Regulatory press releases

SSAB sells 25 per cent holding in Cogent Power Limited to Corus

September 04, 2006 11:18 CEST 6 min read

SSAB has sold its minority holding in the UK electrical steels company Cogent Power Limited to Corus, its majority owner. The purchase price amounts to GBP 18 million.

"Following exercise of a put option we have sold our 25 per cent holding in Cogent Power to Corus. Since the synergies with other operations within the Group are marginal, the sale is a natural step towards concentrating upon our niche strategy in high strength steels", says Olof Faxander, the President and CEO of SSAB in a comment to the deal. Cogent Power was formed in 1991 through a merger of SSAB’s and British Steel's respective electrical steels operations and is one of the largest producers of electrical steels in Europe. Prior to the deal, 75 per cent of Cogent Power was owned by Corus and 25 per cent by SSAB. The operations are based in Wales, Sweden and Canada. Notes to editors: Cogent Power’s Laminations Division has recently been sold and so is no longer part of Cogent Power Limited.

Jan 31 2023

GF Engineering’s tippers lasts up to 20 percent longer with Hardox® 500 Tuf steel

With more than 40 years’ experience in tipper manufacturing, GF Engineering is a market leader in the segment in Malaysia. Since making Hardox® 500 Tuf steel its material of choice, its tippers last longer, weigh less and can handle heavier loads than ever before.

Jan 30 2023

Changes in SSAB’s Group Executive Committee

Jonas Bergstrand, General Counsel at SSAB, has decided to leave SSAB to become General Counsel at Volvo Construction Equipment.

Jan 27 2023

Goodwill impairment during the fourth quarter

SSAB makes an impairment charge of SEK 33.3 billion related to the Group’s total goodwill of SEK 33.6 billion. The impairment is reported as an item affecting comparability in the fourth quarter of 2022 and does not affect cash flow. SSAB has a strong financial position and the ability to pursue its dividend policy is unaffected.

Regulatory press releases

SSAB sells 25 per cent holding in Cogent Power Limited to Corus

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