SSAB cites US strength but flags tariff-driven uncertainty

President and CEO Johnny Sjöström described the Q3’25 performance of SSAB Americas (see chart below) as “stable and according to expectations” on a conference call to discuss the quarterly earnings results on Wednesday.

SSAB Americas’ third quarter results

Americas segment quarterly steel shipments of 440,000 metric tons declined 9.7% from the previous quarter, coming in below the outlook.

While shipments showed a 10.6% y/y rise, SSAB attributed the increase to a maintenance outage at the Montpelier, Iowa, mill in Q3’24, which dragged down last year’s results.

Revenue improvement from steel prices in the quarter was minimal in the Americas, SSAB said, with only about a 1% price uptick vs. the 5-10% the company had guided for.

The company reported a positive y/y profit contribution from the Americas, which helped to offset the ongoing weakness in Europe, its main market.

A three-week maintenance outage at its Axis, Ala., Special Steels mill was scheduled to wrap up on Oct. 18. SSAB expects the outage to weigh on volumes across regions, including North America, in the current quarter.

Tariff impacts

US tariffs are reshaping trade flows, and SSAB executives said having production facilities in the US gives the company a structural advantage.

“Local production accounts for most of SSAB’s sales on the US market,” said Sjöström, so “The direct impact of the US steel tariffs on SSAB has so far been limited.”

But he also noted the company’s exports from Nordic countries to the US (notably special high-strength automotive grades) remain exposed.

“We have communicated with the customers that we cannot bear these tariffs on our own,” Sjöström commented, noting that the company is now sharing the tariff cost with its customers.

“But we also know that long-term, some of our customers will look for domestic supplies instead, not only for the cost issue but also for political reasons,” he added.

Some foreign plate exporters have pulled back after tariffs were announced, tightening US supply. SSAB pointed to reduced shipments from Canadian producers and a competitor’s plate-mill closure as supportive of domestic pricing and supply balance.

“However, the turbulence driven by trade barriers and tariffs has created uncertainty and represents a significant risk of lower economic activity” in the US and Europe, the company warned.

US plate prices and inventories

SSAB Americas recently announced a series of plate price increases. Executives commented on their partial market acceptance, while also noting that recent weakening demand has introduced caution for Q4’25 pricing.

The company assessed current distributor inventories as “medium to medium-high,” meaning service centers “can continue to fill up a little bit, but they still have enough inventory to be able not to buy anything for some time,” according to Sjöström.

Americas outlook

Management expects somewhat lower shipments and prices in Q4’25 for SSAB Americas, driven by softer demand and macro uncertainty.

Tariffs should limit import competition but may dampen demand. SSAB sees a near-term tradeoff where protection helps pricing and utilization but also raises project and customer cost sensitivity.

SSAB positioned the Americas as a strength for the company. But it warned that demand softness and tariff-driven market dynamics require vigilance for the remainder of the year and into early 2026.

The company provided the following demand outlook from its key end-use markets. SMU took the image the image below from its Q3’25 earnings presentation.

A note on SSAB Americas management

Chuck Schmitt is still the head of SSAB Americas.

Last December, the 40-year steel industry veteran announced his decision to retire from the company as of June 30, 2025.

SMU checked in with the company, and a spokesperson said Schmitt is still leading SSAB Americas. The company has yet to announce his successor.