Debt financing

In order to minimize the refinancing risk, the objective is that the debt should have an even maturity profile. Short-term funding is primarily obtained through the commercial paper markets in Sweden and Finland. SSAB has a strong and supportive bank group providing committed back-stop facilities to secure the short-term funding and liquidity needs.

Cash flow, financing and liquidity

Operating cash flow for the first half of 2026 increased to SEK 3,740 (1,206) million, mainly due to the higher result. Net cash flow, after dividends of SEK 1,993 (2,591) million, amounted to SEK -1,785 (-4,622) million.

Net cash at June 30, 2026 was SEK 8,629 (10,862) million. The decrease was mainly related to negative net cash flow. Cash and cash equivalents were SEK 19,657 (20,299) million and non-utilized credit facilities, excluding the financing package for the Luleå investment, were SEK 8,237 (8,275) million, which combined corresponds to 29% (29%) of rolling 12-month revenue. The term to maturity of the total loan portfolio at June 30, 2026 averaged 6.1 (5.6) years, with an average fixed interest period of 0.8 (0.9) years.

SSAB’s funding is conducted primarily through the bank market and existing note and commercial paper programs. For borrowing for terms of up to ten years, a European Medium Term Note program (EMTN) is used, while Swedish and Finnish commercial paper programs are used for borrowing for shorter terms. The program limit of the EMTN program is EUR 2,000 million. The Swedish commercial paper program has a limit of SEK 5,000 million and the Finnish commercial paper program has a limit of EUR 500 million.

Moody’s Ratings has assigned SSAB a Baa2 investment grade long-term issuer rating with a Stable outlook in July 2026.

SSAB holds a long-term credit rating of BBB- with a stable outlook from S&P Global Ratings.