Swedish value-added, high-strength steel producer Svenskt Staal AB (SSAB) has issued its financial results for the fourth quarter and whole year of 2010, stating that the recovery in the steel markets continued during the year but saw a seasonal slowdown in the last quarter.
According to the financial results, SSAB's loss after financial items was SEK 176 million ($27.04 million) in the fourth quarter of 2010, compared with a profit of SEK 348 million in the fourth quarter of 2009. Sales revenues in the fourth quarter of 2010 increased by 23 percent year on year from SEK 8.28 billion to SEK 10.21 billion ($1.57 billion).
Looking at the full year results, SSAB's profit after financial items was SEK 682 million ($104.79 million) in 2010, compared with a loss of SEK 2.06 billion in 2009. 2010 sales revenues increased by 34 percent year on year from SEK 29.84 billion to SEK 39.88 billion ($6.12 billion).
Martin Lindqvist, SSAB president and CEO, said, "Although the pace of the recovery slowed down somewhat towards the end of the year, we perceive a positive trend, among other things, in sales of niche products. Capacity utilization during the year was approx. 85 percent (55 percent in 2009). We have not yet been able to fully compensate for increased raw material costs. Demand during the fourth quarter was weaker than expected, particularly in Europe and North America, while Latin America and China demonstrated continued stable demand."