Swedish specialty steel producer SSAB has posted its financial and operational results for the first quarter of the current year, reporting a net profit of SEK 2.57 billion ($237.05 million) in the first quarter, compared to a net profit of SEK 3.70 billion in the corresponding period of 2023 and a net profit of SEK 1.90 billion in the fourth quarter of last year. The company’s sales revenues amounted to SEK 27.15 billion ($2.50 billion) in the first quarter, rising by 2.6 percent quarter on quarter and decreasing by 14.9 percent year on year. In the same period, the company reported an operating profit of SEK 3.16 billion ($291.41 million), compared to an operating profit of SEK 4.73 billion recorded in the first quarter of 2023 and an operating profit of SEK 2.40 billion in the fourth quarter last year. SSAB stated that in the given period steel demand in Europe was relatively weak and restocking was less pronounced than usual.
Meanwhile, in the first quarter of this year, SSAB’s crude steel output decreased by five percent to 1.94 million mt, while its finished steel production stood at 1.67 million mt, down by 11.9 percent, both year on year. Also, its steel shipments in the given period went down by 8.9 percent year on year to 1.58 million mt. In addition, the company pointed out that its production and shipments were lower compared to the same quarter last year, mainly due to a political strike against the government in Finland, and that lower shipments also impacted revenues.
According to SSAB, steel demand during the second quarter of this year is expected to increase, whereas prices are forecast to be somewhat lower.