Swedish specialty steel producer SSAB has posted its financial results for 2016, reporting a net profit of SEK 943 million ($105.47 million) compared to the net loss of SEK 505 million recorded in the previous year. The company's sales amounted to SEK 55.35 billion ($6.18 billion) in the given year, decreasing by 2.65 percent year on year.
In 2016, SSAB's crude steel output increased by five percent, while its finished steel production was up four percent, both year on year. Its shipments in the given period rose by three percent to 6.65 million mt compared to the previous year.
According to SSAB, in North America, demand for heavy plate is anticipated to be good during the first quarter of the current year and distributors are expected to increase purchases in the wake of low stock levels. In Europe, demand is similarly anticipated to be good during the first quarter, although no major changes in either end customer or distributor stock levels are expected. It is anticipated that import volumes into North America will gradually decline as a result of import duties, although in Europe no major change in import volumes is expected. Overall, SSAB’s shipments in the first quarter are expected to be somewhat higher than during the fourth quarter of 2016.