InfraStructures - August 2007 - SSAB Successfully Completes Acquisition of IPSCO

SSAB Successfully Completes Acquisition of IPSCO

SSAB Svenskt Stål AB recently announced that the acquisition of IPSCO Inc. was successfully completed.

"I am very pleased to announce the successful closing of the IPSCO acquisition. This is yet another milestone in our SSAB 2010 strategy towards becoming the Global leader in value added steel. Through the acquisition of IPSCO, we will not only acquire a platform for future growth and expansion, we will also extend our market presence in North America," said Olof Faxander, CEO and president of SSAB.

IPSCO will be organized as a division in the SSAB Group headed by John Tulloch who said, "This combination of SSAB and IPSCO accelerates the opportunities for customers, employees, suppliers and our communities alike to grow and prosper over the coming years. IPSCO's dynamic growth and success over its history will continue when merged with the global organization of SSAB. We look forward to being a vital part of the new SSAB's future success."

IPSCO's former president and CEO, David Sutherland, is retiring.

"I wish to thank David Sutherland for the very positive cooperation during the very intensive work on uniting our two companies," says Olof Faxander. "David Sutherland has also played a very important role in the development of IPSCO into one of the most successful steel companies in North America."

Source: SSAB Svenskt Stål AB