SSAB Q3 Profit, Revenue Down

(RTTNews) - SSAB (SSAAF.PK), a Nordic and US-based steel company, Wednesday reported profit before tax of SEK 1.338 billion for the third quarter, significantly lower than SEK 4.449 billion in the same quarter a year ago, primarily due to decline in revenue.

"Lower US plate prices impacted negatively compared to a year earlier. The market in Europe continued to be weak, whereas the market for high-strength steel was more resilient," SSAB's CEO commented.

Net profit decreased to SEK 1.048 billion or SEK 1.05 per share from SEK 3.506 billion or SEK 3.40 per share in the prior year.

Operating profit was SEK 1.248 billion, down from SEK 4.371 billion last year.

Revenue for the quarter dropped to SEK 24.373 billion from SEK 29.339 billion in the previous year.