SSAB increased steel production by 3.3% y/y in Q1

Swedish steel producer SSAB reported increased production figures and improved product shipments for the first quarter of 2026, driven by a recovery in demand in Europe and a stable market in North America. This is stated in the company’s report.

Steel production in January–March totaled 2.01 million tons, up 3.3% compared to the same period last year. At the same time, rolled steel production rose by 5.2% year-on-year – to 1.87 million tons. Total steel shipments reached 1.74 million tons, up 3.6% year-on-year.

The largest contribution to the production results came from the SSAB Europe division, which increased steel production to 1.14 million tons compared to 1.09 million tons a year earlier. The division’s shipments rose to 919,000 tons from 882,000 tons. The company noted that shipments of specialty steel grades in Europe reached a record high, demonstrating the effectiveness of the strategy to increase the share of premium products.

The SSAB Special Steels segment also showed growth. The division’s steel production rose to 577,000 tons from 548,000 tons a year earlier, and shipments increased to 356,000 tons from 336,000 tons. The company noted that demand for high-strength steels remained strong, despite a temporary suspension of shipments to the Persian Gulf region due to the military conflict.

In North America, SSAB Americas shipped 461,000 tons of steel, slightly exceeding last year’s level of 457,000 tons. Demand was supported by the energy sector and increased activity among steel service providers.

The company notes that it expects stable shipment volumes across all major divisions in the second quarter. Selling prices are forecast to be slightly higher, which could support results against the backdrop of the upcoming strengthening of trade protection for the EU steel market starting July 1, 2026.

As a reminder, SSAB previously announced a temporary suspension of construction work at its new steel mill in Luleå.

According to Swedish media reports, construction of the new facility is underway on an SSAB site adjacent to the existing steel mill. The entire site is part of the earlier Stålverk 80 project (a Swedish industrial initiative from the 1970s aimed at creating one of the largest steel complexes in Europe), which was never completed.