SSAB warns of slower than usual Q3, shares slump
** Shares in SSAB SSABa.ST fall 5.4% after the Swedish steelmaker posted second-quarter operating profit below market estimates and warned of a steeper demand decline in Q3
** "The seasonal downturn during the third quarter is assessed to be more pronounced than normal," the company says
** SSAB, which experiencedlower U.S. heavy plate prices and still weak European market in Q2, says itexpects shipments and realized prices to fallin all divisions quarter-on-quarter in Q3
** "SSAB's demand outlook for Q3 is weaker vs normal Q3 seasonal slowdown and consequently maintenance is starting earlier than previously planned in SSAB Americas," J.P.Morgan says
** SSAB's Q2 operating result plunges to 2.97 billion Swedish crowns ($275.34 million) in Q2, from 4.96 billion a year earlier, missing the average forecast of 3.02 billion crowns seen in an LSEG poll
** SSAB is among bottom performers of the pan-European STOXX 600 .STOXX index
($1 = 10.7868 Swedish crowns)
Reporting by Elviira Luoma
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
