Steel Mills
October 24, 2020
SSAB Americas Posts Loss in Q3
Written by Sandy Williams
Lower prices and planned maintenance contributed to reduced earnings for SSAB Americas in the third quarter of 2020. Revenue fell 16 percent from the prior quarter and 39 percent year-over-year to SEK 2,715 million ($309.5 million U.S.). The segment posted an operating loss of SEK 436 million ($49.7 million), down SEK 425 million from Q2 and a plummet of SEK 957 million from Q3 2019. Demand during the quarter was impacted by Covid-19 and lower economic activity.
Crude steel production fell 5 percent from the second quarter. Rolling production was down 11 percent from both the second quarter and Q3 2019 primarily due to planned maintenance.
