SSAB obtains Investment Canada clearance for its acquisition of IPSCO
July 16, 2007 8:40 CEST 6 min read
Stockholm, Sweden, 16 July, 2007 -- 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.
This press release is for information only and does not constitute an offer to issue or sell, or the solicitation of an offer to acquire, securities in any jurisdiction.
This press release contains forward-looking statements. Actual results could differ materially from the future results expressed or implied by these forward-looking statements due to factors that cannot be controlled or estimated precisely. The forward-looking statements speak only as of the date of this press release. SSAB does not undertake any obligation to revise these forward-looking statements to reflect events or circumstances after the date of this press release.
For more information about SSAB, log on to http://www.ssab.com
For more information about IPSCO, log on to http://www.ipsco.com
For more information please contact:
Corporate Communications SSAB
Tommy Lofgren at +46 70-525 94 14
Investor Relations SSAB
Stefan Lundewall at +46 70-508 28 57