Swedish specialty steel producer SSAB has posted its financial results for the second quarter and the first half of the current year.
The company reported a net profit of SEK 3.93 billion ($376.69 million) in the second quarter, compared to a net profit of SEK 8.02 billion in the corresponding period of 2022 and a net profit of SEK 3.7 billion in the first quarter this year. The company’s sales revenues amounted to SEK 31.77 billion ($3.04 billion) in the second quarter, decreasing by 0.3 percent quarter on quarter and down by 10.5 percent year on year. In the same period, the company reported an operating profit of SEK 4.96 billion ($476.09 million) compared to an operating profit of SEK 4.73 billion recorded in the first quarter this year and an operating profit of SEK 10.39 billion in the same period of the previous year.
In the first half this year, SSAB reported a net profit of SEK 7.63 billion ($731.61 million), compared to a net profit of SEK 14.04 billion in the corresponding period of 2022, while the company’s sales revenues amounted to SEK 63.68 billion ($6.11 billion) in the first half, decreasing by 5.1 percent year on year. The company’s operating profit in the first half this year amounted to SEK 9.69 billion ($930.07 million), compared to an operating profit of SEK 18.55 billion in the first six months last year.
Meanwhile, in the second quarter of this year, SSAB’s crude steel output increased by 5.5 percent to 2.09 million mt, while its finished steel production stood at 1.89 million mt, up by 3.2 percent, both year on year. Its steel shipments in the given period went up by 0.5 percent year on year to 1.72 million mt. In the first half this year, the company’s crude steel output increased by 10.6 percent to 4.13 million mt, while its finished steel production stood at 3.79 million mt, up by 6.9 percent, both year on year. Its steel shipments in the given half went up by 2.6 percent year on year to 3.46 million mt.
According to SSAB, demand in Europe weakened during the second quarter and there is a risk of a more pronounced downturn than normal in the third quarter. The costs of raw materials in the third quarter are expected to be lower than in the second quarter, especially related to lower coal prices.