Last week, SSAB initiated employer-employee negotiations concerning temporary lay-offs in its Finnish operations following weakened market conditions as a result of the Covid-19 pandemic. The negotiations applied to SSAB Group's personnel in Finland, excluding subsidiaries Ruukki Construction and Tibnor. The negotiations have now ended and there will be a need for temporary lay-offs averaging 3 weeks in April-June.

SSAB implements several short-term actions across the business to mitigate the effects of Covid-19 and the total annualized savings are estimated to exceed SEK 1 billion.

During the first three months of the year the business has largely proceeded according to expectations. SSAB's focus during the first quarter has been to reduce risks of spreading the Covid-19 virus, including measures to protect the health and safety of our personnel and at the same time sustaining operations.

Due to the increased uncertainty regarding the economic development related to Covid-19, the Board of Directors proposes that the Annual General Meeting on April 1, 2020 resolves that no dividend will be paid for the financial year 2019.

During the first three months of this year, the business has largely proceeded according to expectations. However, the outlook is uncertain. This is due to the spread of Covid-19 and its effects on global industrial production and on the economy in general.

SSAB's Board of Directors has previously proposed a dividend of SEK 1.50 per share. Due to the current uncertainty related to Covid-19, the Board is now to propose that the Annual General Meeting on April 1, 2020 resolves on a dividend of SEK 0.75 per share.

During the first three months of this year, the business has largely proceeded according to expectations. However, the outlook is uncertain. This is due to the spread of Covid-19 and its effects on industrial production and on the economy in general.