Steelmaker SSAB misses third-quarter profit forecasts as weak Europe weighs
STOCKHOLM (Reuters) – Swedish steelmaker SSAB <SSABa.ST> reported operating earnings below market forecasts on Wednesday citing weaker business conditions and “exceptional” margin pressure on the European market.
SSAB, one of the largest steel plate producers in the United States while still generating the majority of its revenues in Europe, said quarterly operating earnings fell to 150 million Swedish crowns ($15.52 million) from 1.39 billion in the year-ago quarter.
Analysts’ had forecast an operating profit of 470 million Swedish crowns according to Refinitiv SmartEstimates.
“Heading towards the end of the year, we see a more pronounced seasonal slowdown than normal”, SSAB chief executive Martin Lindqvist said in a statement.
(Reporting by Johannes Hellstrom, Editing by Helena Soderpalm)