Swedish specialty steel producer SSAB has posted its financial results for the second quarter of this year, reporting a net profit of SEK 88 million ($10.2 million), rising ten percent compared to the second quarter of the previous year. The company's sales increased by 57.5 percent year on year to SEK 15.3 billion ($1.77 billion) in the given quarter.
During the second quarter, SSAB's crude steel output increased by 43 percent, while finished steel production was up 44 percent, both year on year. Its shipments in the given period increased by 48 percent to 3.43 million mt compared to the corresponding quarter of the previous year.
According to SSAB, in North America, the quarter was marked by continued destocking at distributors, which resulted in heavy pressure on prices. High import volumes of heavy plate during 2014 and the first half of 2015 have impacted negatively on the situation in North America. In the Nordic region and rest of Europe, demand for standard steel showed some growth, albeit from low levels. However, prices have shown a slightly downward trend. Global demand for high-strength steel continued to be at a low level during the second quarter and some pressure on prices was noted.