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Sandvik Aktiebolaget (SDF)

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Tuesday 03 September, 2002

Sandvik Aktiebolaget

Sandvik Steel accelerates the ongoing program of c

Sandvik Steel accelerates the ongoing program of change

Sandvik Steel has decided to intensify the ongoing program of change
through a review of the organizational structure at the main facility in
Sandviken. The aim is to improve the unsatisfactory profitability
through reduced costs, enhanced efficiency and increased flexibility.

As a result of this action, the number of salaried employees in
Sandviken is expected to be reduced by 140 positions. Wage earners in
positions in which the job content is mainly administrative in nature
may also be affected. Negotiations with the unions are being initiated
immediately. The union organizations as well as the county employment
board were notified today.

A very sharp focus will also continue to be made on increased
productivity at the production facilities in Sandviken. Capacity
utilization shall increase by at least 20%.

"Sandvik Steel's profitability is still insufficient, particularly in
Sandviken. Costs must be reduced and efficiency increased to be able to
achieve profitability goals and ensure a long-term positive development
of the company," says Peter Gossas, President of Sandvik Steel.

Sandviken, 3 September 2002

AB Sandvik Steel

For additional information, please contact Peter Gossas, President of
Sandvik Steel,
tel +46 26 26 40 56.

Sandvik is a high-technology engineering group with advanced products
and world-leading positions in selected areas - tools for metalworking,
machinery and tools for rock excavation, stainless steel, special alloys
and resistance heating materials and process systems. The Group has
37,000 employees in 130 countries, with annual sales of approximately
SEK 55,000 M.

Sandvik Steel is a business sector within the Sandvik Specialty Steels
business area and a world-leading manufacturer of highly refined
products, tube, strip, wire and bar, in stainless steel and special
alloys. Annual sales are approximately SEK 10,000 M, with about 6,000
employees, of which about 840 salaried employees and 2,760 wage earners
in Sandviken.

                                                                                                                                                                                                   

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