Swedish specialty steel producer SSAB has posted its financial results for the third quarter of this year, reporting a net profit of SEK 591 million ($65.57 million), compared to a net loss of €285 million in the same quarter of the previous year. The company's sales decreased by 0.8 percent year on year to SEK 13.47 billion ($1.49 billion) in the given quarter.
During the third quarter, SSAB's crude steel output increased by 14 percent, while finished steel production was up three percent, both year on year. Its shipments in the given period decreased by one percent to 1.52 million mt compared to the corresponding quarter of the previous year.
According to SSAB, improved earnings were driven mainly by higher prices and further cost reductions, despite seasonally lower shipments and planned maintenance costs. Overall, SSAB’s shipments during the fourth quarter are expected to be at roughly the same level as during the third quarter, with lower prices in North America and stable prices in Europe. Shipments in the fourth quarter will, however, be impacted by customer expectations of price levels at the beginning of 2017.