Swedish specialty steel producer SSAB has posted its financial results for the first nine months of the current year, reporting a net profit of SEK 418 million ($56.9 million), compared to a net loss of SEK 849 million in the corresponding period of 2013. The company's sales amounted to SEK 32.55 billion ($4.43 billion) in the first nine months, increasing by 20.2 percent year on year.
During the January-September period, SSAB's crude steel output increased by 523,000 mt, while finished steel production was up 595,000 mt, both year on year. Its shipments in the given period increased by 17 percent to 3.81 million mt compared to the first nine months of the previous year.
According to SSAB, demand in North America has remained good and the company operated at full capacity utilization at both of its North American mills during the third quarter. The European market has been relatively stable when adjusted for customary seasonal effects. The global market for high strength steels has demonstrated a mixed trend: good in the US, stable in Europe, and still challenging in Asia. In total, SSAB's shipments during the third quarter were somewhat lower than during the second quarter.