Swedish specialty steel producer SSAB has posted its financial results for the fourth quarter and the full year of 2023.
The company reported a net profit of SEK 1.90 billion ($182.05 million) in the fourth quarter, compared to a net loss of SEK 29.99 billion in the corresponding period of 2022 and a net profit of SEK 3.51 billion in the third quarter last year. The company’s sales revenues amounted to SEK 26.47 billion ($2.53 billion) in the fourth quarter, decreasing by 9.8 percent quarter on quarter and by 12.2 percent year on year. In the same period, the company reported an operating profit of SEK 2.40 billion ($229.72 million), compared to an operating profit of SEK 4.37 billion recorded in the third quarter last year and an operating profit of SEK 3.77 billion in the fourth quarter of 2022.
In 2023, SSAB reported a net profit of SEK 13.04 billion ($1.25 billion), compared to a net loss of SEK 10.88 billion in 2022, while the company’s sales revenues amounted to SEK 119.49 billion ($11.42 billion) in the given year, decreasing by 7.2 percent year on year. The company’s operating profit in the full year amounted to SEK 16.47 billion ($1.57 billion), compared to an operating profit of SEK 29.28 billion in 2022.
Meanwhile, in the fourth quarter of 2023, SSAB’s crude steel output rose by four percent to 1.71 million mt, while its finished steel production stood at 1.60 million mt, up by 6.2 percent, both year on year. Its steel shipments in the given period went down by 0.7 percent year on year to 1.49 million mt. The company’s production and shipments were lower compared to the third quarter of 2023, mainly due to planned maintenance outages. In 2023, the company’s crude steel output moved up by 6.7 percent to 7.78 million mt, while its finished steel production stood at 7.12 million mt, up by 5.9 percent, both year on year. Also, its steel shipments in the given year increased by 1.9 percent year on year to 6.46 million mt.
In addition, SSAB strengthened its leadership in the green transition and launched the SSAB Zero green steel product. SSAB Europe adjusted production, cost and staffing and these measures will continue to a certain extent during the first quarter of 2024, as demand for products to the construction segment continues to be low.