Swedish green steel leader SSAB has reported revenue was SEK 35.516 billion for April-June 2022 quarter & operating profit of SEK 10.395 billion. SSAB’s operating profit exceeded SEK 10 billion for the first time for a single quarter as all business segments posted strong results, driven by a combination of high steel prices and solid internal performance. SSAB Special Steels reached a new record for shipments and operating profit increased to SEK 2.392 billion while SSAB Europe’s operating profit for the second quarter increased to SEK 4.070 billion and SSAB Americas’ operating profit increased to SEK 3.512 billion. Higher steel prices were an important factor behind the improved results, in combination with stable production and continued good cost control.In conjunction with the invasion of Ukraine, SSAB stopped sales to Russia and Belarus as well as discontinued new purchases of ore and coal from Russia. Ruukki Construction has minor operations in Ukraine and these could be partly re-started during the second quarter.SSAB also strengthened its position as the leader in the green transition in the steel industry and continues to deliver pilot volumes for a number of selected partnership projects. Customer demand for fossil-free steel continues to increase. During the quarter, Volvo Construction Equipment delivered the world’s first construction machine built of SSAB fossil-free steel and during the third quarter of 2022, Volvo Trucks will start small-scale introduction of fossil-free steel in heavy-duty electric trucks. SSAB also began collaboration with Alfa Laval on the world’s first heat exchanger to be made using fossil-free steel, with the first unit planned for 2023. The second quarter saw the inauguration of HYBRIT’s pilot facility for hydrogen gas storage, the first of its kind, in Svartöberget, Luleå. Work on the feasibility studies for SSAB’s planned mini-mills in Luleå and Raahe is proceeding towards the goal of fossil-free production at around 2030, but the transition requires sufficient availability of fossil-free electricity in the right place at the right time.SSAB said “The market outlook is uncertain, due to rising inflation, component shortages and bottlenecks in logistics chains, among other things. There are also risks for disruptions relating to sanctions and other fallout from the war in Ukraine.”
Swedish green steel leader SSAB has reported revenue was SEK 35.516 billion for April-June 2022 quarter & operating profit of SEK 10.395 billion. SSAB’s operating profit exceeded SEK 10 billion for the first time for a single quarter as all business segments posted strong results, driven by a combination of high steel prices and solid internal performance. SSAB Special Steels reached a new record for shipments and operating profit increased to SEK 2.392 billion while SSAB Europe’s operating profit for the second quarter increased to SEK 4.070 billion and SSAB Americas’ operating profit increased to SEK 3.512 billion. Higher steel prices were an important factor behind the improved results, in combination with stable production and continued good cost control.In conjunction with the invasion of Ukraine, SSAB stopped sales to Russia and Belarus as well as discontinued new purchases of ore and coal from Russia. Ruukki Construction has minor operations in Ukraine and these could be partly re-started during the second quarter.SSAB also strengthened its position as the leader in the green transition in the steel industry and continues to deliver pilot volumes for a number of selected partnership projects. Customer demand for fossil-free steel continues to increase. During the quarter, Volvo Construction Equipment delivered the world’s first construction machine built of SSAB fossil-free steel and during the third quarter of 2022, Volvo Trucks will start small-scale introduction of fossil-free steel in heavy-duty electric trucks. SSAB also began collaboration with Alfa Laval on the world’s first heat exchanger to be made using fossil-free steel, with the first unit planned for 2023. The second quarter saw the inauguration of HYBRIT’s pilot facility for hydrogen gas storage, the first of its kind, in Svartöberget, Luleå. Work on the feasibility studies for SSAB’s planned mini-mills in Luleå and Raahe is proceeding towards the goal of fossil-free production at around 2030, but the transition requires sufficient availability of fossil-free electricity in the right place at the right time.SSAB said “The market outlook is uncertain, due to rising inflation, component shortages and bottlenecks in logistics chains, among other things. There are also risks for disruptions relating to sanctions and other fallout from the war in Ukraine.”
