Swedish specialty steel producer SSAB said today, on October 24, that it does not anticipate any major change in steel demand during the fourth quarter and the pressure on prices for standard steels, witnessed during the third quarter is expected to continue, after posting an operating loss of SEK 665 million (approx. $100 million) for the third quarter of this year, compared to a profit of SEK 511 million in the corresponding period of last year.
In the period in question, the company's sales declined by 20 percent year on year to SEK 8.73 billion ($1.31 billion), as the period after the seasonally weak summer months was characterized by destocking and a wait-and-see approach from its customers, especially as regards strip products in Europe and standard steels in North America. Besides, the weak demand put further pressure on strip product prices in Europe, and market prices fell during the third quarter, SSAB said. However, both in Europe and North America, demand and prices for quenched steels were more stable than in the case of strip steel products, the company added.