SEATTLE (Scrap Monster): The interim report for second quarter 2022 by leading steelmaker SSAB indicates that the company reported record results for all of its business segments.
The company reported revenue of SEK 35,516 million during the quarter. The operating profit excluding items affecting comparability stood at SEK 10,395 million. SSAB reported net earnings per share of SEK 7.79. Also, net cash amounted to SEK 7,163 million. The press release by the company stated that the transformation to fossil-free steel production was progressing as per earlier plans.
The shipments from SSAB Special Steels hit new record, while the operating profits surged to hit SEK 2,392 million. The operating margin rose to 26.6%, compared with 20.1% a year before. The improved results were primarily on account of higher steel prices. The stable production coupled with cost control measures also contributed.
The steelmaker’s operating profit exceeded SEK 10 billion for the first time for a single quarter. All business segments posted strong results. It continued to strengthen its position as a leader in the green transition in the steel industry.
SSAB predicts uncertain markets in near future, mainly due to rising inflation, shortages of components as well as severe logistics constraints.