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Investing.com -- SSAB AB on Friday said that the Swedish Financial Supervisory Authority (FI) has initiated a review concerning the company’s disclosure practices related to a previously reported goodwill impairment.
This development follows an inquiry by the Council for Swedish Financial Reporting Supervision, which raised questions regarding a portion of the SEK 33.3 billion impairment recorded in SSAB’s financial statements for the fourth quarter of 2022.
Throughout 2023 and 2024, SSAB engaged in discussions with The Council regarding the matter. Despite SSAB’s position that the impairment was recorded in accordance with applicable financial reporting guidelines and recommendations, The Council escalated the matter to FI in 2024.
SSAB has consistently disclosed these discussions in its interim reports and the 2024 annual report, ensuring transparency about the ongoing review process.
SSAB has reaffirmed its stance that the reported impairment aligns with established accounting standards and industry best practices.
This view has been supported by the company’s auditors and independent experts consulted throughout 2024.
The company remains committed to maintaining compliance with regulatory requirements and upholding the highest financial reporting standards.
SSAB is publicly listed on Nasdaq Stockholm, with a secondary listing on Nasdaq Helsinki.
Operating in over 50 countries with production facilities in Sweden, Finland, and the United States, the company continues to drive forward its mission of creating a stronger, lighter, and more sustainable future in the steel industry.