SSAB's funding is focused on supporting the Group’s strategy and covering the needs for financing within the framework of the Group's financial policy. The funding is primarily executed through the parent company. SSAB aims to maintain an investment grade credit rating and is currently rated BBB-. In order to minimize the refinancing risk, the objective is that the debt should have an even maturity profile. Short-term funding is primarily obtained through the commercial paper markets in Sweden and Finland. SSAB has a strong and supportive bank group providing committed back-stop facilities to secure the short-term funding and liquidity needs.
Operating cash flow for the full-year 2024 decreased to SEK 10,692 (21,524) million, which was primarily due to the lower result. Net cash flow, after dividends of SEK 4,983 (8,960) million and purchases of own shares of SEK 1,215 (1,292) million, amounted to SEK -964 (5,922) million.
Net cash at December 31, 2024 was SEK 17,777 (18,206) million. Cash and cash equivalents were SEK 27,810 (28,916) million and non-utilized credit facilities were SEK 8,500 (8,239) million, which combined corresponds to 35% (31%) of full-year revenue. The term to maturity of the total loan portfolio at December 31, 2024 averaged 6.5 (6.2) years, with an average fixed interest period of 1.1 (1.4) years.
SSAB’s funding is conducted primarily through the bank market and existing note and commercial paper programs. For borrowing for terms of up to ten years, a European Medium Term Note program (EMTN) is used, while Swedish and Finnish commercial paper programs are used for borrowing for shorter terms. The program limit of the EMTN program is EUR 2,000 million. The Swedish commercial paper program has a limit of SEK 5,000 million and the Finnish commercial paper program has a limit of EUR 500 million.
EMTN Prospectus 2024
Second-Party Opinion SSAB Green and Sustainability Linked Finance Framework
Green and Sustainability Linked Finance Framework
Second-Party Opinion SLF Framework – Extension Letter December 2023
Second-Party Opinion SLF Framework
EMTN Prospectus 2023
Agency Agreement 2023
EMTN Prospectus 2022
Agency Agreement
Certificate of Registration
EMTN Prospectus 2021
Sustainability-Linked Finance Framework
Sustainability Linked Finance Progress Report 2023
Sustainability Linked Finance Progress Report 2022
Sustainability-Linked Finance Progress Report 2021
EMTN Prospectus 2020
EMTN Prospectus 2019
EMTN Prospectus 2018
EMTN Prospectus 2017
EMTN Prospectus 2016
EMTN Prospectus 2015
EMTN Prospectus 2014
Prospectus Amendment
Swedish Commercial Paper Program
On January 28, 2022 S&P Global ratings raised the long-term corporate credit rating to BBB- from BB+, with stable outlook.
Standard & Poors' Ratings Direct, Research update 2024-05-23
Standard & Poors' Ratings Direct, Research update 2023-08-16
Standard & Poors' Ratings Direct, Research update 2023-02-17
Standard & Poors' Ratings Direct, Research update 2022-01-28
Standard & Poors' Ratings Direct, Research update 2021-07-23
Standard & Poors' Ratings Direct, Research update 2021-02-26
Standard & Poors' Ratings Direct, Research update 2020-11-23
Standard & Poors' Ratings Direct, Research update 2020-03-31
Standard & Poors' Ratings Direct, Research update 2019-05-27
Standard & Poors' Ratings Direct, Research update 2018-06-25
Standard & Poors' Ratings Direct, Research update 2018-02-15
Standard & Poors' Ratings Direct, Research update 2017-10-31
Standard & Poors' Ratings Direct, Research update 2017-03-22
Standard & Poors' Ratings Direct, Research update 2016-06-08
Standard & Poors' Ratings Direct, Research Update 2016-02-22
Standard & Poor's RatingsDirect, Research Update 2015-05-29
Standard & Poor's RatingsDirect Research Update 2015-12-21
Standard & Poor's RatingsDirect, Bulletin 2014-01-22
Standard & Poor's RatingsDirect, Research Update 2013-11-12