SSAB awarded insurance compensation according to judgement issued today by the Svea Court of Appeal
January 25, 2008 15:50 CET 6 min read
In a judgment issued by the Svea Court of Appeal today, the insurance company, Zürich Insurance, Sweden Branch, has been ordered to pay SSAB’s wholly owned subsidiary, SSAB Tunnplåt AB, additional insurance compensation of approx. SEK 161 million as well as interest and compensation for litigation costs relating to a blast furnace breakdown which occurred at the company’s plant in Luleå in 1997.
Including accrued interest thus far, the awarded compensation totals approx. SEK 302 million, excluding compensation for litigation costs. In addition to the insurance compensation that has now been awarded, approx. SEK 110 million have already been paid out earlier in insurance compensation as a consequence of the breakdown. If the judgment becomes final, it will have a positive impact on SSAB’s earnings in the amount of approx. SEK 250 million.
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