SSAB beats Q3 profit forecast on resilient demand for high-strength steel
Adds context in paragraph 2, details on Q3 in paragraph 4, outlook in paragraphs 5-6
Oct 23 (Reuters) -Swedish steelmaker SSAB SSABa.ST reported a smaller than expected drop in its third-quarter operating profit on Wednesday, citing more resilient demand for its high-strength steel despite still weak European markets.
Steel companies have struggled with weakening demand and brutal competition from cheaper Asian rivals, as cost inflation continues to weigh on profits and higher spending is needed to cut emissions of the carbon-heavy industry.
SSAB's operating result slumped 71% from a year earlier to 1.25 billion Swedish crowns ($118.6 million) in the July-September quarter, but beat analysts' average forecast of 1.05 billion crowns in a consensus provided by the company.
The group said lower U.S. plate prices had a negative impact on its earnings compared to a year earlier. It also carried out maintenance during the seasonally weaker third quarter, incurring costs of 950 million crowns, broadly in line with its forecast.
The specialized high-strength steels producer said it expected shipments for its Special Steels and Europe divisions to be somewhat lower in the last three months of the year, while they should be higher for the Americas arm.
It also sees lower realized prices for Europe and Americas units and somewhat lower for Special Steels in the fourth quarter.
($1 = 10.5408 Swedish crowns)
Reporting by Marta Frąckowiak in Gdańsk; Editing by Milla Nissi
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