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SSAB to Receive Additional Compensation for Blast Furnace Incident
01/28/2008 - SSAB Tunnplåt AB is to receive approximately SEK 161 million of additional insurance compensation related to a blast furnace breakdown that occurred at the company’s Luleå plant in 1997.
SSAB Tunnplåt AB will receive approximately SEK 161 million of additional insurance compensation related to a blast furnace breakdown that occurred at the company’s plant in Luleå in 1997. The settlement also includes interest and compensation for litigation costs.
The Sweden Branch of Zürich Insurance was ordered to make the payment as part of a judgment issued by the Svea Court of Appeal.
Including accrued interest thus far, the awarded compensation totals approximately SEK 302 million, excluding compensation for litigation costs. Approximately SEK 110 million of insurance compensation has already been paid out as a consequence of the breakdown.
If this judgment becomes final, the company said it will have a positive impact on SSAB’s earnings in the amount of approximately SEK 250 million.
SSAB Tunnplåt AB is a wholly owned subsidiary of SSAB.
