Internal Audit

Since 2006, SSAB has had an internal audit function reporting directly to the Audit Committee but functionally subordinate to the Chief Financial Officer.

The internal audit was activated in 2007 and reported the first audits in accordance with an audit plan adopted by the Audit Committee. These audits were carried out in accordance with a developed and adopted audit process which has been further developed on a regular basisduring the year in order to optimize the work method and delivery of reports which generate added value. The internal audit has also continued the work on developing a uniform risk management process which will further strengthen management of the Group’s operations.

For a further description of the work of the internal audit in 2007, see the Corporate Governance Report for 2007 and the section entitled “Description of the organization of the internal control with respect to financial reporting – the Board’s report for the 2007 financial year".