(Reuters) -Sweden's SSAB posted fourth-quarter operating profit well above analysts' estimates on Wednesday, helped by resilient demand for its high-strength steel and other premium products despite
SSAB Surpasses Profit Expectations Amid Strong Demand for Premium Steel
(Reuters) -Sweden's SSAB posted fourth-quarter operating profit well above analysts' estimates on Wednesday, helped by resilient demand for its high-strength steel and other premium products despite generally weak European and North America markets.
Operating result slumped to 487 million Swedish crowns ($44.36 million) in the October-December quarter from 2.40 billion crowns in the year-ago period.
This, however, beat the 419.1 million crowns expected by analysts on average, according to a consensus provided by the company.
The steelmaker said prices in the United States were significantly lower and its Special Steels and European divisions were hit by the weak market in Europe.
SSAB, which operates steel businesses on both sides of the Atlantic, said it expected demand to remain weak in its home markets, Europe and North America during the first quarter, but with a seasonal improvement in shipments.
It proposed a dividend of 2.60 crowns per share for last year, 48% lower than the 5.00 crowns for 2023.
($1 = 10.9779 Swedish crowns)
(Reporting by Marta Frąckowiak in Gdansk; Editing by Subhranshu Sahu)
