Swedish specialty steel producer SSAB has posted its financial results for the first quarter of the current year, reporting a net profit of SEK 502 million ($55.75 million), compared to a net loss of SEK 133 million in the same quarter of the previous year. The company's sales amounted to SEK 15.74 billion ($1.75 billion) in the given period, increasing by 21.4 percent year on year, due to higher prices, higher volumes and currency effects.
In the first quarter, SSAB's crude steel output remained stable at two million mt, while its finished steel output rose by four percent to 1.88 million mt, both year on year. The company’s steel shipments in the given period went up by four percent year on year to 1.74 million mt.
SSAB stated that in North America demand for heavy plate both from end customers and distributors is anticipated to be good during the second quarter of this year. In Europe, demand is likewise expected to be good during the second quarter, with no major changes expected in either end customer or distributor stock levels. Overall, SSAB’s shipments are expected to be somewhat higher during the second quarter than during the first quarter. It is anticipated that prices realized by SSAB during the second quarter will increase compared to the previous quarter, though mitigated by increased raw material costs.