Swedish value-added, high-strength steel producer Svenskt Staal AB (SSAB) has issued its financial results for the second quarter of 2010, stating that the recovery in the steel markets continued during the second quarter with high demand.
According to the financial results, the company's profit after financial items was SEK 624 million ($85.7 million) in the second quarter of 2010, compared with a loss of SEK 1.1 billion in the second quarter of 2009. Sales revenues in the second quarter of 2010 increased by 66 percent year on year from SEK 6.58 billion to SEK 10.9 billion ($1.5 billion).
Commenting on the results, SSAB president and CEO Olof Faxander said, "We saw continued strong demand for our niche products, primarily within the mining sector, heavy transport and automotive. A part of the increase in demand during the first half of the year was driven by inventory restocking at our customers. Inventory restocking is now believed to have come to an end. The recovery in the steel market is expected to continue during the third quarter, but at a slower pace, which may also affect the price trend for SSAB's steel later in the year."