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Steel maker SSAB reports double in profit



  

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Friday, 22 July 2011
Swedish steel manufacturer SSAB reports a profit before tax of Skr1.179 million in the second quarter, compared with profit of Skr624 million the same period last year.

Analysts had on average had expected a profit of Skr940 million, according to Reuter’s consensuses.

Sales rose to Skr11.769 million, compared to Skr10.911 million a year earlier.
Demand was good during the first quarter, but at the end of the period there was a slight slowdown, according to CEO Martin Lindqvist.

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"Maintenance Work and a generally lower activity in the third quarter will impact earnings negatively. This coupled with continued pricing pressure, increased raw material costs and uncertainty about developments in Europe, the outlook points to that the third quarter will be weaker than the second quarter. The recovery continues, and demand is expected to improve compared to 2010, "he writes in the report.

SSAB's shares rose 7.1 percent to Skr81 in the first minutes of trading on the Stockholm Stock Exchange, after the morning's surprisingly strong report.
By Scancomark.se Team


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