DESPITE UNCLEAR PROSPECTS, A SWEDISH CORPORATION REPORTS RECORD PROFITS IN Q2 DUE TO INCREASING STEEL PRICES

26 July, 2022 by
Administrator

According to SSAB's news statement, operational earnings at the Swedish corporation surpassed SEK 10 billion for the first time in a single quarter.

However, the business issued a warning that among growing prices and supply chain pressures, the market picture remained uncertain.

According to SSAB, operational earnings for the second quarter increased from SEK 4.08 billion a year earlier to a record-breaking SEK 10.40 billion (USD 1.01 billion).

High-strength steels are the company's area of expertise, and over the last year, earnings have increased thanks to rising steel prices and robust output at its manufacturing facilities in Sweden, Finland, and the United States.

Due to planned maintenance shutdowns and seasonality, the business stated in a statement that it anticipated a reduction in both pricing and shipments in the third quarter for both European and American weapons.

In its third segment, Special Steels, the company similarly anticipated steady pricing and somewhat reduced shipping levels.

The market picture is uncertain, according to Chief Executive Martin Lindqvist, among other reasons including rising inflation, component shortages, and logistical difficulties.

The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only.

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