Solidium to subscribe its pro rata entitlement
Solidium Oy will participate in the SEK 5 billion rights issue announced today by SSAB. Solidium has committed to subscribe for SSAB’s new shares for its pro rata entitlement, corresponding to approximately SEK 900 million (approximately EUR 98 million).
In conjunction with the issue, both of the two biggest shareholders of SSAB, Solidium and Industrivärden, have committed to subscribe for new shares pro rata.
“With the share issue SSAB strengthens its financial position, lowers its indebtedness to peer group level, and secures refinancing. SSAB can now fully focus on implementing its growth strategy within special steels”, says Kari Järvinen, Solidium’s Managing Director.
Swedish SSAB and Rautaruukki merged in July 2014 and now form a significant Nordic carbon steel company with production also in North America. The company has a strong foothold in special steels globally, and it also produces standard strip, plate and tubular products as well as construction solutions. The net sales of the company during 2015 amounted to SEK 57 billion (EUR 6.2 billion). SSAB has around 16,000 employees. The company has an annual steel production capacity of 8.8 million tonnes. The SSAB corporate headquarters is located in Stockholm, Sweden. SSAB is listed on the NASDAQ OMX Nordic Exchange in Stockholm and Helsinki. Solidium has a 17.7% holding of all shares and 10.1% of all votes in the company prior to the rights issue.
Further information: Kari Järvinen, Managing Director, tel. +358 (0)10 830 8905
Solidium is a limited company wholly owned by the State of Finland. Its mission is to strengthen and stabilise Finnish ownership in nationally important companies and increase the value of its holdings in the long term. The basis and core objective of Solidium’s strategy is proper, value-enhancing asset management of its current holdings. Through its stakes, Solidium is a minority owner in twelve listed companies: Elisa, Kemira, Metso, Outokumpu, Outotec, Sampo, SSAB, Stora Enso, Talvivaara Mining Company, Telia Company, Tieto and Valmet. The market value of Solidium’s equity holdings is approximately 6.8 billion euros at the date of this press release. Further information: www.solidium.fi/en