SSAB, Ruuki to Merge
Swedish steelmaker SSAB agreed to buy Finnish steelmaker Rautaruuki (Ruuki) for approximately $1.6 billion. The combined company, which has around 17,500 employees and annual production capacity of nearly 9 million tons, becomes a leading producer of high-strength steels, standard strip and plate products, and tubular products with production facilities in Sweden, Finland and the U.S. The proposed combination enhances the capacity to invest more in product development, research and development and collaborate closely with customers. SSAB’s construction-related operations (Plannja) will be combined with Ruukki’s Building Products and Building Systems operations to form a separate construction business division in an effort to generate additional synergies.