(Reuters) – The Swedish steel group SSAB reported on Tuesday a decline of 57% of its operational profit in the first quarter, weighed down by the low market conditions and the drop in prices in North America.
Over the first three months of the year, the Swedish group recorded an operating profit of 1.35 billion Swedish crowns (123.18 million euros) after 3.16 billion crowns the previous year.
In addition to the pressure exerted by cheaper Chinese steel and the increase in energy expenditure, European steelmakers must now also face the American customs duties.
SSAB, which has steel activities on both sides of the Atlantic, nevertheless declared in a press release that the customs duties imposed by US President Donald Trump had no impact on his results in the first quarter, the group benefiting from production sites in Europe and the United States.
The specialist in high resistance steel anticipates “slightly higher” deliveries than last year for his Special Steels, Europe and Americas divisions.
He nevertheless warned that prices could vary in the three divisions, anticipating “stable” prices for Special Steels, “slightly higher” in Europe and “much higher” in the Americas.
The cost of raw materials should be stable in the Special Steels and Europe divisions and “slightly higher” in the Americas division, added SSAB.
(Written by Marta Frąckowiak, Pauline Foret, edited by Kate Entringer)
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