Swedish specialty steel producer SSAB has posted its financial results for the third quarter of this year, reporting a net profit of SEK 583 million ($70.81 million), falling by 1.35 percent compared to the same quarter of the previous year. The company's sales increased by 20 percent year on year to SEK 16.18 billion ($1.96 billion) in the given quarter.
During the third quarter, SSAB's crude steel output was at the same level as in the third quarter of 2016, while finished steel production was up seven percent year on year. Its shipments in the given period rose by 10 percent to 1.67 million mt compared to the corresponding quarter of the previous year.
According to SSAB, in North America, demand for heavy plate is anticipated to be stable during the fourth quarter. In Europe, demand is expected to be good. It is anticipated that the underlying demand for high-strength steel will continue to show positive development. Overall, SSAB’s shipments during the fourth quarter are expected to be in line with those of the third quarter. It is anticipated that overall the prices realized by SSAB during the fourth quarter will be somewhat lower compared with the prior quarter. This is attributable to SSAB Americas and to a seasonally weaker mix in SSAB Europe.