Swedish specialty steel producer SSAB has posted its financial results for the first quarter of the current year, reporting a net loss of SEK 131 million ($16.09 million), compared to a net profit of SEK 314 million in the same quarter of the previous year. The company's sales amounted to SEK 12.96 billion ($1.59 billion) in the given period, decreasing by 16.2 percent year on year, due to lower prices.
In the first quarter, SSAB's crude steel output decreased by four percent, while its finished steel production remained stable, both year on year. Its shipments in the given period declined by two percent to 1.67 million mt compared to the same quarter of the previous year. However, on quarter-on-quarter basis, the company registered an 11 percent increase in crude steel output, a 12 percent rise in finished steel production and a 15 percent increase in shipments.
SSAB stated that in North America underlying demand for heavy plate at end customers and distributors is expected to be relatively unchanged during the second quarter. Also in Europe, demand will be stable during the second quarter, especially in Western Europe, whereas development in Eastern Europe and Russia is expected to remain weak. Import duties already decided or being considered are expected to have an impact on import volumes to North America and Europe. According to SSAB, this will increase its possibilities to increase sales of its products in the home markets.