Swedish specialty steel producer SSAB has posted its financial results for the first quarter of the current year, reporting a net profit of SEK 670 million ($64.5 million), compared to a net profit of SEK 502 million in the same quarter of the previous year. The company's sales amounted to SEK 17.38 billion ($1.67 billion) in the given period, increasing by 10.5 percent year on year.
In the first quarter, SSAB's crude steel output increased by three percent to 2.06 million mt, while its finished steel output rose by one percent to 1.91 million mt, both year on year. The company’s steel shipments in the given period went up by four percent year on year to 1.81 million mt.
SSAB stated that in North America demand for heavy plate is expected to remain strong during the second quarter of this year, while in Europe demand for strip and heavy plate is estimated to remain good. For SSAB Europe and SSAB Americas, somewhat higher shipments are expected during the second quarter of the current year compared with the previous quarter. SSAB Special Steels shipments for the second quarter are anticipated to be in line with or somewhat lower than the high level seen in the first quarter.