1. Review by the
President & CEO
18.3.2014
Sakari Tamminen
1
Sakari Tamminen
Annual General Meeting of
Rautaruukki Corporation
18 March 2014

2. Contents
• Strategic focus areas
• Financial performance in 2013
• Ruukki’s transition to a construction and steel specialist
• Business environment in the steel industry
• Ruukki as part of a competitive, Nordic special steels
company
18 March 2014 Sakari Tamminen2

3. Strategic focus areas
18.3.2014
Sakari Tamminen
3

4. Ruukki’s business areas
18 March 2014 Sakari Tamminen4
Back to profitability
Net sales €292m
Operating loss €10m
Ruukki Building
Systems
Accelerating sales growth
of special steel products
Net sales €1 679m
Operating profit €27m
Ruukki Metals
Growth from roofing
products and energy-
efficient components
Net sales €430m*
Operating profit €36m
Ruukki Building
Products
* 2013 figures
Net sales €2.4 billion
Personnel 8 600
Cutting costs by improving operating efficiency

5. Energy-efficient construction is a growing
business opportunity
18 March 20145 Sakari Tamminen
Products utilising renewable energy
Lower lifecycle costs Increased owner value Lower environmental impact
Products saving energy
Energy
prices
Norms,
regulations
Growing
environmental
awareness
Ruukki Solar
thermal roof
Ruukki Solar
façade
Energy piles Energy panels and recyclable Life panels

6. Ruukki Building Products
Foundation and
infrastructure construction
products: steel piles,
retaining wall structures,
guard rails, main water and
district heat pipes
Wall and roof
components: sandwich
panels, roofing sheets,
façade claddings
Residential roofing
products: steel roofs,
rainwater systems and
safety products, as well as
installation services
Renovation
and
installation
Ruukki is the market
leader in Finland
Net sales €430m
Sakari Tamminen18 March 20146

7. Sakari Tamminen7
Ruukki’s energy panel system saves energy costs
Itella’s logistics centre exceeded air tightness expectations
According to Itella’s environmental values, energy
efficiency is one way the company can reduce its
carbon footprint.
The building’s measured air tightness rate (q50) was 0.7 m3/(h
m2), when existing regulations in Finland require a rate of 4.0
m3/(h m2)
Annual energy savings are around €25 000 - €40 000, or about
20% of the building’s total energy costs
18 March 2014

8. 8
Ruukki Building Systems
Nordics, Baltics, CEE
Frame and envelope structure design,
manufacture and installation
Russia
Concept buildings, material deliveries without
installation
Single-storey
construction
Sports stadium
construction
Commercial
construction
Development
unit
Agricultural
construction
Sakari Tamminen18 March 2014
Net sales €292m

9. Sakari Tamminen9
The world’s largest gasification power plant fired by
waste fuel (Mälarenergi, Sweden)
Ruukki delivered the steel frame and precast
concrete base blocks for the gasification plant,
along with 12,000 m2 of sandwich panels and 2,300
m2 of insulated roofing panels.
The boiler house building features contemporary
architectural design and has visually impressive
external walls created using Ruukki’s colourful
sandwich panels.
18 March 2014

10. 10
Metals
– Ruukki transforming strongly to special steels
Standard steels: 930M€
Hot-rolled special steels
High-strength and wear-resistant steels
Hot-dip galvanised special steels
Colour-coated special steels
Special steels: €558m*
Stainless steel
and aluminium:
€122m
Hot-rolled plate and strip
Cold-rolled and metal
coated
Colour-coated
Standard plate and
strip products: €772m
Structural hollow sections
Tubes and
profiles: €228m
Precision tubes
Other tubes and profiles
18 March 2014 Sakari Tamminen
* 2013 figures

11. Products
Segments
and customers
Geographical regions
Nykyinen
liiketoiminta
• Growth from new customers
• Raex 400 tubes, Optim 700 Plus MH –
structural hollow sections
• Optim 700 plates up to 60 mm
• Pural farm & Hiarc reflect coatings
• Ramor 550
• Raex plates up to t 80 mm
• Growth from new customers and
customer segments
• Wear-resistant steels for the mining
industry
• High-strength steels in construction
• Growth from new geographical
regions
• New sales offices and partners
• New recruits for special steels sales
Present
business
Growth in special steels from new
products, customers, customer segments
and geographical regions

12. 18 March 2014 Sakari Tamminen12
Inmeco (Brazil) – Sustainability and higher payloads
New materials result in significant product improvements
Dump trucks have a short distance cycle.
The wearing of equipment can be a costly problem
when transporting abrasive materials.
Wear-resistant Raex® 450 was used for the new
open-box bed and has significantly increased the
product’s useful life.
Thanks to special steels, the equipment is up to
400 kg lighter, which has increase the payload and
decreased fuel consumption.
.

13. Yhteenlaskettu tuotekate
Profitability improvement in the steel business
Tuotekate
Korkea
Keskim.
Matala
Volyymi
RT
&
AL
Standardi-
tuotteet
RT
&
AL
Standardi-
tuotteet
Volyymi ja kannattavuus ei mittakaavassa
Putket &
Profiilit
Erikois-
teräkset
Total product margin
Product margin*
High
Medium
Low
Volume*
*Volumes and profitability are not to the same scale
Tubes &
Profiles
Special
steels
SS
&
AL
1. Strong growth in special steel
products -> €850m (2015*)
2. Smaller, selected share of
standard grades
– Growth in tube products
– Growth in colour-coated and
hot-rolled flat products
– Fewer galvanised products
18 March 2014 Sakari Tamminen13
(*2013: €558 million)

14. Financial performance
in 2013
18.3.2014
Sakari Tamminen
14

15. Sakari Tamminen18 March 2014
2013 highlights
• Profitability improved in all business areas.
– Most positive development was in Ruukki Building Products.
– Comparable operating profit was €39 million (-50).
• Net cash from operating activities rose to €184 million (172).
• Efficiency projects generated earnings improvement of around €70m.
• Net sales were down due to lower market prices of steel products.
• Ruukki Metals’ delivery volumes were slightly higher.
• Earnings per share were -€0.10 (-0.85).
• Relating to the combination agreement of SSAB AB and Rautaruukki
Corporation, the Board of Directors proposes that no dividend (0.20)
be paid for the financial period ended 31 December 2013.
15

16. Net sales down 7% due mostly to lower
market prices of steel products
18 March 2014 Sakari Tamminen16
Ruukki Building Products
Ruukki Building Systems
Ruukki Metals
1 741
2 275
2 620 2 597
2 404
0
500
1 000
1 500
2 000
2 500
3 000
2009
2010
2011
2012
2013
Net sales 2009-2013* (€m) Net sales by market area*
2013 (2012)
100% = €2 404m (€2 597m)
Other Nordic
countries
31% (30%)
Finland
25% (26%)
Central
Eastern
Europe
15% (14%)
Rest of Europe
13% (14%)
Other countries
7% (6%)
Russia and
Ukraine
10% (10%)
* Comparable
Growth in markets outside Europe

17. Profitability improved in all business areas
18 March 2014 Sakari Tamminen17
Operating profit €39 million (-50) in 2013
Operating profit and group
EBITDA (€m)
Change in operating profit* by business
area (€m) 2013 vs. 2012
* Comparable
‐248
70 78
‐50
39
‐177
150
171
55
164
‐250
‐200
‐150
‐100
‐50
0
50
100
150
200
2009
2010
2011
2012
2013
Comparable operating profit Reported EBITDA
‐50
39
6
58
14
11
‐60
‐50
‐40
‐30
‐20
‐10
0
10
20
30
40
50
2012
Other
Ruukki Metals
Ruukki Building Products
Ruukki Building Systems
2013

18. 336
621
770 765
693
161 173 179
97 90
22.3
44.7
60.3
71.2
68.5
0
10
20
30
40
50
60
70
80
0
100
200
300
400
500
600
700
800
900
2009 2010 2011 2012 2013
Net debt decreasing
18 March 2014 Sakari Tamminen18
Net interest-bearing debt Gross capex in tangible and
intangible assets
Gearing ratio 68.5% at year-end 2013
Net gearing
€m %

19. 182
‐64
114
172
184
30
‐226
‐57
78
101
‐250
‐150
‐50
50
150
250
2009
2010
2011
2012
2013
Cash flow improved to €184 million
18 March 2014 Sakari Tamminen19
€62 million freed up from working capital (173)
Net cash from operating activities and before financing activities (€m)
Net cash from operating
activities
Net cash before financing
activities

20. Building Products’ net sales
18 March 2014 Sakari Tamminen20
Net sales by product group (€m)*
Full-year net sales down 5%, growth in residential construction,
Sweden and in components in Norway
* Reported
Building components
Infrastructure
construction
Residential roofing
products
Building
Products
457 452
430
0
50
100
150
200
250
300
350
400
450
500
2011
2012
2013
Net sales by market area
2013 (2012)*
Other Nordic
countries
26% (25%)
Finland
32% (33%)
Central
Eastern
Europe
31% (30%)
Rest of Europe
2% (3%)
Russia and
Ukraine
8% (10%)
*Comparable

21. Building Products’ profitability clearly
improved
18 March 2014 Sakari Tamminen21
EBIT and EBITDA (€m) Comparable operating profit €36m
(22) in 2013
• Impact of efficiency programmes on
earnings improvement €8 million
• Better gross margin
• More favourable geographical spread
than earlier of residential roofing
products
• More effective steering of sales of
building components
• Better functioning of business
processes
Building
Products
Comparable EBIT Reported EBITDA
5 6
26
22
36
10
20
36
30
45
0
5
10
15
20
25
30
35
40
45
50
2009
2010
2011
2012
2013

22. Building Systems’ net sales at same level
as a year earlier
18 March 2014 Sakari Tamminen22
Net sales by market area, (€m) *
Building
Systems
* Reported
Russia Nordic countries Central Eastern
Europe
300
288 292
0
50
100
150
200
250
300
350
2011
2012
2013
• Net sales in Finland down clearly
due to weak demand
• Rouble-denominated net sales in
Russia up 9% year on year

23. Building Systems’ profitability improved
year on year, but still not yet at a
satisfactory level
18 March 2014 Sakari Tamminen23
Comparable operating profit
-€10 (-21) in 2013
• Impact of efficiency programmes on
earnings improvement €8 million
• Profitability weakened by a few loss-
making steel structure contracts which,
had a negative impact totalling around
€8 million
• Shift in focus of production to lower
cost countries
• Better gross margins and more
efficient capacity utilisation rate
• Healthy order books and capacity
utilisation rate in Russian businesses
Building
Systems
‐49
‐51
‐29
‐21
‐10
‐34
‐32
‐13
‐11
6
‐60
‐50
‐40
‐30
‐20
‐10
0
10
2009
2010
2011
2012
2013
EBIT and EBITDA (€m)
Comparable EBIT Reported EBITDA

24. Metals’ comparable net sales down 10%
18 March 2014 Sakari Tamminen24
Net sales by product group*, (€m)
Clear rise in delivery volumes of special steels
Special steel products Strip and flat products
Stainless steel and aluminium
Tubes and profiles
* Reported
Metals
1 783 1 787
1 679
0
200
400
600
800
1000
1200
1400
1600
1800
2000
2011
2012
2013
Net sales by market area*
2013 (2012)
Other Nordic
countries
32% (33%)
Finland
26% (27%)
Russia and
Ukraine
5% (5%)
Other countries
10% (8%)
Rest of Europe
18% (19%)
Central
Eastern
Europe
10% (9%)
* Comparable

25. Metals’ profitability improved clearly
18 March 2014 Sakari Tamminen25
Impact of efficiency projects was €48 million
Comparable EBIT €27 million (-31)
in 2013
• Impact of efficiency projects on earnings
improvement €48 million
• Lower raw material costs
• EBIT weakened by lower average
selling prices of steel products
Metals
‐190
130
95
‐31
27
‐130
202
161
62
128
‐200
‐150
‐100
‐50
0
50
100
150
200
250
2009
2010
2011
2012
2013
EBIT and EBITDA (€m)
Comparable EBIT Reported EBITDA

26. Share of special steel products
Net sales of special steels and % of Metals’ net sales*
18 March 2014 Sakari Tamminen26
Net sales of special steel products
* Share of special steel products has been calculated based on comparable net sales i.e. the reference figures
have been restated to reflect the current corporate structure
Share of special steels of Metals’ comparable net sales
Target is net sales of €850 million in 2015
Metals
77
114
109
124 151
160
128 122
144
161 130
120 135
148
131
149
22%
25%
27%
29%
30%
33%
31%
26% 29%
33%
31%
27%
30%
34% 34%
37%
0%
5%
10%
15%
20%
25%
30%
35%
40%
0
20
40
60
80
100
120
140
160
180
Q1/10
Q2/10
Q3/10
Q4/10
Q1/11
Q2/11
Q3/11
Q4/11
Q1/12
Q2/12
Q3/12
Q4/12
Q1/13
Q2/13
Q3/13
Q4/13

27. Net sales:
Comparable net sales in 2014 are estimated to grow
compared to 2013.
18 March 2014 Sakari Tamminen27
Guidance for 2014
Operating profit:
Comparable operating profit in 2014 is estimated to
improve compared to 2013.

28. Ruukki’s transition to
a construction and
steel specialist
18.3.2014
Sakari Tamminen
28

29. Reinforcement
steels business
(Nordics and
Germany , €400m)
18 March 2014 Sakari Tamminen29
Main disposals and acquisitions
Omeo Mekaniska
Verkstad
(Sweden,€ 23m)
Aprítógépgyár
(Hungary, €43m)Velsa
(Finland,
€47m*)
Syneco
Industri
(Sweden, €37m)
Metalplast-
Oborniki
(Poland, €65m)
PPTH
Steelmanagement
(Finland, €101m)
Steel-Mont
(Slovakia, €27m)
OOO Ventall
(Russia, €70m)
Skalles
Elendomsselskap
(Norway, €16m)
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Acquisitions
Disposals
Plåtleverantören
i Stockholm AB
(Sweden, €17m)
AZST-Kolor
(Ukraina)
* net sales at time of disposal/acquisition
Ruukki Construction
Ruukki Engineering
Ruukki Metals
Star Tubes, steel
tube wholesaler
(UK, €15m*)
Froh HouseTech
(Germany, €12m)
Duisburg Service
Centre
(Germany)
Fredericia plant
(Germany, €15m)
Fortaco arrangement
Shares in Ruukki Tisza Zrt and
Ruukki Slovakia s.r.o. together with
net assets of Wroclaw, Kurikka,
Sepänkylä and the components
business in Kalajoki (€137m)
~€61m
~€189m
Scanbridge AS
(Norway, €9m)
UAB Gensina
(Lithuania)
Wolter
Metallverarbeitung
(Germany, €5m)
Ovako
Long steels
(Finland, €600m)
Metalplast Systems
(Poland, €8m)
Gävle colour-
coating line
(Sweden)
Carl Froh GmbH
(Germany. €58m)
~€483m
~€93m
Tot. €576m
Tot. €250m
Halikko plant
(Finland, €13m)

30. Long-term focus on special steels
Advanced production technology and broad product
portfolio create a strong foundation for growth
Product
range
Sales &
distribution
Total of 13 certified partners
in Brazil, Chile, Europe,
Peru and Middle East
40 new positions in
international salesOwn stocks in
China
New sales offices
in Australia, India
&
China
4 new sales offices
and new stock in
Russia
New sales offices in
Chile, Canada, USA
& Russia
Focus in Europe
Z600 Zinc coating
New sales offices e.g. in France and Benelux
Expansion in Russia
Global business
New distributor cooperation partners
in Americas, Asia, Europe and Middle East
Raex plate up to
80 mm
Pural farm & Hiarc
reflect coatings
Raex & Optim 700
Plus tubes
Raex plates
30-40 mm
Optim 700 plate
up to 40 mm
Form Z600 tubes
RWS Pural coating
Optim 700 plate
to 60 mmLaser-welded products
Optim 700MCPlusRaex 400-500 strip
Optim 900-1100 -nauhat
Raex plate 11-16 mm
Optim 700 plate 8-30 mm
Raex plate 8-30 mm
Purex coating
Ramor 500 strip
Litec 800-1000DP
Litec 100DP
Litec 1000 DP
Pural Matt coating
PVDF coating
Ramor 550
30 18 March 2014 Sakari Tamminen
Investments
Cut-to-length
line #2
leveller
(€13m)
Strip mill automation
(€12m)
Direct quenching
equipment at plate
mill
(€29m) Plate mill cold
leveller (€24m)
Cut-to-length line
#2 improvement
(€14m)
New cut-to-length
line #3 (€26m)
Improvement
of normalising
furnace(€7m)Strip mill
automation 2
(€15m)
~€210m
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013200320022001
New coilbox at
strip mill (€24m)
Steel ladle
processing
equipment (€17m)
Plasma cutting and
bundling of plates
(€9m)

31. 0 %
10 %
20 %
30 %
40 %
50 %
60 %
70 %
80 %
90 %
100 %
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Construction Special steels Engineering Other steel and metal products Long steels
Share of construction and special steels
rose from under 20% to more than 50%
31 18 March 2014 Sakari Tamminen
Long steel products
Other steel and metal
products
Engineering business
Special steels
Construction business
Share of businesses of reported net sales 2004-2013 (%)

32. Operating profit of €2.4 billion and EBITDA of
€4.0 billion during ten years
18 March 2014 Sakari Tamminen32
Reported net sales 1999-2013 (€m)
Reported EBIT and EBITDA
1999-2013 (€m)
0
500
1000
1500
2000
2500
3000
3500
4000
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
The period since the years of rapid growth and strong profitability in
2004-2008 has been characterised by clearly weaker demand and
overcapacity in the steel industry
‐350
‐150
50
250
450
650
850
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Reported EBIT Reported EBITDA

33. 0
20
40
60
80
100
120
140
160
0
20
40
60
80
100
120
140
160
180
200
220
240
260
280
300
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Over €1.1 billion invested in production
facilities during the past ten years
33
Net investments, acquisitions and gearing ratio 1999-2013
€m
18 March 2014 Sakari Tamminen
Net investments Acquisitions Gearing ratio
%

34. 0,0
0,2
0,4
0,6
0,8
1,0
1,2
1,4
1,6
1,8
2,0
2,2
2,4
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Over €1.3 billion in dividends during the
past ten years
18 March 2014 Sakari Tamminen34
0
50
100
150
200
250
300
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Dividends paid 1999-2013 (€m) Dividend paid per share 1999-2013 (€)

35. Headcount development 1999-2013
18 March 2014 Sakari Tamminen35
12 491
13 000 12 975
12 804
12 047 12 126
11 374
13 303
14 587
14 286
11 648
11 286 11 382
9 034
8 600
0
2000
4000
6000
8000
10000
12000
14000
16000
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
* The Fortaco deal resulted in a decrease of 1,334 in personnel numbers.
*
Personnel at year-end 1999-2013

36. Business environment
in the steel industry
18.3.2014
Sakari Tamminen
36

37. 36
CIS
79
EU
209
Asia
25
Nafta*
19
Latin
America*
*nominal gross overcapacity is used for the regions indicated.
Sources: OECD Steel Committee 2012 (overcapacity data for 2011) and World Steel Association
2013 (production data for 2012)
Overcapacity in the steel industry a global
problem
Nominal overcapacity in the steel industry and crude
steel production by region (mt)
18 March 2014 Sakari Tamminen37
120
47
169
112
1012
Production

38. 18 March 2014 Sakari Tamminen38
70%
75%
80%
85%
90%
95%
100%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Source: World Steel Association 2014
Lower capacity utilisation rate in steel
production
New “normal” < 80%
Capacity utilisation rate in steel production

39. China and other emerging economies
sustain steel market growth – Europe
stagnates
Apparent steel consumption
18 March 2014 Sakari Tamminen39
Source: World Steel Association Short Range Outlook 10/2013
0
200
400
600
800
1000
1200
1400
1600
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013e 2014f
Kiina
EU 27
Maailma
Million tonnes
~45%
China’s share of
global steel market
-0.5%
Growth of European
steel market in 2013

40. 0
50
100
150
200
250
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E 2014F
Special steel market World EU 27
Market for special steels grows faster
40
Growth of hot-rolled special steels
vs. total steel market Global market for hot-
rolled special steels
~3m tonnes in 2013
Ruukki global #2
position in hot-rolled
special steels
Hot-rolled special steels are Ruukki’s largest product group, others are
high-strength galvanised and special colour-coated products
Source: WSA SRO 10/2013 and Ruukki’s forecast of the hot-rolled special steels market
Hot-rolled special steels include the following trademarks: Raex, Optim and Ramor.
(Indexed 2004=100)
18 March 2014 Sakari Tamminen
Global addressable
market for Ruukki’s
special steels
~15m tonnes in 2013
Special steels World

41. Creating a more competitive steel company with global reach

42. SSAB and Ruukki – more competitive together
 The combined company will operate on the global market and
offer customers high-strength steels, heavy plate, standard strip
and tubular products
 Value creation through tangible synergies and improved
earnings potential and through greater flexibility and cost
efficiency
 The Boards of Directors of both companies recommend
shareholders to accept the offer and the main shareholders of
both companies have expressed support for the offer
 Expected annual cost synergies of up to €150 million (SEK 1.4
billion)
42

43. A combination with a strong industrial logic
 Flexible and cost-effective production system to better adapt to
changes in market demand
 Value creation through tangible synergies
 Accelerated growth in high-strength steels, heavy plate,
standard strip and tubular products – continue the shared
strategic direction of both companies
 Enhanced ability to invest in product development and R&D –
innovation leader
A more competitive Nordic and US-based steel company
43

44. 1
2
3
11
22
Luleå
Broader steel production base in the Nordic countries
1
2
3
Borlänge
Oxelösund
Raahe
Hämeenlinna
11
22
Steel production, heavy
plate and strip products
Strip products
Steel production, heavy
plate
Steel production
Strip products and tubes
44

45. Overview
Plannja manufacturing
Ruukki manufacturing
Plannja Ruukki Combined
Net sales €120m €740m €860m
Employees 371 3 266 3 637
Manufacturing sites 5 11 16
 High quality, strong brands and
competences
 Complementary presence in
Nordic markets, with strong
focus on the residential
segment
 Synergies from optimising
production network and product
portfolio
45
Further synergy potential through construction business

46. Value creating share exchange offer for all
shareholders
 For each Rautaruukki share is being offered:
– 0.4752 newly issued SSAB class A shares
– 1.2131 newly issued SSAB class B shares
 Based on the three-month volume-weighted average share prices
of both SSAB and Rautaruukki, the share exchange offer
corresponds to a premium of 20% for Rautaruukki shareholders
46
Conditions for completion of the share exchange
offer
 Subject to SSAB’s shareholders passing the resolutions required to
implement the combination and share exchange offer
 Acceptance of over 90% of Rautaruukki’s shareholders
 Subject to clearance from the regulation authorities in the EU and in
certain other areas

47. Estimated timetable of the share exchange offer
 22 January 2014 announcement of the exchange offer
 9 April 2014 SSAB’s Annual General Meeting resolves to implement the share exchange
offer
 Share exchange offer document and prospectus to Rautaruukki’s shareholders April 2014
 Period to accept the exchange offer estimated to be late April/early May 2014
 The combination is subject to approval from the competition authorities.
47
Announcement of
exchange offer
22 January 2014
Acceptance of
exchange offer
(estimated)
April-May 2014
SSAB’s Annual
General Meeting
9 April 2014 April 2014
Offer document
published
(estimated)
>

48. 18 March 2014 Sakari Tamminen48