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SSAB share price rockets after merger deal

Steel giant SSAB is planning on merging with Finnish company Rautaruukki.

In an interview with Swedish Radio News, SSAB's CEO Martin Lindqvist says that the merger could save the company as much as SEK 1.4 billion. They also plan to lay off around five percent of the the total 17-18,000 employees in Sweden and Finland, around 900 employees, over three years.

Just ten minutes after the announcement SSAB's stocks rose about ten percent on the Stockholm Stock Exchange. The total value of the merger amounts to SEK 10.1 billion.

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