Remuneration to senior executives

Compensation and benefits for
the Group Executive Committee1)

SEK millions

President
 2024
President
2023
Other Group
Executive Committe3)
2024
Other Group
Executive Committe3)
2023
Compensation and benefits for
the Group Executive Committee1)

Fixed salary 4)

President
 13.8
President
14.1
Other Group
Executive Committe3)
44.0
Other Group
Executive Committe3)
45.7
Compensation and benefits for
the Group Executive Committee1)

Other benefits 5)

President

 0.2

President
 0.4
Other Group
Executive Committe3)
2.1
Other Group
Executive Committe3)
1.6
Compensation and benefits for
the Group Executive Committee1)

Short-term variable salary 6)

President
 10.1
President
7.1
Other Group
Executive Committe3)
26.3
Other Group
Executive Committe3)
21.6
Compensation and benefits for
the Group Executive Committee1)

Long-term variable salary 6)

President
 2.7
President
2.16 
Other Group
Executive Committe3)
9.9
Other Group
Executive Committe3)
10.9
Compensation and benefits for
the Group Executive Committee1)

Total compensation

President
 26.8
President
24.2
Other Group
Executive Committe3)
82.3
Other Group
Executive Committe3)
79.8
Compensation and benefits for
the Group Executive Committee1)

Social security

President
 8.5
President
7.6 
Other Group
Executive Committe3)
13.7
Other Group
Executive Committe3)
13.5
Compensation and benefits for
the Group Executive Committee1)

Pension expenses

President
 6.0
President
6.3
Other Group
Executive Committe3)
14.5
Other Group
Executive Committe3)
14.1
Compensation and benefits for
the Group Executive Committee1)

Total

President
 41.3
President
38.1 
Other Group
Executive Committe3)
110.5
Other Group
Executive Committe3)
107.4
1) Includes 11 (11) members of the Group Executive Committee for the full year.
2) Includes Johnny Sjöström from October 28 to December 31, 2024 and Martin Lindqvist from January 1 to October 27, 2024.
3) Includes Johnny Sjöström from January 1 to October 27, 2024.
4) Includes payment of SEK 0.3 (0.3) million to the President in respect of vacation compensation, as well as SEK 0.1 (0.3) million cost-compensation related to company residence.
5) Relates primarily to housing and car benefits.
6)The payments relate to compensation earned in the previous year. Accrued variable salary components for 2024 for the entire Group Executive Committee amounted to SEK 53.1 (56.2) million.

Compensation for the Group Executive Committee members

Guidelines for remuneration of the Senior Executives are included in the Board of Directors’ Report. The remuneration for the President is further discussed in the Remuneration Report. Compensation to the President and other members of the Group Executive Committee consists of a fixed salary component, a short-term variable salary component, and a long-term variable salary component. 


Short-term variable compensation

The short-term variable salary component for 2023 (paid in 2024) was related to: A) three Group objectives, 1) EBITDA margin compared to peer group (Arcelor Mittal Europe, BE Group, JFE, Kingspan, Klöckner, Lindab, Nucor, Salzgitter, Tata Steel Europe, US Steel and Voestalpine), 2) Operating cash flow in relation to adjusted operating result before depreciation and amortization and 3) a sustainability objective measuring long time injury frequency, combined with B) divisional financial and operational objectives. 

For the President and the Executive Vice Presidents of Group functions, the Group objectives account for 100%, and for divisional Executive Vice Presidents the Group objectives account for 40% and divisional objectives for 60%. 

The short-term variable salary component is capped at 75% of base pay for the President and at 50% for others, except for the divisional head of SSAB Americas, who receives variable compensation competitive in the local market: Meeting the targets result in variable pay of 60% of base pay whereas over performance may amount to a maximum of 180% of base pay. In 2024, the outcomes of the short-term variable compensation in relation to base pay were on cash-basis as follows: 75,0% (54,5%) for the President and on average 60,2% (49,0%) for the other Group Executive Committee members.

Regarding sustainability topics linked to compensation (GOV-4), all employees who have short-term variable compensation in accordance with global instructions (approximately 2,100 employees) are covered by the group goal of sustainability with a focus on safety. In addition, divisions and subsidiaries may have additional sustainability targets at the unit level. Details regarding the CEO’s goals and outcomes are presented in the Remuneration Report.

Compensation to employees

Long-term variable compensation

A long-term incentive program covers selected key persons throughout the Group, including the company’s President and other senior executives. The purpose of the program is to promote the company’s ability to recruit and retain key contributors. Regarding sustainability matters linked to compensation (GOV-4), SSAB currently has no direct link between compensation programs and targets for reducing greenhouse gas emissions, as the major effects of the transformation plan are not expected to occur until some years from now. In the currently active long-term incentive programs, one of the targets is the sale of emission-free products, see table below. The target levels are approved by the AGM, see the respective notice.
Long-term incentive programs
Long-term incentive programs
Program 
Long-term incentive programs
2024 - 2026  
Long-term incentive programs
2023 - 2025 
Long-term incentive programs
2022 - 2024 
Long-term incentive programs
 2021 - 2023
Long-term incentive programs
Long-term incentive programs
Maximum number of participants 
Long-term incentive programs
160
Long-term incentive programs
 160
Long-term incentive programs
150
Long-term incentive programs
150
Long-term incentive programs
Long-term incentive programs
Paid in
Long-term incentive programs
Cash in 2027
Long-term incentive programs
Cash in 2026
Long-term incentive programs
Cash in 2025
Long-term incentive programs
Cash in 2024
Long-term incentive programs
Long-term incentive programs
Earnings criteria 1) 2) 3) 
Long-term incentive programs
SSAB Total Shareholder Return compared with benchmark portfolio & Total sales of steel without fossil carbon dioxide emissions
Long-term incentive programs
SSAB Total Shareholder Return compared with Benchmark TSR portfolio & Total sales of emission free products.
Long-term incentive programs
SSAB Total Shareholder Return compared with Benchmark TSR portfolio
Long-term incentive programs
SSAB Total Shareholder Return compared to Peer Group & ROCE
Long-term incentive programs
Long-term incentive programs
Earnings cap, senior executives 4)
Long-term incentive programs
40% of base pay
Long-term incentive programs
40% of base pay
Long-term incentive programs
35% of base pay 
Long-term incentive programs
25% of base pay
Long-term incentive programs
Long-term incentive programs
Earnings cap, other participants 4) 
Long-term incentive programs
30%–20% of base pay
Long-term incentive programs
30%–20% of base pay
Long-term incentive programs
30%–20% of base pay
Long-term incentive programs
20%–15% of base pay
Long-term incentive programs
Long-term incentive programs
Estimated maximum annual cost including social fees, SEK million 5)
Long-term incentive programs
166
Long-term incentive programs
160 
Long-term incentive programs
120
Long-term incentive programs
79
Long-term incentive programs
Long-term incentive programs
Realized payout at program end 6) 
Long-term incentive programs
n/a
Long-term incentive programs
 n/a
Long-term incentive programs
n/a
Long-term incentive programs
n/a
1)Reference group includes ArcelorMittal, Nucor, Salzgitter, ThyssenKrupp and US Steel for programs 2020 and 2021.
2) Benchmark portfolio TSR is calculated as 70% of steel peer group average (ArcelorMittal, JFE, Nucor, Salzgitter, ThyssenKrupp, US Steel, Voestalpine) and 30% of Stockholm OMX30 Index for program 2022.
3) Benchmark portfolio TSR is calculated as 70% of steel peer group average (ArcelorMittal, Nucor, Salzgitter, ThyssenKrupp, US Steel, Voestalpine) and 30% of Stockholm OMX30 Index for program 2023.
4) For participants in North America, the programs are also linked to SSAB Americas' results and return on capital employed, and the earnings cap is 20%–90% of fixed salary for programs 2020 and 2021, and 24%–108% for programs 2022 and 2023.
5) Annual cost accrual is based on continuous assessment of the outcome for the three-year period.
6) For participants in North America, the realized payout was 101.3% for program 2020.

Termination of employment and retirement

For the President and other Group Executive Committee members, the notice period is 12 months in the event of dismissal by the company. In addition, in such situation, severance compensation equals to 6 months’ salary. In the event of resignation by the President or another Group Executive Committee member, the termination period is 6 months and there is no entitlement to severance compensation. The President earns variable compensation during the termination period only by remaining in active service.

The President’s retirement age is 65. The pension is based on contributions and is covered by insurance, and in 2024 the cost amounted to 30% (45%) of fixed salary. Earned pension is inviolable but premium payments cease upon termination of employment. The minimum retirement age for the other members of the Group Executive Committee is 62 and the pensions are based on contributions, except for Olavi Huhtala who is covered by the benefit-based pension scheme via Rautaruukin Eläkesäätiö with a possible retirement age of 60, as well as Charles Schmitt, whose pension scheme is in line with the US legislation and practice. 

Board of Directors’ fees1)
SEK thousands 2)
Board of Directors’ fees1)
SEK thousands 2)
Lennart Evrell
Board of Directors’ fees1)
Elected
2021
Board of Directors’ fees1)
Position
Chair/Director
Board of Directors’ fees1)
2024
Board fee
2,055
Board of Directors’ fees1)
2024
Committee fee
349
Board of Directors’ fees1)
2023
Board fee
1,978
Board of Directors’ fees1)
2023
Committee fee
343
Board of Directors’ fees1)
SEK thousands 2)
Board of Directors’ fees1)
SEK thousands 2)
Petra Einarsson
Board of Directors’ fees1)
Elected
2014
Board of Directors’ fees1)
Position
Director
Board of Directors’ fees1)
2024
Board fee
685
Board of Directors’ fees1)
2024
Committee fee
403
Board of Directors’ fees1)
2023
Board fee
664
Board of Directors’ fees1)
2023
Committee fee
391
Board of Directors’ fees1)
SEK thousands 2)
Board of Directors’ fees1)
SEK thousands 2)
Kerstin Enochsson
Board of Directors’ fees1)
Elected
2024
Board of Directors’ fees1)
Position
Director
Board of Directors’ fees1)
2024
Board fee
518
Board of Directors’ fees1)
2024
Committee fee
-
Board of Directors’ fees1)
2023
Board fee
-
Board of Directors’ fees1)
2023
Committee fee
-
Board of Directors’ fees1)
SEK thousands 2)
Board of Directors’ fees1)
SEK thousands 2)
Bernard Fontana
Board of Directors’ fees1)
Elected
2022
Board of Directors’ fees1)
Position
Director
Board of Directors’ fees1)
2024
Board fee
685
Board of Directors’ fees1)
2024
Committee fee
125
Board of Directors’ fees1)
2023
Board fee
664
Board of Directors’ fees1)
2023
Committee fee
124
Board of Directors’ fees1)
SEK thousands 2)
Board of Directors’ fees1)
SEK thousands 2)
Marie Grönborg
Board of Directors’ fees1)
Elected
2019
Board of Directors’ fees1)
Position
Director
Board of Directors’ fees1)
2024
Board fee
685
Board of Directors’ fees1)
2024
Committee fee
-
Board of Directors’ fees1)
2023
Board fee
664
Board of Directors’ fees1)
2023
Committee fee
-
Board of Directors’ fees1)
SEK thousands 2)
Board of Directors’ fees1)
SEK thousands 2)
Pierre Heeroma
Board of Directors’ fees1)
Elected
2024
Board of Directors’ fees1)
Position
Director
Board of Directors’ fees1)
2024
Board fee
518
Board of Directors’ fees1)
2024
Committee fee
-
Board of Directors’ fees1)
2023
Board fee
-
Board of Directors’ fees1)
2023
Committee fee
-
Board of Directors’ fees1)
SEK thousands 2)
Board of Directors’ fees1)
SEK thousands 2)
Mikael Mäkinen
Board of Directors’ fees1)
Elected
2022
Board of Directors’ fees1)
Position
Director
Board of Directors’ fees1)
2024
Board fee
685
Board of Directors’ fees1)
2024
Committee fee
-
Board of Directors’ fees1)
2023
Board fee
664
Board of Directors’ fees1)
2023
Committee fee
-
Board of Directors’ fees1)
SEK thousands 2)
Board of Directors’ fees1)
SEK thousands 2)
Maija Strandberg
Board of Directors’ fees1)
Elected
2021
Board of Directors’ fees1)
Position
Director
Board of Directors’ fees1)
2024
Board fee
685
Board of Directors’ fees1)
2024
Committee fee
154
Board of Directors’ fees1)
2023
Board fee
644
Board of Directors’ fees1)
2023
Committee fee
149
Board of Directors’ fees1)
SEK thousands 2)
Board of Directors’ fees1)
SEK thousands 2)
Bo Annvik
Board of Directors’ fees1)
Elected
2019
Board of Directors’ fees1)
Position
Director
Board of Directors’ fees1)
2024
Board fee
 -
Board of Directors’ fees1)
2024
Committee fee
 -
Board of Directors’ fees1)
2023
Board fee
161
Board of Directors’ fees1)
2023
Committee fee
30
1) The Annual General Meeting (AGM) has decided on the following fees for the Board of Directors members for the term until the next AGM: SEK 2,075 thousand to the Chair, SEK 690 thousand to the directors (excluding the President), SEK 155 thousand to the members of the Audit Committee, SEK 125 thousand to the members of the Remuneration Committee, SEK 280 thousand to the Chair of the Audit Committee and SEK 195 thousand to the Chair of the Remuneration Committee. In total SEK 7,545 (6,494) thousand was paid in fees to the Board of Directors.The CEO and Employee Representatives do not receive any compensation for their role in the Board of Directors.
2) The fee relates to the full financial year.