Åkers Annual report 2008
Transcript of Åkers Annual report 2008
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The kers Group AnnuAl reporT 2008
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Contents
Presdets commets ................................................2
Market oerew .........................................................6
Dso Cast Rolls Amerca .......................................8
Dso Cast Rolls Europe.......................................10
Dso For ged Rolls ...............................................12
Dso Specalt Rolls ............................................14
kers Cha .........................................................19
A oate compa ............................................20
Qualt, Safet ad Eromet ..............................22
Facal Stateme ts ...............................................25
Presetato of the Board of Drectors .....................28Group Ex ecute Maag emet .................................29
kers Group World wde .......................................31
Cotact formato ..................................................32
th clar bjciv i dvlp kr rma ladig rll mauacurr i a wrldcla cmpay.
Bengt NilssonPresident & CEO
Graphcal producto: EttOrd AB, Strgs
Photo: Patrk Borg, A Hee, Moa Skoglud, Tedd Soost ad The kers Group
Traslato: Amesto, Gteborg | Prepress: Bldrepro Stockholm AB
Prt: Cetraltrckeret, Lkpg, 2009 | Paper: MultDesg Whte Orgal, Paprus
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PRESiDEnTS COMMEnTS
A rcrd yar i pi a urbul mark
2008 wa a v tbt
a f t gba
idt. T vatd
mat itati i 2007 wa
normizd during th rt
af f t a, t b fwd
b a damatic dci f t
mat i t at qat.
Ths dramatc slowdow was caused
b the rapd decle of global steel
demad. i tur, ths decle demad
led to signicant output decreases by
the steel producers of the world,
order to meet the actual demad.
if the deelopmet of global roll
demad recet ears has bee wth-
out hstorcal parallels, ths s also true for
the speed ad the sze of the slowdow.
The leadg roll makers expereced low
order take Q4 ad were also faced
wth demads to postpoe shpmets,
from a few moths to up to oer a ear,
as well as of cacellatos.
In the rst half of 2008, both raw
materal ad eerg prces creased
rapdl wth scrap prces r eachg
record leels durg sprgtme. i the
summer moths prces started to fall as
rapdl. The mpact of olatle raw mate-
ral prces has, to a large extet, bee
dealt wth through arable surcharges.
These surcharges, sce ther tro-
Bgt ni
pidt & Ceo
KEY FIGURES
MSEK
2004 2005 2006 2007 2008
Sales 2.081 2.501 2.671 3.195 3.592
Operating expenses -2.026 -2.322 -2.392 -3.007 -3.378
Depreci ation -98 -91 -97 -109 -120
EBIT -42 88 182 304 378
EBIT Margin neg 4% 7% 10% 11%
Investme nts in fxed assets 176 156 61 199 283
Return on capita l employed neg 6% 14% 18% 17%
SalES pER REGIon
Percentage o total sales
Europe 52%
Asia incl Australia 27%
North America 17%
Arica 2%
Latin America 2%
ToTal SalES 2004 2008
MSEK
2004 -08- 05 - 06 - 07
3 000
2 000
1 000
4 000
0
ducto a few ears ago, hae become
dustr stadard ma markets such
as Europe ad north Amerca for exam-
ple. noetheless, t s lkel that ths ol-
atlt has created a securt that has
cotrbuted to the weaker order take
in the nal months of the year.
nw wi tct
For kers, a large part of the ear was
domated b the process whch theprivate equity rm Altor acquired 85
percet of the Group from STC iter-
nans. Formal closing of the transac-
to was completed o Jul 23. The fact
that STC Internans remains as a sig -
nicant minority shareholder is a sign
of ther cotued belef the Gr oup
ad should also esure cotut the
deelopmet of kers.
Followg tese coceptual work
wth the execute maagemet team
durg the secod quarter, the com-
pa lauched a mproemet program
called kers 25. Ths program ams
far beod the Busess Pla that was
approed October 2007.
Durg the startup of kers 25, the
compa foud tself the rapdl fall-
g market. i respose, the focus
the nal weeks of the year was changed
towards short term acttes order to
deal wth the ew market realt.
As a result of the capact adjust-
mets decded upo durg Q4 the
workforce wll be decreased b aroud
15 percet ad that actt ma
plats wll be dramatcall reduced dur-
ing the rst half of 2009.
A ew product dso orgaza-
to was troduced Jauar 2008.
Durg the ear the ew structure has
bee cosoldated ad a umber of ke
recrutmets were made. new corpo-
rate fuctos such as Global Produc-
to Support ad Corporate Deelop-met were establshed.
Faciitat damaticimvmt
i am coced that kers ow has a
orgazatoal structure that wll facl-
tate the dramatc mproemets that
we ted to achee. Followg the
ew dsoal structure, a decso
was take to establsh two subsdar-
es of kers Frace S.A., oe for each
of the plats Seda ad Frasses.
From a operatoal stadpot, these
plats are ow part of the Dsos
Cast Rolls Europe ad Specalt Rolls.
The remag acttes wth kers
Frace S.A. are part of Dso Forged
Rolls.
A ew product deelopmet model,
SPiDER, has bee troduced durg
the ear. There are curretl a umber
of hghl promsg ew products the
pipeline with signicant commercial
potetal.
Bt a i it
Sales 2008 amouted to 3.592 MSEK,
whch s 12.4 percet aboe the 2007
level (3.195 MSEK). The operating prot,
EBiT, was 378 MSEK (304 MSEK). As a
result 2008, spte of the er weak last
quarter, was the best ear the hstor
of kers in absolute gures.
Operating cash ow amounted to
393 MSEK (94 MSEK).
The total estmets 2008 were
283 MSEK (200 MSEK). Oe of the
largest projects was the ew ertcal
sp castg mache the Chese
plat.
The mproemet program kers
25 wll ru durg a umber of ears
ad wll hae effects all areas of the
Group. The program cotas short
term cost sag ad cash geerat-
g actos as well as more structural
mproemets. Durg the lfe of the
program a separate program ofce will
secure that all acttes are followed
ad cotrolled. The clear objecte s to
deelop kers from a leadg roll mau-
facturer to a world class compa.
Bgt ni
Presdet & CEO
EBIT 2004 2008
MSEK
2004 -08- 05 - 06 - 07
300
100
200
400
GloBal cRUdE STEEl
pRodUcTIon pER MonTh
Million metric tons
200820072004 2005 2006
125 000
100 000
50 000
75 000
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My cllagu ar dfily hm impra hig r m,ad i h udry a kr whav a rally gd am adgra am piri. th ac ha
kr al r a xciig jb,wrkig wih ml ir haxrmly rwardig m.
Therese AnderssonFoundry worker
kers Styckebruk, Sweden
I rally valu my jb ad hway I am dvlpig a kr.I hav ly b abl bcm a xpr i my pr-i, bu I hav al xp-ricd hr ara uch a
caig ad ha ram.thi ma ha my jb i' arui. I hp I ca carry i hi way r urhr dvlp-m i h uur.
Franck VioletteFoundry workerSedan, France
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MARKET OvERviEW
Clr cumr
Dit t aid dwt i
t wd cm, 2008 wa
t bt a i it .
T cma tgtd
it iti a a gba mat
ad ffig qait f
t gba t ad amim
idti.
Compared to 2007, sales Cha
creased b more tha 50 percet
ad b a ee greater percetage ida. The crease olumes sold was
achieved without comprising protabil-
t leels.
B far the most mportat product
area for kers has bee, ad cot-
ues to be, rolls for at products within
the spheres of carbo steel, sta-
less steel ad alumum. Wth these
areas, whch comprse the ast major-
t of Group acttes, kers has a er
strog market posto. For log pro-
ducts, kers has take more of a che
approach wth excellet capabltes to
produce larger szed secto mll rolls,
both cast ad forged, at our stes
Swede ad Frace.
Icaig gba aad vic c
As eer rollg mll s uque, workg
closel wth our customers to costatl
mproe our uderstadg of how we
ca meet ther eeds s somethg we
cotuall stre to do. Ths has bee
oe mportat cotrbutg factor to the
success we hae ejoed our tra-
dtoal markets of Europe ad north
Amerca.
Wth kers log ad rch hstor of
maufacturg Wester Europe ad
north Amerca, our salesforce also
uf Gm
si Vic pidt
Matig & sa
Ia McWit
exctiv Vic pidtCat Dvmt
I rally jy h vry-day cac wih cu-mr ad c-wrkrwihi kr. W ar avry gd am, uppr-ig ach hr wardur gal. thi highlymivad am wrkca ly lad ucc.Fr m prally, I ga l w xprici h fld markigad al, which I fd
bh m irig addvlpig.
Barbara KureSales Coordinator
Ravne, Slovenia
SalES dISTRIBUTIon
pER coUnTRY
Canada
Finland
Brazil
SpainGreat Britain
Sweden
South Korea
Luxembourg
BelgiumFrance
Italy
Germany
Other countries
USAChina
0% 5% 10% 15% 20%
SalES dISTRIBUTIon pER
Roll MIll applIcaTIon
Narrow strip mill rolls
Plate mill rolls
Aluminium mill rolls &Continous casting
Cluster mill rolls
Cold strip mill rolls
Section mill rollsBack up rolls
Co products
Hot strip mill rolls
40%20%
has ts roots prmarl these markets.
Today our sales ofces in these markets
are complemented by sales ofces in
Cha ad Brazl. Through ths etwork,
kers toda sells to customers oer
50 coutres.
Our tradtoal markets hae bee,
ad wll cotue to be, mportat mar-
kets for kers, but wth the rapd growth
of the steel producto ma emerg-
g markets, the mportace of the mar-
kets outsde the tradtoal regos has
creased greatl for kers r ecet
ears.
Nw nd rvic ofc
Cosequetl, we hae decded to buld
up a umber of ew sales ad serce
ofces in selected markets in the com-
g ears.
Workg from a umber of sm-
lar hubs, kers wll hae a ee more
commadg presece o the global
market. The compa s curretl co-
sderg a umber of possble locatos
for its own sales ofces.
B leeragg our exstg sales ad
serce capablt ad complemetg
t wth more local market presece, we
belee that we ca work ee closer
wth our customers, to deler superor
products ad serces. i ths challeg-
g market eromet, we belee that
ths proacte approach s ke to secur-
g kers cotued deelopmet,
positioning kers to benet from the
chagg global steel ladscape.
Wi-wi atiiwit ctm
A arragemet wth eer-adacg
leels of techcal expertse ad more
proacte adsor serces, delered
the mll, for customers s our objec-
te. Ths eables kers to help the cus-
tomer to alwas choose the correct
roll for a partcular applcato. A
approach corporatg total cost of
owershp s beg creasgl mple-
meted b kers' customers. i prac-
tce, ths meas that a swtch to a hgh
tech roll solution may yield signicantly
better operating and overall nancial
results for the customer.
Wth the purpose of further stregth-
eg the customer percepto of kers
as a mportat suppler Cha, kers
held a er successful customer sem-
ar Cha March 2008. More thaoe hudred customers atteded the
semar. kers' techolog ad kow-
how, as well as customer case studes
were preseted.
Fc cag
Wth our marketg ad sales act-
tes, oe objecte s to rapdl adapt
to prealg market codtos. Per-
haps ee more mportat, the work
ad efforts to mproe ad chage,
wll also prepare the busess for the
uptur whe t eetuall arses, esur-
g that kers comes out o top.
Our oerall objectes are to be
faster, more reliable and efcient
as well as more customer-focused,
achieving more protability and thus
deelop from beg the leadg global
roll maufacturer to becomg a
world-class compa.
Tm ad cditi
Oe er mportat objecte for kers,
ad the etre roll dustr s to estab-
lsh more deeloped commercal rela-
tos betwee roll makers ad ther cus-
tomers.
Roll maufacturg cludes log
throughput tmes wth hgh exposure to
uctuating raw material prices and var-
g exchage rates.
i the last quarter of 2008, whethe market stuato was dramatcall
worseed, t also became obous that
clearer commercal rules hae to be
establshed ths partcular market.
Postpoemets ad cacellatos must
be hadled accordace wth agree-
mets betwee the partes.
stgtig t gaizati
Efforts ths regard are ot lmted to
mprog kers' global sales presece.
Ke recrutmets hae also bee made
durg 2008 ad wll cotue also
2009 as a umber of the exper ts the
orgazato are approachg retre-
met. kers objecte s to hae a
excellet commercal team regardless
of where the customers are located or
what products the are usg.
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DiviSiOn CAST ROLLS AMERiCA
th cmpi iv pii i rg
2008 wa a tg a f
Divii Cat r Amica.
pdct iabiit ad mi
atig wdg i t
fdati wic xct
vic t ctm i bit.
Dso Cast Rolls Amerca s a strog
suppler of Hot strp mll rolls the
north Amerca market. i the last ear
the dso has focused o creasg
export sales. Durg 2008, 26 percet
of the roll producto was exported. Themajort of exported rolls are shpped to
Asa, prmarl to Cha. Last ear, tech-
cal sales sts were made to ma
terestg markets. Exchagg kow-
ledge ad expereces of rollg mll
practces related to techolog rolls,
supports the deelopmet of sales
ew markets.
eqimt ad acivtmt
i 2008, two major captal expedture
projects were tated ad wll be com-
pleted in 2009. The r st is the construc-
to of a magesum wre treatmet sta-
to used to produce odular ro for
the roll core. Ths process wll mp roe
the eromet for the workforce. The
secod project s the stallato of a
rebult CnC lathe.
Durg the ear, research efforts
troduced ew roll grades offerg
mproed surface qualt for r oughg
stad applcatos. Performace trals
coducted at seeral customer facl-
Fr m, kr ha hwha wih hard wrkad cmmim mayppruii ar pr-d. Havig bgiv h ppruiy cmmuica wih cu-mr a daily baiha hw m a wprpciv wha hirccr ad dar. th ppruiy lar ad grw, wih hlprm kwldgabl
ad xpricd ppla kr, ha mad hraii vry rwardig.
Robert E. KlingensmithTechnical Sales Engineer
Avonmore, PA, USA
The highly respected kers brand rep-resents product quality, reliability andoutstanding service. In a global econ-omy, this strong brand recognition greatlystrengthens our competitive position.
Tm Adam
Divii MaagCat r Amica
shorT FACTs 2008em: 330 F.T.E.pdct: Hot strp mll rolls,Cold strp mll rollsvertcal Seal: Beargs, bush-gs, sleees ad chockslcati: Aomore, HdePark ad Pleasatlle, PA,USApdcd vm: 22.000 t
nUMBER oF
EMploYEES
330 pe ople (21% o the
Group) Year average
F.T.E.
InvESTMEnTS
13% o the Group
SalES
20% o the Group
SalES pER REGIon
Asia 26%
North America 74%
tes are showg mproed performace
ad surface reteto.
Mvig fwad i 2008
Dso Cast Rolls Amerca exceeded
its objectives through the rst three
quarters of 2008, but ecoomc co-
dtos the fourth quarter adersel
affected ear-ed results. Ufortu-
atel, the uexpected ecoomc dow-
tur came er quckl ad full recoer
s et uclear.
A mportat acheemet 2008
was the fact that the safet record
improved signicantly. The number ofLost Tme Accdets was reduced b
25 percet ad resulted a decreased
umber of work das lost.
The vertcal Seal faclt mau-
factures bearg compoets for roll-
g mlls whch are assembled oto roll
ecks. The potetal for growth ths
market s excellet.
Durg the ear, vertcal Seal deel-
oped a successful busess reparg
steel mll backup ad work roll chocks.
Mat adi
The Dso Cast Rolls Amerca sales
departmet has ma ears of opera-
toal, techcal ad product deelop-
met experece workg closel wth
the rollg mlls ad matag strog
customer relatoshps. The compa
uses the product ad rollg mll oper-atg kowledge to prode excellet
serce, to mproe rollg practces
ad to sole problems for the custom-
ers. These alue-added serces, alog
wth the suppl of relable product qual-
t ad performace, wll be mportat
2009.
Bad ctm f cat
The rolls maufactured from the D-
so ca be grouped to two catego-
res: stadard ad techolog. Stadard
rolls are grades that most roll maufac-
turers produce. Requrg adaced
maufacturg techques, techolog
rolls are highly rened grades made
from hgh-speed steel. i north Amer-
ca; Dso Cast Rolls Amerca s the
leadg maufacturer of techolog
rolls.
F.T.E.= Full tme equalac e
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DiviSiOn CAST ROLLS EUROPE
Wll quippd ac h uur
Icad dcti
caacit d tat Divii
Cat r e wa m
ab t c wit t tg
v f dmad, imai
witi at mi .
As a result of chages ad mproe-
mets durg the ear, Dso Cast
Rolls Europe s well equpped to face
the future. At the same tme, the market
for hot mll rolls at the ed of the ear
was markedl affected b the chages the ecoomc stuato.
The Dso has two producto facl-
tes, oe kers Stckebruk, Swede,
ad oe Seda, Frace. The umber
of emploees at the Swedsh faclt s
310, whle 200 people are emploed at
the Frech ste.
The bggest maufacturg actt
terms of olume wth Dso Cast
Rolls Europe s stll hot strp mll rolls for
roughing mill works and nishing mill
works. Maufacturg of plate mll rolls
ad hot strp mll rolls takes place at
both producto uts. Large secto mll
rolls are maufactured at the produc-
to ut kers Stckebruk, Swede.
Ica i dcti caacit
Durg 2008, two br ad ew heat-treat-
met stallatos were plaed for the
Swedsh faclt. Ths wll cotrbute
substatall to creasg producto
capact ad esurg faster deleres.
The Dso had almost full order
books rght through to the fall of 2008,
I hav a backgrud imchaical girigad am w rpiblr prc girigad machi ud ih mauacur rll.I hav had h ppru-iy puru my ch- carr. My jb akar xrmly varid, adI am caly mar-ig w kill ad gai-ig xpric. krr a vry irigwrk virm, which
prvid m wih a lidbai r my uur dvl-pm.
Frdric HussonPreparation department for
numerical controlSedan, France
The desire and ability to change andadapt is present within the Division. Wehave made great progress in terms oquality, reliability o delivery, saety and
working environment.
kti kad
Divii MaagCat r e
shorT FACTs 2008em: 510 F.T.E.pdct: Hot strp mll rolls,Plate mll rolls, Secto mllrollslcati: kers Stcke-bruk, Swede; Seda, Fracepdcd vm:31.000 t
nUMBER oF
EMploYEES
510 people (32% o the
Group) Year average
F.T.E.
InvESTMEnTS
30% o the Group
SalES
29% o the Group
SalES pER REGIon
Arica 4%
Americas 7%
Asia 40%
Europe 49%
at whch pot the stuato altered
somewhat certa segmets due
to the rapdl falterg global eco-
om. Secto mll rolls ad plate mll
rolls are stll experecg a good leel
of demad ad the Dso's uts are
adjustg producto capact to satsf
workload demads. The stuato s df-
feret for hot mll r olls, ad adjustmets
hae bee made to match customers'
reduced requremets for ew rolls.
At the ed of 2008, the umber of
temporar staff the Dso was
reduced, owg to the mpact of chaged
producto capact resultg from cur-ret market codtos. Oer the ear,
the orgazato has also bee stregth-
deler from the Dso's uts has
bee mproed, ad the ambtous
group-wde targets for mproed relabl-
t hae bee attaed almost oe hu-
dred percet. Safer workg ero-
mets ad hgher attedace amog
emploees are poste results from the
ear's other tates. Acheg these
objectes requres costat deelop-
met of both emploees ad producto
facltes, somethg that eer stops.
Ctm tgt t wd
The Dso has customers throughout
the world. Our geeral approach, regard-less of where the world the customer
s located, s to edeaor to promote cus-
tomer condence and to ensure that our
product fuctos optmall after deler.
B reewg the techcal requremets
adace together wth the customer,
Dso Cast Rolls Europe ca esure
that the correct product wth the correct
specications is ordered and delivered
eer tme.
Costatl mprog ad deelop-
g both products ad qualt leel s
the drg force for Dso Cast Rolls
Europe. Our products are well estab-
lshed ad hae a world-class reputa-
to wth the dustr ad ths pos-
to must be mataed.
eed b seeral mportat ke recrut-
mets at both the Dso ad ste leel.
Ctat imvmt
The focus the kers Group s o get-
tg closer to ts customers. Dso
Cast Rolls Europe s workg alog
these les ad s well aware of the
challeges t faces. icreased focus
o customers' requremets, ol-
g, amog other thgs, estmet
creased techcal support ad serce
o ste for customers, s obous. Work-
g to esure costat mproemet
has elded results ad the Dso hascreased producto ad mproed the
qualt of ts products. Relablt of
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DiviSiOn FORGED ROLLS
swpig chag
Divii Fgd r a
dg maj cag
dig 2008, bt i tm
f it gaizati ad
t mat. Fwig t
w diviia tct,
t xctiv maagmt
a b wd t a ag
dg ad w ig tc
av b dcd
ad ttd i ctm'
faciiti a bad ca.
Dso Forged Rolls has three produc-
to plats. These are located Frace
ad Belgum. The plat Tholle
cludes steel works, forgg, heat treat-
met ad machg. The plat Ber-
lamot performes heat treatmet ad
machg, whle the plat Lege
maufactures ESR materal (Electro
slag remeltg) cludg forgg ad
heat treatmet.
pdcti caacit
At the ed of 2008, the umber of
emploees the Dso was 450, of
whch 60 percet work Tholle.
The Dso's ma operatos are
the producto of secto mll rolls for
maufacturg log products, back-up
rolls for cold ad hot rollg, ad com-
plemetar products, prmarl gots,
forged bars ad mechacal peces.
The producto capact for secto
mll rolls s aroud 5.000 tos per ear.
The etre output of secto mll rolls s
I i vry mivaig rm wrk i a ridlyam wih challg-ig rpibilii ia wrldwid cmpaymakig prduc hhigh qualiy. I my jba a pyrmric ch-icia I g ppruiy icra my kw-ldg a w dvlpchiqu ad wrkigmhd ciuuly.
th cmr I l wih
h kr amphr iial r my jb ai-aci.
Raphael BorgesPyrometric Technician
Berlaimont, France
Our Division and our people strive or andachieve such great efciency and such ahigh level o competence, know-how andquality, that we can only but strenghtenour market-leading position.
pii B
Divii MaagFgd r
shorT FACTs 2008em: 470 F.T.E.pdct: Secto mll rolls,back-up rolls, gots, forgedbars ad mechacal peceslcati: Lege, Belgum;Berlamot ad Tholle,Fracepdcd vm:Co-products 43.000 tRolls 19.000 t
nUMBER oF
EMploYEES
470 people (29% o the
Group) Year average
F.T.E.
InvESTMEnTS
46% o the Group
SalES
32% o the Group
SalES pER REGIon
Americas 2%
Asia 13%
Europe 85%
set asde for Europe. Dso Forged
Rolls' secto mll rolls are estmated to
hae 5 percet of the market.
Aroud 6.000 tos of back-up rolls are
maufactured auall ad sold prma-
rl Europe ad Asa. The Dso has
aroud 8 percet of the global market.
i the steel works, extra capact
eables the Dso to maufacture
gots ad forged bars, accoutg for
half of the sales of the Dso.
eaig cagd
2008 saw the market shft from rsg
demad ad strog producto expa-
so wth assocated ew hrg durg
the rst six months, to a faltering econ-
om wth decreasg olumes ad la-
offs affectg temporar staff durg the
secod half of the ear. Despte ths,
Dso Forged Rolls' eargs hae
remaed uchaged compared wth
the preous ear.
Durg ths dowtur, the Dso wll
cotue to est research ad deel-
opmet preparato for expected mar-
ket recoer. Thaks to kers' er
strog ame ad the Dso's exte-
se kow-how relato to ts compet-
tors, Dso Forged Rolls wll be a
excellet posto whe demad pcks
up aga. Through close cotact wth
customers, the Dso s able to gude
ad follow potetal market chages.
Icaig t vic v
i order to mata ad stregthe
ts market-leadg posto, Dso
Forged Rolls tated a umber of
deelopmet projects wth the kers
25 program, amed at creasg the
serce leel whle becomg more ad
more efcient. With the help of mod-
er mproemet tools, there hae bee
reductos of o coformtes, c-
dets ad delas. The aerage through-
put tme has also decreased as well as
the respose tme to customer requests.
hig va f t ctmThe stringent specications and the
hgh qualt that forged bars ad
mechacal peces demad, push the
whole Dso to much hgher stad-
ards tha rolls request. As a result, our
customers for forged rolls ca rel o
the worldwde best class whe rolls
are cocered.
For kers t s mportat that the cus-
tomer gets the lowest total cost of ow-
ership, in order to get the most prot-
able soluto. Factors such as a log
serce lfe, few producto stoppages,
good techcal support, ad tmel
deleres are tal.
Research ad deelopmet remas
the fuel for future growth. Through
renement of production methods,
costat deelopmet of steel qual-
tes, mproemet heat treatmet
ad close collaborato wth custom-
ers' egeers, ew tpes of r olls hae
bee desged ad tests hae begu,
2008, to crease the alue of our rolls
for our customers.
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DiviSiOn SPECiALTy ROLLS
Icrad icicy wih w rgaizai
Divii sciat r
a t a t f fft it
dcti imvmt.
Icad dcti
vm, dcad w
i g ad td
tgt tim av
b aa. pdcti
gam btw t at
a a imtat i t
work to optimi fcincy.
Durg 2008, each of the three plats
in the Division beneted from strong
demad. Although Europe remas the
ke market, rolls are delered to cus-
tomers world wde.
2008 was a breakthrough ear for
busess Cha for Dso Specalt
Rolls, sellg prmarl rolls for clus-
ter mlls ad work rolls for cold r ollg to
ew customers. The Chese market s
gag mportace for the Dso,
wth a cotuousl rsg market share.
Dvmt f wdct ad mtd
Oe of the ke factors drg kers'
posto as a market leader s ew
product deelopmet. Efforts, com-
pa wde, focus o deelopg prod-
ucts that maxmze performace ad
cost effecteess for our customers.
2008 cluded seeral acheemets
ew product deelopmet regardg the
products Dso Specalt Rolls.
A ma emphass has bee o the We put a lot o hard work and eorts intoimproving our production.
nUMBER oF
EMploYEES
300 people (18% o the
Group) Year average
F.T.E.
InvESTMEnTS
11% o the Group
SalES
16% o the Group
deelopmet of rolls for cluster mlls
usg powder steel. new roll qualtes
were also tested for cotuous castg
of alumum as well as for work-rolls for
cold rolling. The rst rolls using these
ew methods ad ew steel grades
hae alread bee delered to cus-
tomer durg 2008.
Icad dctivit
A reorgazato ad specalzato pro-
gram has bee completed durg the
ear. Eer product group s ow made
Mia rbi
Divii Maagsciat r
shorT FACTs 2008em: 300 F.T.E.pdct:Cluster mll rolls,arrow strp mll rolls, coldmll work rolls, alumumwork rollslcati: Frasses,Frace; Rae, Sloea;Sderfors, Swedepdcd vm: 7.712 t
SalES pER REGIon
Other 7%
Americas 12%
Asia 15%
Europe 66%
the producto ut wth the most sut-
able producto facltes. The Frasses
ut produces work rolls for cold rollg
ad rolls for alumum, whle the Sder-
fors ut specalses the producto
of rolls for cluster mlls ad arrow strp
mll rolls. i Rae both product groups
are produced as well as work rolls for
cold rollg.
Ths specalzato has lead to a
10 percet crease of productt
Rae ad Sderfors.
Signicant investments have been
made Rae wth a addtoal heat
treatmet le. iestmets hae also
bee made ew maches Sder-
fors.
i the Frasses ut, focus has bee
cost cuttg order to mproe produc-
tt. Amog other actos, the umber
of emploees has bee reduced.
, a af ac t w
Dso Specalt Rolls succeeded
better safet 2008. The umber
of labour accdets was lower tha
recet ears. The compa wde safet
program has postel mproed theatttude regardg safet the Dso.
T adig dcf fgd
Dso Specalt Rolls s alread oe
of the largest global producers of forged
rolls. i tmes lke these, the determ-
ato s ot ol to presere but also
to crease market share for all product
groups.
The techcal cosultg ad serce
for customers will be intensied.
The producto uts wll cotue
wth producto restructurg to cut
costs ad to crease productt.
As 2009 will be a difcult year,
all resources are there to reach the
plaed targets spte of extreme
busess challeges.
Challg, dvlp-m, variai, pari-cipai ad a cmmuiy. th ma-agm' huiamad dir dvlp hcmpay i a wrld-cla playr i imula-ig. I irig adxciig b ivlvdad cribu hidvlpm. I hav axrmly varid adchallgig jb, which
al ivlv wrkigwih ppl rm hrcuri ad culur.
Fredrik LvstrmProject manager
Sderfors, Sweden
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I rally jy wrkig wihmchaical hig ad wihh machi w hav a
kr. I fd i pciallyirig wrk wih himpriv dimi h rll w prduc hr a
kr i thivill.
Thomas BaticleMachine operatorThionville, France
-
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K ER S in CH in A
Layig h udai r high-chrll mauacurig i Chia
F , t av it w
mafactig it i
mat w it dct
a d i a maj at.
Cia, t agt t
dc i t wd, a f
a g tim b a imtat
mat f . I 2007,
saxi TIsCo r C.
ltd. wa t i Taia,
t wt f Bijig.
Wth roll producto the largest ad
fastest growg market the world,
kers ca much more effectel pro-
de serce to Chese customers.
Shorter trasport routes also make a bg
dfferece terms of the erometal
mpact ad deler tmes.
The compa s jotl owed b
kers AB (60%) ad Taua iro &
Steel Co. Ltd. (TiSCO) (40%), ad
eoled from TiSCO's former roll mau-
facturer, TiSCO Roll.
A extese deelopmet program
has bee mplemeted, olg qual-
ity improvements, enhanced efciency
ad a expaso capact.
' tcg
The qualt mproemets wll be made
possble b trasferrg kers techo-
log to the compa. Emploees from
Shax kers TiSCO Roll Co. Ltd. hae
sted kers' arous facltes Europe
ad receed trag techolog, qua-
lt ad safet ssues. Kowledge buld-
up s also facltated b three expatrates
(actg Geeral Maager, Foudr Ma-
ager ad Mache shop Maager) ad
b hag emploees from other kers
plats workg Taua.
i 2008, a extese macher
estmet program was mplemeted,
wth the bggest estmet beg a ce-
trfugal sp caster. Ths techolog wll
allow kers to deler rolls of arous
materal qualtes, wth a er hgh leel
I am caly larigad bcmig mr admr fci hak a gd raiig prgramad hard wrk. I rallyjy my jb ad i didak lg r m l arg bd wih my cl-lagu ad h cm-pay. naurally I wa dvlp ad advac ih cmpay ad I kwha I hav vry ppr-uiy d ha.
Xu GuoHuaDeputy Machine shop manager
Taiyuan, China
th bigg ivm i 2008 i h Chi pla wa a cri ugalpi car. kr ca, wih h w pi car, upply high qualiyrll variu grad rm h pla.
I i vry irig ad piiv wihh iraial amphr i kr.W cm rm may dir cu-ri wih dir culur all wrk-ig ghr ward h gal A vbr kr. W d hi by adp-ig h kr wrkig mhd which
hav hw b uccul vr hyar. I rally apprciad h rai-ig prgram I xpricd wh I waw i kr.
Flora XieArea Sales Manager
Shanghai, China
of precso, maufactured Cha.
Other szable estmets 2008
cluded ew coolg pts, ducto ad
heat treatmet furaces, lathes ad mll-
g maches.
sa ad ditibti
kers s resposble for the marketg
ad sales of rolls produced at Shax
kers TiSCO Roll Co. Ltd. A ew sales
compa kers Rolls Tradg (Shag-
ha) Compa Ltd has bee establshed
durg the ear to hadle ths. i paral-lel, the kers Shagha Represetate
ofce is responsible for the sales of rolls
maufactured other parts of the kers
orgazato.
Ad habg
Caima f t Bad
saxi TIsCor C. ltd.
shorT FACTs 2008em: 320 F.T.E.pdct: Hot strp mllwork rollslcati: Taua,Shax, Chapdcd vm:6.500 t
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The ma focus s deelopmet of exst-
g materals, but alterate maufac-
turg methods ad materals are co-
tuousl beg estgated ad tested.
Renement of existing materials has
moed from low-allo to hgh-allo prod-
ucts. Establshmet of hgh speed steel
rolls s cotug; rolls for cold rollg
ad rolls for the latter stads a Hot
Strp Mll are beg deeloped ad wll be
upgraded shortl.
stgtig tcica vic
i order to crease the rate of deelop-
met of ew products ad stregthe
strategc deelopmet ad the o-
ato process, kers plas to focus
more o techcal matters. improg
the drect mpact of kers' products o
the customers' ow leels of qualt ad
productt requres a more deeloped
support fucto ad closer collabora-
to wth customers. A techcal serce
fucto wll mproe commucato
wth customers ad ge them greater
potetal for acheg the rght leel of
skll. Ths fucto wll also pla a cetral
role in tests and modications by cus -
tomers.
stm f jct maagmt
i order to reta ts competteess,
kers eeds to mata ts market-
leadg posto wth qualt ad pro-
duct deelopmet. Oe ad for ths work
s the project ad documet maage-
met sstem called SPiDER mple-
meted durg the ear. SPiDER
makes t possble to follow the process
for deelopmet of ew products. The
deelopmet process s dded to
four specic stages pilot study, proto-
tpe producto, ealuato ad lauch.
The sstem s documet-cotrolled ad
wll stmulate geerato of ew deas.
it also leads to greater potetal for
An in nO vAT iv E CO MP An y
A c iv ivai prc ad cu chical rvic will mv kr rward
fc tcica
vic ad ctm t
wi imv t qait f
ctm' dct. C
cabati wit ctm,
ad m ffctiv maag-
mt f t ivati
c, wi ai t qait
v f matia ad dctdvmt v ft.
The am of the research ad deelop-
met work at kers s to mata the
Group's pole posto wth the dus-
tr. Materal ad product deelopmet
s a ogog process wth eer more
demadg qualt requremets. R&D
work s carred out b a project orga-
zato olg a team of 25 or so at
the see laboratores ad elsewhere.
A specal Research ad Deelopmet
Coucl, made up of R&D maagers
wth the Group, holds quarterl meet-
gs to formulate, assess ad make
decsos o deelopmet tates.
There are two competece ceters: oe
Swede, focusg o cast rolls, ad
oe Belgum, focusg o forged rolls.
R&D work ca be dded to three
areas of actt:
Sklls-ehacg acttes. Ths
oles, for example, estgatg
the coecto betwee dfferet
materals ad ther propertes.
Product ad process-deelop-
met acttes. These are based
on existing products or a specic
requremet from a customer.
Strategc acttes. A more so-
ar ad forward-lookg approach
that aims to nd new p roduction
techologes ad materal.
kr i a iraialcmpay wih a richmix culur. spak-ig Frch, eglih adswdih i a ral b-f r m wrkig i hca R&D am. I blivi kr vii udr-liig h imprac rarch ad dvlp-m prvid high-qualiy rll ur cu-
mr.
Jrme SnaneuchR&D Engineer
kers Styckebruk, Sweden
More eective management othe innovation process strength-ens kers competitiveness.
adaptation of products to the specic
requremets of each customer. Durg
2008, ew acttes were added to the
sstem ad a umber were lauched o
the market. Addtoal ew projects are
awatg lauch 2009.
Tmm n
Vic pidtrac & Dvmt
Acadm
kers Academ s a teral sklls
ceter wth the Group that was set up
2008. Emploees recee trag to ea-
ble them to address the requremets of
the future. The teto s also to offer
customers the opportut to partcpate
ths trag cocerg ew products
ad materals. Ths s part of mproed
techcal serce for customers.
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chaged atttude amog emploees.
Safet efforts must permeate work at all
leels the orgazato, from Group
maagemet to ddual emploees
the ofce or on the shop oor. In order
to costatl mproe safet, the work of
stadardzg safet work wll cotue.
Imvmt i qait idvimta gai
Qualt work s goered b a group-
wde polc. Each ut the Group s
QUALiTy, SAFETy AnD EnviROnMEnT
Icrad cu ay wrk
A cag i fc t a
m dibat tatg
f w ivvig aft
i i viib i t
gaizati. T bjctiv
f 2008 w acivd ad
t bjctiv f 2009 av
b t v ig.
Focus o qualt, safet ad erome-tal aspects are all crucal for success. i
2008, kers focused more strogl o
these areas b establshg a ew group-
wde fucto Global Producto Sup-
port. Qualt ad safet work hae top
prort ad the objectes hae bee set
hgh: to become a world leader these
areas too. Soud ad stadardzed proc-
esses wll rase qualt to a er hgh
leel.
At kers' safet coferece 2008
the foudato was lad for tes-
ed work to reduce the number of acci-
dets resultg lost workg hours.
kers has decded to use the tera-
toal measuremet sstem for acc-
dets. Ths sstem measures Lost Tme
Accdets (LTA), to eable comparso
wth other compaes. The same dec-
so forum decded to focus o persoal
protecto equpmet ad ts use. 2007
was used as a base, wth the target the
set for reducg LTA throughout the
Group b 25 percet 2008, whch was
fullled. In other words, a high target
elded mmedate results t was par-
tcularl edet terms of ee jures.
Requremets for aalses ad acto
are ow beg establshed wth the
orgazato ad a further 25 percet
reducto of LTA s requred 2009.
The requremet stpulatg use of pro-
tecto equpmet ow also apples to
cotractors ad stors. The persoal
protecto equpmet for emploees ad
Sound and standardizedprocesses will raise qualityto a very high level.
I lik h challgigad a pacd am-phr i h cmpayha allw m hlpimprv h ay ad
halh all h wrkrhr a kr.
Milica PetrovichSafety Manager
Avonmore, PA, USA
visitors has also been strictly specied,
as has the meas of determg usage
complace.
Cta ift
The reportg sstem for cdets ad
accdets was lauched 2007 ad
has bee further mproed the past
ear. More ad more cdets are beg
reported. A cultural shft the safet
aspects s startg to eole through-
out the Group ad has resulted a
third-party certied according to the
teratoal iSO 9001 qualt stadard.
Work to create a commo qualt ss-
tem for the kers Group s cotug.
A agreemet has bee sged wth a
thrd part to certf a qualt maage-met sstem that wll be full opera-
to b 2010.
Major qualt mpr oemets hae
bee made durg the ear wth regard
to work o cetrfugall cast rolls.
Reject costs hae bee haled for
these products thaks to a ew stad-
ardzed workg method. Work o
mprog qualt wth ths area also
resulted poste mproemets wth
the environmental eld. Improved qual-
t has, amog other thgs, produced
a substatal reducto the eed to
elmate defects b lacg. The lac-
g operato geerates dscharge of
metallferous materal to the ar.
evimta aditat a dcti it
Durg the ear, kers egaged a
environmental consulting rm with
whom kers coducted thorough docu-
mented environmental audits. The nd-
gs wll result mproemet acttes
at the dfferet stes.
The EU's ew chemcal legslato
REACH has given rise to intensied
efforts wth the Group. Work s ogo-
g to esure that all factores Europe
fulll, and continue to fulll, future
requremets wth the framework of
REACH.
The aual rsk audt, ascertaed
that further mproemets had bee
made the area of rsk mmzato.
stfa lid
Vic pidtGba pdctist
ov la
Maag Qait, saftad evimt
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Amt i sek tad
2008-12-31 2007-12-31
eQuITy AnD lIABIlITIes
eqit
Restricted equity
Share captal (1 400 000 shares) 140 000 140 000
Restrcted reseres/statutor reseres 214 709 149 603
354 709 289 603
Non-restricted equity
Non-restricted reserves/prot brought forward 294 114 142 823
Shareholders cotrbuto
Prot for the year 273 582 174 359
567 696 317 182
Tot quity 922 405 606 785
Miit itt 74 838 61 594
pvii
Prosos for pesos ad smlar commtmets 221 795 193 751
Prosos for taxato 19 101 15 535
Prosos for structural costs 34 436 32 958
Other prosos 6 588 6 568
Tta vii 281 920 248 812
liabiiti
Long-term liabilities
Labltes to credt sttutos 688 168 178 051
Labltes to Group compaes 250 000
Other labltes 81 603 26 657
Tta g-tm iabiiti 769 771 454 708
Current liabilities
Labltes to credt sttutos 107 723 235 486
Adace pamets from customers 66 273 64 167
Accouts paable trade 389 365 343 991
Labltes to Group compaes 741 22 563
icome tax labltes 6 695 8 032
Other labltes 108 016 136 991
Accrued expeses ad deferred come 199 245 178 560
Tta ct iabiiti 878 058 989 790
ToTAl eQuITy AnD lIABIlITIes 2 926 992 2 361 689
Amt i sek tad
2008-12-31 2007-12-31
AsseTs
Fixd at
Intangible assets
Lceces ad smlar rghts 1 383 1 671
Goodwll 11 939 11 286
13 322 12 957
Tangible assets
Lad ad buldgs 145 314 115 833
Macher ad equpmet 614 476 545 105
Costructo progress ad adace pamet for tagble assets 76 060 13 080
835 850 674 018
Financial assetsReceables from Group compaes 28 216
Other securities held as xed assets 1 159 1 004
Other log-term receables 127 622 27 468
128 781 56 688
Tot xd t 977 953 743 663
Ct at
Inventories
Raw materals ad cosumables 263 123 205 032
Work progress 579 188 482 201
Fshed products ad goods for resale 57 571 35 914
Adaces to supplers 24 868 6 288
924 750 729 435
Current receivables
Accouts receable trade 717 045 713 017
Receables from Group compaes 62 317 335
Other receables 41 617 90 595
Prepad expeses ad accrued come 29 303 24 514
850 282 828 461
Cash and bank balances 174 007 60 130
Tot currnt t 1 949 039 1 618 026
TOTal asseTs 2 926 992 2 361 689
Balac sh Clidad
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Grup excuiv MaagmBard Dircr
BEnGT niLSSOn
pidt & Ceo
Bor 1961
Educato: Roal isttuteof Techolog, Stockholm,MSc Egeerg Phscs
Emploed kers sce2007
AnDERS RUTH
exctiv Vic pidt& CFo
Bor 1960
Educato: StockholmUerst, BSc Busess
Admstrat o
Emploed kers sce2008
iAn MCWHiRTER
exctiv Vic pidtCat Dvmt
Bor 1974
Educato: McGll Uerst,Motreal, Master ofBusess Admstrato(MBA)
Emploed kers sce2008
ULF GyLLEnHOLM
si Vic pidtMatig & sa
Bor 1944
Educato: Lud Uerst,BSc Busess Adm-strato
Emploed kers sce2008
JACQUES CUGnOn
G BiCt
Bor 1968
Educato: Fucam Mos,Belgum. MSc Ecoomcs,Degree accoutg admaagemet
Emploed kers sce2007
TOM ADAMS
Divii MaagCat r Amica
Bor 1957
Educato: PeslaaState Uerst, BSc Metallurg
Emploed kers sce1983
KERSTin KOnRADSSOn
Divii MaagCat r e
Bor 1967
Educato: Roal isttute ofTecholog, Stockholm,MSc Metallurg
Emploed kers sce2007
PHiLiPPE BELLO
Divii MaagFgd r
Bor 1960
Educato: EcolePoltechque Pars adEcole des Mes de Pars,MSc
Emploed kers sce2008
MiRAn REBERniK
Divii Maagsciat r
Bor 1961
Educato: Uerst ofEcoomcs
Emploed kers sce2004
leGAl sTruCTure:kers
AB is a Swedish company
with its registered ofce
in Strngns, registration
number 556153-4792. In July
2008 kers AB was acquired
by kers Holding AB, which
is a Swedish company
owned by Altor Fund II GP
Ltd (85%) with its registered
ofce in Jersey and by STC
Internans AB (15%).
AnDERS ULLB ERG
Bad mmb
Bor 1946
Educato: StockholmSchool of Ecoomcs, MSc Ecoomcs ad Busess
Admstrat o
Member of the board sce2008
LARS SKLD
Bad mmb
Bor 1950
Educato: Uerst ofStockholm, Master of law
Member of the board sce2007
FREDRiK STRMHOLM
Bad mmb
Bor 1965
Educato: StockholmSchool of Ecoomcs, MSc Ecoomcs ad Busess
Admstrat o
Member of the board sce2008
CHRiSTER GyBERG
Caima
Bor 1947
Educato: ChalmersUerst of Techolog, MSc Egeerg
Member of the board sce2008
MARTin ivERT
Bad mmb
Bor 1948
Educato: Roal isttute ofTecholog, Stockholm, MSc Metallurg
Member of the board sce2008
BEnGT MAUnSBACH
Bad mmb
Bor 1968
Educato: StockholmSchool of Ecoomcs, MSc Ecoomcs ad Busess
Admstrat o
Member of the board sce2008
JOHAn BLOMQUiST
Dt Bad mmb
Bor 1978
Educato: StockholmSchool of Ecoomcs, MSc Ecoomcs ad Busess
Admstrat o
Member of the board sce2008
PETER nORLinDH
Dt Bad mmb
Bor 1946
Educato: StockholmSchool of Ecoomcs, MSc Ecoomcs ad Busess
Admstrat o
Member of the board sce2002
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k r Grup Wr ld wid
Hd ofc in swdn
The kers Group Head ofce is situated in kers Styckebruk,
Swede.
kers has sales ofces all over the world, altogether in
eght coutres.
The kers Group orgazato has a dsoal structure
based o the arous product segmets. The four dsos are:
Cast Rolls Amerca
Cast Rolls Europe
Forged Rolls
Specalt Rolls
Mafactig at t ctit
Cast rolls ad forged rolls are maufactured Swede at two
separate facltes. Forged rolls are made Sloea. Cast
rolls, forged rolls, bars ad gots are maufactured Frace
ad Belgum.
Cast rolls ad addtoal equpmet are made the US.
The kers jot eture Cha, the Shax kers TiSCO
Roll Co Ltd, maufactures cast rolls.
kr i a prial cmpay adh brad am kr i vry rgi h idury. I am vry prud bpar a cmpay ha ha gd qual-iy prduc. Fr m, a a maagr ihi iraial cmpay, kr pr-vid ladrhip raiig ad hrcarr dvlpm ppruii whichrgly mak m l ha I cribu h dvlpm h cmpay. thimak m grw al a a idividual.
Lisa LiuGeneral Manager,
Shanghai, China
Ssrsi fr iti
Fr u, i impra r h kr Grup b aciad wih rpri, iva-
i ad h dir kp up wih hcmpii. By cuig yug play-r, kr Hcky i akig a apprachha i i prc accrd wih h majrchallg acig kr a a cmpay.
Bengt NilssonPresident & CEO
Hd Ofc
Swede kers Stckebruk
s Ofc
Belgum Lege
Brazl Praccaba
Cha Shagha
Frace Frasses
Sloea Rae
Swede kers Stckebruk
UK vale of Glamorga
USA Aomore, PA
Mafactig sitBelgum Lege
Cha Taua
Frace Berlamot
Frasses
Tholle
Seda
Sloea Rae
Swede kers Stckebruk
Sderfors
USA Aomore, PA
Hde Park, PA
Pleasatlle, PA
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Cac irmai
heAD oFFICe
ker s ABSE-647 83 kers StckebrukSWEDEnPhoe: +46 159 321 [email protected]
DIVIsIons
Divii Cat r Amica
DiviSiOn HEAD OFFiCEker s nat oa l Rol l Com pa400 Ralroad Aeue
Ao more , PA 15 618USAPhoe: +1 724 697 45 33
Hde Park Foudr
326 Frst AeueHde Park, PA. 15641USAPhoe: +1 724 842 1941
vertcal Seal CompaR.D. 1P.O. Box 147Pleasatlle, PA 16341USAPhoe: +1 814 589 7031 (7621)
Divii Cat r e
DiviSiOn HEAD OFFiCEker s Swe de A BSE-647 83 kers StckebrukSWEDEnPhoe: +46 159 321 00
ker s Fra ce, S eda80, Aeue de la MareB.P. 70311FR-08201 SedaFRAnCEPhoe: +33 3 24 22 34 00
Divii Fgd r
DiviSiOn HEAD OFFiCEker s Fra ce, Tho l leChem du LedtB.P. 10200FR-57104 TholleFRAnCEPhoe: +33 3 82 82 23 00
ker s Fra ce, Berl amo t17, Chem de HazettesB.P. 20010FR-59145 BerlamotFRAnCEPhoe: +33 3 27 53 66 00
ker s Be lg um S. A.40, rue de la BarrreBE-4100 SeragBELGiUM
Phoe: +32 4 33 88 110
Divii scia t r
DiviSiOn HEAD OFFiCEker s val j Ra e d .o.o.Koroka c. 14Si-2390 Rae a KorokemSLOvEniAPhoe: +386 2 87 07 846
ker s Fra ce, Fras ses20, Rue de la GareB.P. 2FR-42490 FrassesFRAnCEPhoe: +33 4 77 40 49 05
ker s Sp ec alt Rol ls A BBox 103SE-815 04 SderforsSWEDEnPhoe: +46 293 174 50
JoInT VenTure
Shax kers TiSCO Roll Co. Ltd.no. 2 JaCaoPgTaua ShaxPost Code: 030003
P.R. CHinAPhoe: +86 351 3131696
sAles oFFICes
Am i ca
Ao more USA400 Ralroad Aeue
Ao more , PA 15 618USAPhoe: +1 724 697 45 33
ke rs Br az l Ltd aRua Treza de Mao, 768Sala 131BR-13400-902 PraccabaBRAZiLPhoe: +55 19 3301 7112
Aia
ke rs A B Sha gha Represetate offce
Room 3812-3813nazheg Plaza580 najg Road W (west)Shagha 200041CHinAPhoe: +86 21 6267 14169
ke rs Ro lls Trad g (Sh agh a) C o.LtdRoom 3812-3813nazheg Plaza580 najg Road W (west)Shagha 200041CHinAPhoe: +86 21 6267 14169
e
Frasses, Frace20, Rue de la GareB.P. 2FR-42490 FrassesFRAnCEPhoe: +33 4 77 40 49 00
Lege, Belgum40, rue de la BarrreBE-4100 SeragBELGiUMPhoe: +32 4 33 88 110
Rae, SloeaKoroka c.14Si-2390 Rae a KorokemSLOvEniAPhoe: +386 2 87 07 846
ker s St ck ebru k, S wede SE-647 83 kers StckebrukSWEDEnPhoe: +46 159 321 00
ker s UK LtdSute G8, The Busess CetreCardff House, Cardff RoadGB-vale of Glamorga CF63 2AWUniTED KinGDOMPhoe: +44 1446 731263
www.akersrolls.com
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