Swedish specialty steel manufacturer SSAB has published financial results for the third quarter and first nine months of this year.
The company reported a net profit of SEK 1.49 billion ($158.48 million) in the quarter, compared with a net profit of SEK 1.05 billion in the corresponding period last year, in mainly due to stronger development of SSAB's operations in the Americas, and net profit of SEK 1.85 billion in the second quarter, while sales revenue stood at SEK 22.36 billion ($2.38 billion), down 10.4 percent in the quarter on lower shipments and down 5.8 percent in on an annual basis. Additionally, SSAB's operating profit for the third quarter was SEK 1.87 billion ($198.93 million), compared to an operating profit of SEK 2.14 billion recorded in the second quarter of this year, mainly due to seasonal declines in deliveries and planned annual maintenance, and an operating profit of 1.25 billion Swedish kronor in the third quarter of 2024, mainly due to lower prices for raw materials.
In January-September this year, the company posted a net profit of 4.74 billion Swedish kronor ($504.23 million), compared with a net profit of 6.04 billion Swedish kronor in the same period last year, while revenue from Sales amounted to SEK 74.11 billion ($7.88 billion), down 7.1% year on year. In addition, SSAB's operating profit for the first nine months fell to SEK 5.36 billion ($570.33 million) from operating
