Swedish steel company SSAB announced its financial results for the first quarter of this year, reporting an operating profit of SEK 2.20 billion ($240 million), compared with SEK 1.35 billion ($147 million) in the same quarter the previous year, mainly due to improved results at SSAB Europe and SSAB Americas. The company's EBITDA increased to SEK 3.24 billion ($353 million) from SEK 2.37 billion ($258 million), and its EBITDA margin increased to 13 percent from nine percent.
SSAB's revenue declined slightly year-on-year by one percent in the quarter to SEK 25.34 billion ($2.76 billion), mainly due to negative exchange rates. Meanwhile, the company's net profit rose to SEK 1.60 billion ($174 million) from SEK 1.13 billion ($123 million) in the first quarter of 2025, and its earnings per share increased to SEK 1.61 ($0.18) from SEK 1.13 ($0.12).
SSAB crude steel output in the first quarter amounted to 2.01. million tons compared to 1.95 million tons in the same period last year, and steel shipments increased to 1.74 million tons from 1.68 million tons.
Demand in the global high-strength steel market was seasonally higher compared to the previous quarter, while underlying demand in Europe showed some improvement, the company said. The European standard steel market remained cautious, although import volumes fell and prices for strip and plate rose during the quarter amid expectations of more restrictive import measures. In North America, the sheet market was relatively strong and prices rose, while distributor inventories were assessed as somewhat weak.
SSAB said the European Commission's proposed measures to protect the EU steel sector from global excess production are expected to improve the balance of supply and demand in the European market, with the measures set to take effect on July 1, 2026. The company also noted that the EU's carbon border regulatory framework came into full force in January this year.
In the first quarter, SSAB Special Steels deliveries increased six percent year-on-year to 356,000 tonnes, and segment operating profit rose to SEK 1.53 billion (USD 167 million). SSAB Europe deliveries increased to 919,000 tonnes, with improved steels achieving record levels of shipments, and operating profit soaring to SEK 438 million ($48 million) from SEK 33 million ($4 million).
