Steel Mills
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/SSAB.png)
SSAB quarterly results slip on lower prices
Written by Stephanie Ritenbaugh
February 1, 2024
A weaker steel market and lower prices in Europe dragged down SSAB’s earnings during the last three months of 2023.
Still, the Swedish steelmaker, which operates two plate mills in the US, said prices in the North American heavy plate market stabilized at the end of the fourth quarter. Inventory levels at North American distributors were still low, SSAB said.
SSAB has one plate mill in Montpelier, Iowa, and another in Mobile, Ala.
US plate prices averaged $1,365 per ton in November, according to SMU’s interactive pricing tool.
As noted in its Q3’23 report, the company enacted cuts at some European operations, including making personnel reductions.
“SSAB Europe adjusted production, cost and staffing and these measures will continue to a certain extent during the first quarter of 2024, as demand for products to the construction segment continues to be low,” SSAB president and CEO Martin Lindqvist said in comments released with Q4 earnings data on Wednesday, Jan. 31. “Also in SSAB Special Steels’ markets, customers have adopted a more cautious approach, especially in Europe.”
Meanwhile, SSAB said growth continues in its products made in EAFs with no carbon dioxide emissions – it delivered more than 50,000 metric tons of SSAB Zero during 2023.
“Interest increased strongly not only in Europe, but also in the USA,” Lindqvist noted.
Overall, SSAB reported revenue of 1.9 billion Swedish krona (SEK) during Q4 ‘23, or $182.8 million. That’s down from 3.5 billion SEK, or $337 million, during the previous quarter. Revenue was 24.46 billion SEK.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/04/RMU_SR_headshot-150x150.png)
Stephanie Ritenbaugh
Read more from Stephanie RitenbaughLatest in Steel Mills
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/Nucor.png)
Nucor lowers 2024 output estimate for Brandenburg plate mill
Nucor has lowered the 2024 production estimate for its Brandenburg, Ky., plate mill due to soft market conditions.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/SSAB.png)
SSAB adjusts output in weak Q3, readies for Q4 rebound
SSAB said lower plate prices in the US were the primary reason for reduced results in the second quarter. With a dismal Q3 outlook, the Swedish steelmaker is adjusting production across its facilities. That includes moving up its annual US mill outage in anticipation of a better Q4. SSAB Americas Revenues in the Americas segment […]
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/Nucor.png)
Topalian puts focus on “unfair” trade, eyes USMCA partners
Nucor’s top executive expressed concerns over unfair trade practices, highlighting increased steel imports from Mexico and Canada.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/Cliffs_logo2.2.png)
Cliffs sees close of Stelco buy, bottom to steel tags, and Mexico out of USMCA
Cleveland-Cliffs expects its acquisition of Canada’s Stelco to close later this year, which will help the the Cleveland-based steelmaker as a bottom to steel tags nears.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/Nucor.png)
Nucor posts lower Q2 earnings, predicts tough Q3 too
Nucor recording lower second quarter earnings on falling steel prices. And the Charlotte, N.C.-based predicted that profits would be lower still in the third quarter, primarily because of weaker results from its steel mills divisions.