27 Aug 2010

NIB finances SSAB’s expansion in Sweden

NIB has provided a loan totalling USD 85 million to Sweden’s steel manufacturer SSAB to finance the expansion of one of the company’s plants in Borlänge, Sweden. 

The 8-year-maturity loan will help finance the company’s investment programme to increase the production of high strength steel.  The demand for quenched and tempered steels, which provide products with high strength,  low weight and high durability, is growing.

"Industrial investments are of vital importance to safeguarding and enhancing the competitiveness of NIB’s member country enterprises,” says Johnny Åkerholm, NIB President and CEO.

“We are pleased to help finance SSAB’s increased production of durable but light steel products which can offer economic and environmental advantages compared to less advanced steels,” Mr Åkerholm says.

The main customers of quenched and tempered steels are within the manufacturing and construction sectors, including car and truck manufacturers, as well as manufacturers of components used for the production of wind power.

SSAB is a leading producer of high strength and quenched and tempered steels, and has production plants in Sweden and the United states.

The Nordic Investment Bank is the common international financial institution of the eight Nordic and Baltic countries. NIB provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors for projects that strengthen competitiveness and enhance the environment. NIB has the highest possible credit rating, AAA/aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact

Mr Lars Synnes, Senior Manager, Origination, at +358 10 618 0504,

Ms Nina Monsen, Senior Communications Specialist, at +358 10 618 0291,