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Steel producer SSAB beats expectations



  

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Friday, 29 April 2011
The Swedish government’s steel producer SSAB's earnings before tax ended at Skr504 million for the first quarter. That compares with profit of Skr83 million in the corresponding period last year.
The stronger currency lowered profits by Skr300 million. Analysts had on average expected a profit of Skr209 million, according to Reuters.

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Turnover amounted to Skr11.056 million, compared with Skr8.865 million a year earlier.
"During the second quarter it is expected that deliveries of SSAB's products would increase slightly. Demand,  is expanding particularly in Asia and Latin America, but also in North America, is expected to remain on a good level, "said CEO Martin Lindqvist, who also expects higher prices under the renegotiated contracts.

But there are risks of overcapacity in the industry if demand continues to increase, according to Lindqvist.
By Scancomark.se Team


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