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                        Financial risks

                        International operations such as those at SSAB involve a number of financial risks in the form of financing, liquidity, interest rate, currency and credit risks. The management of these risks is governed by the Group’s Finance Policy, which has been adopted by the Board of Directors. Most financial transactions take place through the parent company's treasury function in Stockholm and through SSAB Finance in Ireland. For further information about the Group’s financial risk management, see Note 29 (p. 202) in SSAB’s Annual Report 2019.

                        Risk factor Risk description Response and initiatives
                        REFINANCING RISK/
                        LIQUIDITY RISK
                        ‘Refinancing risk/liquidity risk’ means
                        the risk of SSAB being unable to pay
                        its obligations due to insufficient liquidity
                        or difficulties in raising new loans.
                        The borrowing strategy is focused on securing the Group’s needs for loan financing with
                        regard to long-term loans and SSAB’s day-to-day payment obligations to its lenders and
                        suppliers. Borrowing takes place primarily through the parent company, taking into
                        consideration the Group’s financial targets. In order to minimize the refinancing risk, the
                        objective is that long-term loans will have an even maturity and an average term to maturity
                        in excess of three years. The liquidity buffer, i.e. non-utilized, binding credit facilities, as well
                        as cash and cash equivalents, shall, depending on the net debt/equity ratio, exceed 5-10
                        percent of the Group's sales. 
                        MARKET RISK Market risks comprise the risk of the
                        Group’s earnings or financial position
                        being affected by movements in market
                        prices, such as interest rates and
                        exchange rates.
                        Interest rate risks:
                        The Group’s interest rate risks relate to movements in market interest rates and their impact
                        on the debt portfolio. The average fixed-rate term in the total debt portfolio should be
                        approximately 1 year, but is permitted to vary between 0.5 and 2.5 years.
                        Currency risks:
                        SSAB’s currency exposure related to translation exposure, largely relates to the translation
                        risk regarding net assets of foreign subsidiaries. This exposure
                        is partly hedged through borrowing
                        in foreign currency. The objective is to minimize the foreign exchange impact on the
                        net debt/equity ratio.
                        The Swedish krona (SEK) is the base currency. In order to manage
                        the transaction risk, contracted commercial currency flows are hedged. Major investments and projects
                        decided upon in foreign currency are hedged. The net currency inflow in 2019 was SEK 3.7 (4.7) billion.
                        The Group’s most important currency flows are shown in the diagram.
                        CREDIT RISK Credit risk’ means the risk of losses
                        due to the Group's customers or
                        counterparties in financial contracts
                        being unable to perform their
                        payment obligations.
                        Financial counterparties are selected based on Standard & Poor’s
                        and Moody’s current ratings for long-term borrowing and taking into
                        account the Group’s reciprocal commercial relations with the relevant counterparty.
                        The minimum acceptable ratings are A- from
                        Standard & Poor’s or A3 from Moody’s. Credit risks associated with accounts receivable
                        and other claims are managed in each division and subsidiary,
                        taking into account the Group’s credit directive.

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