The Board of Directors' complete proposal

6.      Resolution regarding alteration of the articles of association

The Board of Directors proposes that the general meeting resolve to alter section 5, first three sentences of the articles of association, to be worded as follows: "There shall be not less than 100,000,000 shares and not more than 400,000,000 shares. The shares may be issued in two classes, designated Class A and Class B. Not more than 400,000,000 Class A shares may be issued and not more than 125,000,000 Class B shares may be issued".

7. Resolution regarding authorisation for the Board of Directors to resolve on new issues with pre-emption rights for existing shareholders

The Board of Directors proposes that the general meeting resolve to authorise the Board, during the period until 31 December 2007, to decide on one or more share issues within the limits set forth in the Company’s articles of association. In conjunction therewith, the Company’s shareholders shall enjoy pre-emption rights to subscribe for the new shares, whereupon old shares of a particular class shall carry an entitlement to subscribe for new shares of the same class. Shares which are subscribed for shall primarily be allotted in accordance with the articles of association. The Board of Directors shall be entitled to utilise the authorisation only after the shareholders of IPSCO Inc., at an extraordinary general meeting, have resolved to accept SSAB’s acquisition of IPSCO Inc. The total size of the issue or issues shall amount to approximately SEK 10,000 million. The issue price and the subscription ratio shall be determined following consultation with the Company’s financial advisors in order to determine an appropriate issue price and subscription ratio.
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Majority requirements
In order to be valid, a resolution by the general meeting in accordance with item 6 above must be supported by shareholders with at least two thirds of both the votes cast and shares represented at the meeting. A valid resolution by the meeting in accordance with item 7 above shall be adopted by a simple majority.