13] Today, SSAB operates under three main divisions: SSAB Special Steels, SSAB Europe, and SSAB Americas. It also owns subsidiaries Ruukki Construction and Tibnor.[14] The company's product brands include SSAB Domex, Hardox, Docol, GreenCoat, Armox, and Toolox.[15]
SSAB also sponsors the Swedish Steel Prize and has been involved in various government-supported research programs, such as the "Steel Eco-System" initiative.[16]
In 2024, SSAB announced that it would build its €4.5 billion fossil-free steel mill in Luleå, Sweden, rather than in Raahe, Finland. The decision, which was made after considering both locations, is expected to reduce Sweden's carbon dioxide emissions by 7% upon completion in 2028.
