Clarification prior to SSAB’s interim report for the first quarter of 2008
April 17, 2008 9:00 CEST 6 min read
Sale of the tubular business in North America
On March 14, SSAB publically announced the sale of the tubular business of the IPSCO Division in North America.
Pending completion of the transaction in the second quarter of 2008, the sold business will be reported as a discontinued operation in accordance with the international accounting standards, IFRS.
Accordingly, all revenue and expenses attributable to the tubular business in North America will be removed from the consolidated income statement and presented separately on a line as ”Profit after tax for discontinued operations”. Assets and liabilities attributable to the tubular business will be reported on separate lines in the balance sheet as holdings for sale. A separate income statement and balance sheet regarding the tubular business will be reported in a note. The transaction is assessed as not resulting in any capital gain/loss.