During the year, ethical work has been concentrated on each subsidiary adopting a policy for responsible business practice. The work has been initiated by management in each subsidiary and has involved various management
groups in the subsidiaries. At seminars, the Group’s guiding principles have been discussed in light of each subsidiary’s own operations. At year-end, Plannja
and Tibnor possessed established guidelines for ethical issues, while it is expected that these will be completed at SSAB Oxelösund and SSAB Tunnplåt during the spring of 2005.

The work of creating a broad basis of support for ethical issues among all employees is continuing, since it is and always will be the judgement of the individual employee, in decisions and actions, that is crucial.