Swedish specialty steel producer SSAB has posted its financial results for the full year of 2015, reporting a net loss of SEK 400 million compared to the net profit of SEK 384 recorded in the previous year. The company's sales amounted to SEK 60.1 billion ($7.16 billion) in the given year, increasing by 25.8 percent year on year.
In 2015, SSAB's crude steel output increased by 21 percent, while its finished steel production was up 26 percent, both year on year. Its shipments in the given period rose by 18 percent to 6.43 million mt compared to the previous year.
According to SSAB, in North America underlying demand for heavy plate at end-customers is expected to be relatively stable during the first quarter of the current year. Destocking at distributors is thought to have ended during the fourth quarter of 2015 and consequently demand is expected to improve during the first quarter of this year. In Europe, demand is expected to be stable during the first quarter of this year and the inventory reduction observed during the previous quarter is thought to have ended. Nevertheless, there is a continued risk that high import volumes, primarily from Asia, can have a negative impact both on North America and Europe.