Iron ore pellets
Iron ore pellets

Debt financing

SSAB's funding is focused on supporting the Group’s strategy and covering the needs for financing within the framework of the Group's financial policy. The funding is primarily executed through the parent company. SSAB aims to maintain an investment grade credit rating and is currently rated BBB-. 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 nine months of 2022 increased to SEK 13,813 (8,817) million, primarily due to higher operating profit.

Net cash flow, after dividends of SEK 5,406 (-) million, amounted to SEK 2,061 (7,039) million. Net cash at September 30, 2022 was SEK 8,739 (-3,370) million.

The term to maturity of the total loan portfolio at September 30, 2022 averaged 6.1 (6.7) years, with an average fixed interest period of 1.0 (1.2) years.

Cash and cash equivalents were SEK 17,649 (9,594) million and non-utilized credit facilities were SEK 10,097 (8,554) million, which combined corresponds to 22% (21%) of rolling 12-month revenue.



 

Debt structure on (at Sep 30, 2022)

Debt structure on (at Sep 30, 2022)

Net debt and net debt/equity ratio

Net debt and net debt/equity ratio

Debt maturity (at the end of Q3 2022)

Debt maturity (at the end of Q3 2022)

Debt cost and duration
 

Debt cost and duration

Debt programs

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.

Main financial arrangements 
Total amount
European medium Term Note
program (EMTN)
EUR 2,000 million
Swedish commercial paper program
SEK 5,000 million
Finnish commercial paper program
EUR 500 million

Related documents

pdf 1,72 Mb
EMTN Prospectus 2022
pdf 1,19 Mb
Agency Agreement
pdf 113 Kb
Certificate of Registration
pdf 1,54 Mb
EMTN Prospectus 2021
pdf 2,36 Mb
Sustainability-Linked Finance Framework
pdf 506 Kb
Sustainability-Linked Finance Progress Report 2021
pdf 679 Kb
Second-Party Opinion SLF Framework
PDF 2,11 Mb
EMTN Prospectus 2020
PDF 1,12 Mb
EMTN Prospectus 2019
pdf 1,08 Mb
EMTN Prospectus 2018
pdf 1,2 Mb
EMTN Prospectus 2017
pdf 1,03 Mb
EMTN Prospectus 2016
pdf 1,06 Mb
EMTN Prospectus 2015
pdf 1,51 Mb
EMTN Prospectus 2014
pdf 246 Kb
Prospectus Amendment
pdf 72 Kb
Swedish Commercial Paper Program

Credit ratings

On January 28, 2022 S&P Global ratings raised the long-term corporate credit rating to BBB- from BB+, with stable outlook.

pdf 133 Kb
Standard & Poors' Ratings Direct, Research update 2022-01-28
pdf 120 Kb
Standard & Poors' Ratings Direct, Research update 2021-07-23
pdf 120 Kb
Standard & Poors' Ratings Direct, Research update 2021-02-26
pdf 111 Kb
Standard & Poors' Ratings Direct, Research update 2020-11-23
pdf 347 Kb
Standard & Poors' Ratings Direct, Research update 2020-03-31
pdf 116 Kb
Standard & Poors' Ratings Direct, Research update 2019-05-27
pdf 285 Kb
Standard & Poors' Ratings Direct, Research update 2018-06-25
pdf 280 Kb
Standard & Poors' Ratings Direct, Research update 2018-02-15
pdf 279 Kb
Standard & Poors' Ratings Direct, Research update 2017-10-31
PDF 273 Kb
Standard & Poors' Ratings Direct, Research update 2017-03-22
pdf 304 Kb
Standard & Poors' Ratings Direct, Research update 2016-06-08
pdf 261 Kb
Standard & Poors' Ratings Direct, Research Update 2016-02-22
pdf 257 Kb
Standard & Poor's RatingsDirect, Research Update 2015-05-29
pdf 267 Kb
Standard & Poor's RatingsDirect Research Update 2015-12-21
pdf 269 Kb
Standard & Poor's RatingsDirect, Bulletin 2014-01-22
pdf 278 Kb
Standard & Poor's RatingsDirect, Research Update 2013-11-12