SSAB, a steel company operating in both the Nordic region and the United States, announced on Wednesday that their profit before tax for the third quarter amounted to SEK 1.338 billion. This figure marks a sharp decline from the SEK 4.449 billion recorded in the same quarter last year, largely due to a decrease in revenue. According to the company's CEO, the lower prices for U.S. plate steel had a negative impact compared to the previous year. While the European market remained weak, the demand for high-strength steel proved to be more resilient.
The net profit for the quarter fell to SEK 1.048 billion, translating to SEK 1.05 per share, compared to the previous year’s SEK 3.506 billion or SEK 3.40 per share. The operating profit also saw a decline, dropping to SEK 1.248 billion from SEK 4.371 billion in the prior year. Quarterly revenue decreased to SEK 24.373 billion, down from SEK 29.339 billion recorded in the previous year.
