Sweden steel manufacturing company SSAB has announced to expose in the stock market on the basis of past 3-month average share price premium 20% acquiring Finland steelmaker Rautaruukki shares, takeover total amount will reach US$ 1.56 billion.

The company also indicated that the acquisition will benefit the northern European iron and steel industry, reduce operational costs

The move would save 1.4 billion koruna a year operating costs as wll.