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Second-Party Opinion Download

Project Details


SSAB Sustainability-Linked Finance Framework Second-Party Opinion (2021)



Project Type

Sustainability Linked Bond or Note

Industry Group


Use of Proceeds




Evaluation Date

May 2021

Evaluation Summary

Sustainalytics is of the opinion that the SSAB Sustainability-Linked Finance Framework aligns with the Sustainability-Linked Bond Principles 2020. This assessment is based on the following: 

Selection of Key Performance Indicator (KPI)

SSAB Sustainability-Linked Finance Framework includes one KPI: absolute Scope 1 and 2 GHG emissions (see Table 1). Sustainalytics considers the KPI chosen to be very strong based on its relevance to SSAB’s business, scope of its applicability, and its clear and consistent definition. 

Calibration of Sustainability Performance Target (SPT)

Sustainalytics considers the SPT to be aligned with the issuer’s sustainability strategy. Sustainalytics further considers the SPT to be highly ambitious based on performance against the issuer’s historical performance as well as performance against peers and external contextual benchmarks. 

Bond Characteristics

SSAB AB will link the financial/structural characteristics of the bond/loan to the achievement of the SPT. Should the Company fail to achieve the SPT, a financial penalty shall be applied in the form of a coupon rate step-up or an increase in the bond redemption price at maturity. If the Company achieves the SPT, there will be no impact on the coupon rate or the redemption price.  


SSAB AB commits to report on an annual basis on its performance on the KPI as part of a Sustainability-Linked Finance Progress Report, which will be available on its website. SSAB AB commits to disclose relevant information that affect the KPI performance, such as any re-calculation of the baseline for the KPI, re-assessments of the KPI and/or restatement of the SPT and/or pro-forma adjustments of baselines or KPI scope. The reporting commitments are aligned with the SLBP.  


SSAB AB commits to have external limited assurance conducted on its KPI performance at the communicated SPT deadline, which is aligned with market expectations.