Swedish specialty steel producer SSAB has posted its financial results for the first half of the current year, reporting a net profit of SEK 279 million ($32.39 million), compared to a net profit of SEK 452 million in the corresponding period of 2015. The company's sales amounted to SEK 27.43 billion ($3.18 billion) in the first six months, decreasing by 10.8 percent year on year.
During the first half, SSAB's crude steel output was at the same level as for the first half of 2015, while finished steel production increased by three percent, both year on year. Its shipments in the given period increased by two percent to 3.49 million mt compared to the first half of the previous year.
According to SSAB, shipments during the second quarter increased compared to the prior quarter and were also at a higher level than a year ago. This was mostly due to lower steel imports to Europe and to increased purchases by steel service centers in North America, with no fundamental change in underlying demand. At the beginning of the second quarter, steel prices rose sharply in China. This, coupled with ongoing trade cases in the EU and the US, has lowered imports from China. Steel prices have gradually risen both in Europe and in North America, but from a very low level. During the third quarter, the company expects stable underlying demand, although reflecting the normal seasonal slowdown.