Turnover fell 12.2 percent to SEK 26,469 million (30,138). The outcome compares with the Factset analyst consensus of 25,779. The stock was up nearly 5% by 3.20pm on Wednesday.
“As a result of the weak market, both Tibnor and Ruukki Construction have implemented savings programs that included staff reductions. SSAB Europe adjusted production, costs and staffing and these measures continue to some extent in the first quarter of 2024, when demand for products for the construction industry continues to be low. Even in SSAB Special Steel’s markets, customers have become more cautious, especially in Europe. The market price for heavy plate in North America stabilized during the end of the fourth quarter,” comments CEO Martin Lindqvist.
Adjusted ebitda result amounted to SEK 3,364 million (4,637), expected 2,854, with an adjusted ebitda margin of 12.7 percent (15.4).
The operating profit was SEK 2,400 million (-29,501). The operating margin was 9.1 percent.
Adjusted operating profit amounted to SEK 2,400 million (3,768), with an adjusted operating margin of 9.1 percent (12.5).
The result after tax was SEK 1,901 million (-29,992).
The proposed dividend is SEK 5.00 per share (8.70). Expected was 5.06.
Operating cash flow was SEK 5,798 million (8,880)
The company’s outlook for the segments during the first quarter of 2024 is as follows:
“Compared to the fourth quarter of 2023, SSAB Special Steel’s deliveries are estimated to be significantly higher during the first quarter of 2024, while prices are estimated to be slightly lower.
SSAB Europe’s deliveries are estimated to be higher. Prices are expected to be slightly lower in the first quarter of 2024, compared to the fourth quarter of 2023.
Deliveries for SSAB Americas are estimated to be higher and prices are expected to be slightly lower.”
SSAB also states that the costs of raw materials are expected to be slightly higher.
The planned maintenance costs in 2024 are expected to amount to SEK 1,555 million (1,480).
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