Strikes in SSAB’s production in Finland impact earnings
The strikes in Finland organized by a number of trade unions in conjunction with negotiations about new collective bargaining agreements are estimated to weaken SSAB Europe’s fourth quarter earnings by around SEK 250 million.
The strikes organized in Raahe and Hämeenlinna by The Industrial Union, Trade Union Pro and the Federation of Professional and Managerial Staff YTN started on December 9 and ended on December 11, 2019. The Finnish Electrical Workers’ Union strikes in Raahe and Hämeenlinna continue and there is a risk of further industrial action. In addition to this, there have been negative effects on SSAB Europe’s operations from the fact that certain trade unions has introduced over time ban, among other things. One of the blast furnaces in Raahe was idled at the end of November, which was one week before plan due to the electrician strike, and it will remain idled until year-end.
The strikes and other industrial actions have affected SSAB Europe’s production and shipments and it is estimated that SSAB Europe’s result for the fourth quarter 2019 will be negatively impacted by around SEK 250 million.
For more information, please contact:
Per Hillström, head of Investor Relations, per.hillstrom@ssab.com, tel. + 46 70 295 2912
This information is inside information that SSAB AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on December 18, 2019 at 08.00am CET/CEST.
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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