SSAB Europe reduced steel shipments by 18% q/q in Q3

The European division of Swedish steelmaker SSAB reduced steel shipments by 18% in the third quarter of 2025 compared to the previous quarter, to 737,000 tons, according to the company’s financial report.

The results were affected by weak demand in the EU market, as well as scheduled maintenance, which cost approximately SEK 330 million. The division’s operating result fell to SEK -179 million, compared to a positive result of SEK 110 million in the second quarter.

Sales of advanced high-strength steels (AHSS) for the automotive industry remained stable year-on-year, while average product prices in Europe rose by 2% quarter-on-quarter. Despite this, demand in the region remains weak, and the company expects a further seasonal decline in activity in the fourth quarter.

At the same time, SSAB Americas reduced shipments by 10% q-o-q (440,000 tonnes), but managed to improve its financial performance thanks to a 1% increase in prices and the absence of downtime due to repairs, which affected performance a year ago. The division’s operating profit rose to SEK 853 million from SEK 807 million in the previous quarter.

The SSAB Special Steels segment also recorded an 11% quarter-on-quarter decline in shipments (289,000 tonnes), but demonstrated higher profitability thanks to lower raw material prices and better capacity utilization. The division’s operating profit increased by 22% compared to 18% in Q2, and average prices rose by 1% q/q.

At the same time, subsidiaries Tibnor and Ruukki Construction were affected by the weak market. Tibnor’s deliveries fell by 15% q/q (165,000 tonnes), while Ruukki reported lower profits due to lower sales volumes.

Overall, SSAB’s operating cash flow in Q3 rose to SEK 2.27 billion (compared to SEK 1.43 billion a year earlier), and the company’s net cash position was SEK 10.8 billion.

In September, SAAB announced the official start of construction of its new green steel plant in Luleå. The plant is scheduled to begin operations at the end of 2029.