SSAB Q3 Profit Rises, Revenues Down Amid Cautious Market

(RTTNews) - Swedish steel manufacturer SSAB AB (SSAAF, SSAB_B.ST) Wednesday reported higher profit in its third quarter, despite weak revenues. The company said the third-quarter was characterized by a cautious market, partly due to seasonally weak demand.

In the third quarter, the company's net profit grew to 1.49 billion Swedish kronor from last year's 1.05 billion kronor. Earnings per share were 1.49 kronor, higher than 1.05 kronor a year ago.

SSAB's operating result for the third quarter amounted to 1.87 billion kronor, higher than 1.25 billion kronor last year, mainly driven by a stronger development in SSAB Americas.

EBITDA increased to 2.89 billion kronor from 2.32 billion kronor in the prior year.

Revenue, meanwhile, dropped 6 percent to 22.96 billion kronor from prior year's 24.37 billion kronor, mainly related to negative currency effects.

Looking ahead, the company said the outlook is uncertain for the fourth quarter, where the market in Europe is normally affected by a certain seasonal slowdown towards the end of the year.

SSAB said it will carry out planned maintenance in both North America and Europe during the fourth quarter.

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