Swedish steelmaker SSAB has announced its financial results for the first quarter this year, reporting an operating profit of SEK 2.20 billion ($240 million), compared to SEK 1.35 billion ($147 million) in the same quarter of the previous year, mainly due to improved results in SSAB Europe and SSAB Americas. The company’s EBITDA increased to SEK 3.24 billion ($353 million) from SEK 2.37 billion ($258 million), while its EBITDA margin rose to 13 percent from nine percent.
In the given quarter, SSAB’s revenues decreased slightly by one percent year on year to SEK 25.34 billion ($2.76 billion), mainly due to negative currency effects. Meanwhile, the company’s net profit rose to SEK 1.60 billion ($174 million) from SEK 1.13 billion ($123 million) in the first quarter of 2025, while its earnings per share increased to SEK 1.61 ($0.18) from SEK 1.13 ($0.12).
SSAB’s crude steel output in the first quarter amounted to 2.01 million mt, up from 1.95 million mt in the same period last year, while its steel shipments increased to 1.74 million mt from 1.68 million mt.
According to the company, demand in the global high-strength steel market was seasonally higher compared to the previous quarter, while underlying demand in Europe showed some improvement. The European standard steel market remained cautious, though import volumes declined and prices for strip and heavy plate increased during the quarter amid expectations of more restrictive import measures. In North America, the plate market was relatively strong and prices increased, while distributor inventories were assessed to be somewhat low.
SSAB stated that the European Commission’s proposed measures to protect the EU steel sector against global overcapacity are expected to improve the supply-demand balance in the European market, with the measures aimed to enter into force on July 1, 2026. The company also noted that the EU’s Carbon Border Adjustment Mechanism became fully operational in January this year.
In the first quarter, SSAB Special Steels’ shipments increased by six percent year on year to 356,000 mt, while the segment’s operating profit rose to SEK 1.53 billion ($167 million). SSAB Europe’s shipments increased to 919,000 mt, with advanced steels reaching record delivery levels, and its operating profit rose sharply to SEK 438 million ($48 million) from SEK 33 million ($4 million). SSAB Americas’ shipments amounted to 461,000 mt, while its operating profit increased to SEK 573 million ($62 million), mainly supported by higher prices.
Regarding its transformation projects, SSAB said the conversion of its Oxelösund steel mill is progressing, with production planned to start in early 2027. The company added that construction of the new mini-mill in Luleå was paused at the beginning of the second quarter after contractors reported symptoms and illness, while sampling and testing continue to confirm or rule out possible causes. Regular steel production in Luleå is continuing as normal.
Looking ahead to the second quarter, SSAB expects shipments at SSAB Special Steels, SSAB Europe and SSAB Americas to remain stable compared to the first quarter, while realized prices are expected to be somewhat higher across all three steel divisions. Raw material costs are expected to be somewhat higher for SSAB Special Steels and SSAB Europe, while remaining fairly stable for SSAB Americas.