Scana Industrier ASA - Scana Steel Stavanger has resolved to file for bankruptcy

Scana Industrier ASA ("Scana Industrier") has decided to cease further funding
of its subsidiary Scana Steel Stavanger AS ("Scana Steel Stavanger" or "the
company"). Consequently there is no basis for a solvent winding-up of the
company and the Board of Scana Steel Stavanger resolved to file for bankruptcy
3 March 2015.

Scana Steel Stavanger has over a long period incurred substantial losses and has
implemented a strong restructuring and workforce reduction in an attempt to
achieve profitable business. Coincident with the restructuring and workforce
reductions Scana Industrier has attempted to find new owners for Scana Steel
Stavanger without success. It has not been possible to achieve profitable
business and adequate order reserves.

Scana Industrier has considered if there is basis for a solvent winding-up of
Scana Steel Stavanger, but is not able to cover the costs and the liquidity
requirements involved in a solvent winding-up. Nor has it been possible to gain
external financing. Thus, filing for bankruptcy is the sole option for the Board
of the company, and the financial situation implies that the company must file
for bankruptcy now.

In connection with the bankruptcy Scana Industrier will incur additional costs
related to guarantees for certain Scana Steel Stavanger obligations. Except for
this, Scana Industrier has currently not identified further funding obligations
related to the bankruptcy in Scana Steel Stavanger. It is expected that the
group's banks will cover their claims against Scana Steel Stavangerthrough sale
of assets granted as collateral security to the group's banks.

Scana Industrier is actively pursuing an extension of the Scana group's existing
credit facilities with the bank syndicate. As previously communicated, these
facilities expire at 22 March 2015 but the bank syndicate has on certain terms
confirmed that the facilities are extended to 22 June 2015. This gives the group
and the bank syndicate time to negotiate terms and conditions for a more
permanent financing solution.

In this context, the bank syndicate has confirmed that they will not consider
the insolvency proceedings in Scana Steel Stavanger as an event of default under
the group's credit facilities. Claims under the credit facilities caused by the
bankruptcy filing will only be brought against Scana Steel Stavanger, and not
against other companies in the group, unless this is necessary in order to bring
claims against and be covered by securities granted by Scana Steel Stavanger.

Scana Industrier sincerely regrets the negative impact the bankruptcy of Scana
Steel Stavanger will have on the Company's business partners and the local
community affected.

Except as set out above, the bankruptcy in Scana Steel Stavanger will in the
boards assessment not have any substantial adverse effects for other companies
in the group. The board is, however, of the view that a bankruptcy in Scana
Steel Stavanger may be a contributing factor in connection with a permanent
extension of the credit facilities on new terms.


For further information please contact:
Mr. Jan H Melhus, CEO Scana industrier ASA, Mobile +47 90 16 70 10
Mr. Kjetil Flesjå, CFO Scana Industrier ASA, Mobile: +47 90 04 12 13
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)



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