2007-07-16

SSAB obtains Investment Canada clearance for its acquisition of IPSCO

SSAB Svenskt Stål AB (SSAB) announced today that it has received approval of its application for review of its acquisition of IPSCO Inc. (IPSCO) from the Canadian Minister of Industry under the Investment Canada Act.

In connection with the approval under the Investment Canada Act, SSAB made commitments to the Minister of Industry that highlight the net benefit to Canada that will arise from the acquisition. These include commitments to increase funding for the IPSCO Research Centre in Regina, Saskatchewan, and to complete the upgrade of the Regina spiral pipe mill. SSAB will also consider implementing additional capital projects in Saskatchewan and Alberta. The head office of the Canadian operations will remain in Regina, Saskatchewan.

SSAB President and CEO Olof Faxander said: "We are very pleased that all the regulatory clearances required to complete our acquisition of IPSCO have been obtained. We are confident that the combination of IPSCO and SSAB will benefit all stakeholders, including both companies' customers, employees, suppliers and the provinces and communities where IPSCO carries on business today.

Information about the company: SSAB AB