Sweden’s SSAB reports net profit for Jan-Sept

Tuesday, 26 October 2021 12:26:56 (GMT+3)   |   Istanbul
       

Swedish specialty steel producer SSAB has posted its financial results for the third quarter and the first nine months of the current year.

The company reported a net profit of SEK 4.48 billion ($519.80 million) in the third quarter, compared to a net loss of SEK 734 million in the corresponding period of 2020 and a net profit of SEK 3.22 billion in the second quarter this year. The company’s sales revenues amounted to SEK 25.22 billion ($2.92 billion) in the third quarter, increasing by 6.5 percent quarter on quarter and up by 74.1 percent year on year. In the same period, the company reported an operating profit of SEK 5.80 billion ($673.03 million), a new record for a single quarter, compared to an operating profit of SEK 4.08 billion recorded in the second quarter this year.

In the first nine months this year, SSAB reported a net profit of SEK 9.21 billion ($1.06 billion), compared to a net loss of SEK 835 million in the corresponding period of 2020, while the company’s sales revenues amounted to SEK 68.55 billion ($7.95 billion) in the first nine months, increasing by 41.6 percent year on year. The company’s operating profit in the January-September period this year amounted to SEK 11.87 billion ($1.37 billion).

Meanwhile, in the third quarter of this year, SSAB’s crude steel output increased by 21.0 percent to 1.84 million mt, while its finished steel production stood at 1.76 million mt, up by 23.1 percent, both year on year. Its steel shipments in the given period went up by 10.8 percent year on year to 1.63 million mt. In the first nine months this year, the company’s crude steel output increased by 13.7 percent to 6.11 million mt, while its finished steel production stood at 5.75 million mt, up by 15.9 percent, both year on year. Its steel shipments in the given period went up by 13.6 percent year on year to 5.32 million mt.

According to SSAB, local steel demand during the third quarter of the current year was considered to be good, though in Europe a softening of demand is expected due to the shortage of semiconductors. SSAB also said that it anticipates that global demand for high-strength steel will be very strong during the fourth quarter in more or less all markets. The company also noted that shipments are expected to remain at a high level during the fourth quarter this year, albeit significantly lower than the record-high shipments reported in the second quarter.


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