.gif?width=220&height=220&mediaprotectionhash=27a2c7b682a980edd98804d5ef3ab0afa2e746bbcbde7192e62ce4a3fe797500&ext=.gif)
SSAB Insurance Compensation Confirmed by Swedish Court Ruling
06/04/2008 - The Swedish Supreme Court has rejected Zürich’s appeal regarding insurance compensation to SSAB related to the 1997 blast furnace failure at SSAB’s Luleå plant.
The Swedish Supreme Court has rejected Zürich’s appeal regarding insurance compensation to SSAB. This ruling confirms the judgment delivered by Svea Court of Appeal.
The Svea Court of Appeal had delivered a judgment on January 25, 2008, ordering Zürich Insurance, Sweden Branch to pay SSAB’s wholly owned subsidiary, SSAB Tunnplåt AB, additional insurance compensation of approximately SEK 161 million as well as interest and compensation for litigation costs. The compensation related to a 1997 blast furnace breakdown that occurred at SSAB’s Luleå plant.
Including accrued interest, the awarded compensation totaled approximately SEK 302 million, excluding compensation for litigation costs. In addition to the insurance compensation awarded according to the judgment, approximately SEK 110 million has already been paid out in compensation as a consequence of the breakdown.
The final judgment has a positive impact on SSAB’s earnings in the amount of approximately SEK 260 million.
SSAB, a global niche producer of high=strength steel with a leading market position and productivity, develops solutions in order to increase the competitiveness of its customers.
