SSAB posts net profit for 2014

Swedish specialty steel producer SSAB has posted its financial results for 2014, reporting a net profit of SEK 384 million ($45.9 million), compared to a net loss of SEK 1.12 billion in the previous year. The company's sales amounted to SEK 47.7 billion ($5.7 billion) in the given year, increasing by 30.8 percent year on year.
 
During 2014, SSAB's crude steel output increased by 20 percent, while finished steel production was up 23 percent, both year on year. Its shipments in the given period increased by 23 percent to 5.45 million mt compared to the previous year.
 
According to SSAB, demand ion the North American market was good. Following a first quarter characterized by disruptions due to adverse weather conditions, demand increased during the second and third quarters, but subsequently weakened somewhat during the fourth quarter. In Europe, the market experienced weak positive growth during the year, but from low levels. Steel consumption, which had declined somewhat in 2013, displayed a  small growth during 2014. In Asia, the market as a whole was negatively affected by the slowdown in demand that occurred in China.
 
Meanwhile, SSAB has received approval from the European Commission to sell Tibnor Oy, Finland to Ovako AB, as a part of the divestment remedies that the European Commission deemed necessary for the combination of Rautaruukki with SSAB.