The steel manufacturer SSAB reports an operating profit of 1,248 million kronor for the third quarter of the year. During the corresponding quarter last year, the profit was 4,371 million.
Revenues during the quarter fell to 24.4 billion, down from 29.3 billion. The decline was in line with the average forecast among analysts, according to Bloomberg.
SSAB is one of this year's losers on the Stockholm Stock Exchange with a share price fall of 36 percent since the turn of the year.
"A lower heavy plate price in the USA had a negative impact compared to the third quarter last year. The European market remained weak, while the market for high-strength steel was more stable", says the outgoing CEO Martin Lindqvist in the report.
"Compared to the second quarter of the year, the operating profit was lower due to weaker demand and planned maintenance stops", he adds.
