Half Year Report 2004

7/19/2004 6:51 AM EST

· Sales during the first half of the year increased by 16% and
amounted to SEK 12,053 (10,378) million. Profit after tax increased to
SEK 1,170 (543) million, equal to earnings per share of SEK 11.60
(5.40).

· Profit after financial items for the second quarter increased
by SEK 596 million to SEK 962 (366) million. Thus, during the first half
of the year profit after financial items has increased by SEK 905
million to SEK 1,685 (780) million.

· Deliveries of extra and ultra high-strength sheet and quenched
steels during the second quarter were 35% higher than last year and so
far this year have increased by 32%. During the first half of the year,
the niche products, high-strength sheet and quenched steels, accounted
for 50% of the delivery volumes in the steel operations.

· Cash flow for the first half of the year amounted to SEK 900
(37) million.


Stockholm , 19 July 2004


Anders Ullberg