Sweden's SSAB rises on first-quarter EBITDA beat
** Shares in SSAB SSABa.ST rise as much as 8.1%, after the Swedish steelmaker posted Q1 earnings before interest, taxes, depreciation and amortization, falling less than forecast
** Stock last up 3%
** SSAB posts 4.14 billion Swedish crowns ($12.94 million) for the quarter, beating consensus by 18%; adding it sees "fairly stable" demand in Q2
** "Q1 EBITDA beat driven by Special Steels and Europe" - Jefferies
** In a pre-market note, Jefferies expected shares higher on 1Q beat, "post recent weakness"
** In Europe, the broker points out, SSAB did better than expected amid the weak market and the Finnish strike that had a negative impact of about SEK 350 million
** SSAB expects second-quarter shipments by its Special Steels and European divisions to rise by 5-10% from the previous quarter, while the Americas unit's shipments will be "somewhat higher"
** J.P. Morgan also attributes the "solid" performance in Europe to lower variable costs (raw materials) and better product mix (Automotive)
($1 = 10.8196 Swedish crowns)
Reporting by Jakub Olesiuk
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