SSAB Recorded A Turnover Of SEK 24.373 Billion in The Third Quarter

Swedish Steel Corporation (SSAB) reports its operating results for the third quarter of 2024. In the third quarter, the company's turnover was 24.373 billion SEK (1 SEK ≈0.0915 US dollars), a decrease of 4.966 billion SEK year-on-year.
According to the report, in the third quarter, the company's operating results were 1.248 billion SEK, a decrease of 3.069 billion SEK year-on-year; Earnings per share of SEK 1.05, down SEK 2.35; Net cash was SEK 13.3 billion, down SEK 3.5 billion year-on-year; Earnings before interest, tax, depreciation and amortization (EBITDA) were SEK 2.332 billion, down SEK 2.987 billion year-on-year. In the first nine months of the year, the company's operating profit was 79.803 billion SEK, down 13.217 billion SEk from the same period last year. Cash flow of SEK 6.565 billion, down SEK 9.16 billion year-on-year; Earnings per share were SEK 6.05, down SEK 4.76. Operating results were SEK 7.374 billion, a decrease of SEK 6.694 billion year-on-year.
Specifically, SSAB Special Steel's operating results for the quarter were SEK 1.228 billion, a decrease of SEK 580 million. Operating margin was 18 per cent, down 5 percentage points from a year earlier. Due to lower prices and planned downtime, SSAB Americas' third-quarter operating results fell to SEK 78 million, with an operating margin of 2%. SSAB Europe's operating results were SEK 42 million.
The SSAB CEO said the company's maintenance costs for the third quarter of 2024 were SEK 950 million, in line with expectations. Compared to the same period last year, the decline in US sheet metal prices had a negative impact. The European market continues to be weak, while the high-strength steel market is more resilient. The decline in operating results in the quarter compared to the second quarter was due to weaker demand and planned shutdown maintenance.
According to the report, in the fourth quarter, the SSAB Steel business unit will further adjust within the framework of flexible working hours and cost constraints to meet the challenges brought by low market demand; The transition to "fossil fuel-free steelmaking" continues as planned, with a focus on the planned transformation of the Uxelesund mill area and the Luleau small rolling mill in Sweden. Among them, Lulea's small rolling mill will reduce production costs, increase the share of high-quality products, and enhance the company's long-term competitiveness. In addition, it highlighted in the report that the new direct reduction technology using hydrogen developed under the framework of the HYBRIT project has already achieved industrial scale conditions, which lays the foundation for the long-term flexible mixing of green sponge iron and scrap steel as raw materials for the new mills at Oxelon and Luleau sites.