SSAB extra general meeting
The Board of Directors of SSAB has decided to convene an extra general meeting of the shareholders and will thereupon propose that the general meeting authorize the Board to decide upon buy-backs of the Company’s shares.
The proposal is backed by the strengthening of the Company’s balance sheet, following the disposal of the tubular business and the strong operating cash flow, since the acquisition of IPSCO.
The purpose of the proposal is to provide the Board with an instrument until the annual general meeting 2009 to be able to adjust the Company’s capital structure in line with the overall financial targets.
The Board’s proposal entails that the authorization may be exercised to acquire on the OMX Nordic Exchange in Stockholm not more than 10% of the outstanding shares of the Company.
The Board intends to propose to the 2009 annual general meeting of the shareholders that it adopt a resolution regarding cancellation of the acquired treasury shares by means of a reduction of the share capital without repayment to the shareholders.
The Company currently holds no treasury shares.
The extra general meeting is planned to be held in Stockholm on October 22, 2008. An announcement will be published shortly.