SSAB increased rolled steel production by 6.3% y/y in Q1

In January-March 2025, the Swedish steel company SAAB increased its rolled steel production by 6.3% compared to the same period in 2024, to 1.778 million tons. Compared to the previous quarter, the figure increased by 9.1%, according to the company’s quarterly report.

Steel production by the company’s enterprises increased by 0.3% y/y and 4.3% q/q – to 1.946 million tons over the period. Shipments of finished products amounted to 1.676 million tons, up 5.9% y/y and 15.7% q/q. The visible increase in production in the quarterly comparison is explained by the planned maintenance shutdowns in October-December 2024. The company also notes an improvement in demand, mainly due to the seasonal factor.

Steel shipments by SSAB Special Steels in Q1 2025 amounted to 336 thousand tons (+29% q/q; +2.7% y/y), SSAB Europe – 882 thousand tons (+18% q/q; +7.8% yoy), SSAB Americas – 457 thousand tons (+4% q/q; +4.6% y/y), Tibnor – 195 thousand tons (-4% q/q; -1% y/y).

Rolled steel production by division was distributed as follows:

• SSAB Special Steels – 379 thousand tons (-9.5% y/y; +0.8% q/q);
• SSAB Europe – 1.11 million tons (+14.4% y/y; +12.8% q/q);
• SSAB Americas – 285 thousand tons (+1.4% y/y, +6.3% q/q).

In Q1 2025, steel demand remained generally weak, but showed a seasonal improvement compared to the previous quarter. The improved performance was driven by stronger demand in Europe, which is typical for this period, as well as a slight pickup in North America.

The construction segment showed signs of recovery, albeit from a low base, while demand in heavy transport continued to decline. The automotive industry weakened overall, but SSAB maintained an advantage through the use of high quality steel with increased strength. The energy market, especially in the oil and gas sector, saw a recovery. In addition, steel service centers stepped up purchases, which was accompanied by partial restocking. The increase in market prices recorded in the first quarter is expected to have a positive impact on SSAB’s financial results in the next quarter.

Earlier, SSAB signed an agreement with Germany’s SMS Group to supply equipment and process automation for a new cold-rolled steel production facility in Luleå. The project is part of the construction of a modern mini-mill, which the company decided to build in April 2024 as part of its transformation to carbon-free steel production.