STOCKHOLM, April 26 (Reuters) – Swedish steelmaker SSAB (SSABa.ST) reported on Tuesday a bigger-than-expected leap in first-quarter earnings on the again of robust steel prices, however stated the outlook for demand and shipments was beset by some uncertainty.
The specialised high-strength steels producer rode to a document profit final yr on the again of hovering steel prices and powerful output at its manufacturing vegetation in Sweden, Finland and the United States, a improvement that carried into 2022.
The area of interest steelmaker stated working profit, excluding extraordinary objects, rose to eight.38 billion Swedish crowns ($864 million) from a year-ago 1.99 billion to surpass an analysts’ estimate of 6.66 billion from Refinitiv.
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The firm stated in a press release that the primary quarter had seen an “exceptional” rise in demand because of constraints on steel provide following Russia’s invasion of Ukraine, which Moscow calls a “special military operation”.
“Demand for steel during the second quarter of 2022 is expected to normalize and, hence, be on a somewhat lower level than in the first quarter,” the corporate stated.
“There remain uncertainties with a shortage of components as well as bottlenecks in logistics chains.”
The Swedish steelmaker had warned in early February that restore work after an unplanned outage at considered one of its blast furnaces in Raahe, Finland, would dent first-quarter earnings by about 600 million crowns.
($1=9.6965 Swedish crowns)
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Reporting by Niklas Pollard; Editing by Clarence Fernandez and Subhranshu Sahu
Our Standards: The Thomson Reuters Trust Principles.
Sweden’s SSAB posts larger-than-expected profit as steel prices soar & More Latest News Update
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