Swedish specialty steel producer SSAB has posted its financial results for the fourth quarter and the full year of 2022.
The company reported a net loss of SEK 29.99 billion ($2.87 billion) in the fourth quarter, compared to a net profit of SEK 5.46 billion in the corresponding period of 2021 and a net profit of SEK 5.07 billion in the third quarter last year. The company’s sales revenues amounted to SEK 30.14 billion ($2.88 billion) in the fourth quarter, decreasing by 4.3 percent quarter on quarter and up by 10.2 percent year on year. In the same period, the company reported an operating profit of SEK 3.76 billion ($361.12 million), compared to an operating profit of SEK 6.74 billion recorded in the third quarter last year.
In 2022, SSAB reported a net loss of SEK 10.87 billion ($1.04 billion), compared to a net profit of SEK 14.67 billion in the corresponding period of 2021, while the company’s sales revenues amounted to SEK 128.74 billion ($12.34 billion) in the given year, increasing by 34.2 percent year on year. The company’s operating profit in the full year amounted to SEK 29.28 billion ($2.8 billion), compared to an operating profit of SEK 18.84 billion in 2021.
Meanwhile, in the fourth quarter of this year, SSAB’s crude steel output decreased by 20.5 percent to 1.64 million mt, while its finished steel production stood at 1.5 million mt, down by 17.2 percent, both year on year. Its steel shipments in the given period went down by 5.8 percent year on year to 1.5 million mt. Production and shipments were affected by planned maintenance at SSAB Europe and SSAB Special Steels. In 2022, the company’s crude steel output decreased by 10.8 percent to 7.29 million mt, while its finished steel production stood at 6.73 million mt, down by 11.1 percent, both year on year. Its steel shipments in the given period went down by 8.3 percent year on year to 6.34 million mt.
In addition, although there is continued uncertainty in the market SSAB restarted the blast furnace in Raahe, Finland, at the beginning of this year following maintenance.
According to SSAB, there is continued uncertainty against the background of rising inflation and interest rates, among other things, as well as the risks of continued negative fallout from the war in Ukraine. Demand in the heavy plate market in North America is expected to be relatively stable, even if prices have softened from high levels. Realized prices are expected to be lower during the first quarter of 2023 than in the fourth quarter of 2022.