By Jagoda Darlak
Swedish metal maker SSAB mentioned on Tuesday it’s going to reduce capability in Europe within the fourth quarter by bringing ahead upkeep work as demand is predicted to stay weak and there’s a threat of low exercise in direction of the tip of the 12 months. The corporate mentioned in a press release it had adjusted output volumes of construction-related merchandise within the third quarter in Europe to adapt to the weakening market. To scale back capability within the final three months of the 12 months, upkeep at a blast furnace in Raahe, Finland shall be introduced ahead to mid-November, lasting 6-8 weeks, the group mentioned.
The corporate mentioned it anticipated European shipments within the fourth quarter to be regular, albeit at a low stage.
Whereas the outlook for its different two divisions, Particular Steels and Americas, is secure, it forecast decrease costs for all its models.
“Market outlook is unsure due, amongst different issues, to rising inflation, part shortages and bottlenecks in logistics chains in addition to to the fallout from the battle in Ukraine,” chief government Martin Lindqvist mentioned in a press release.
The corporate additionally reported better-than-expected quarterly earnings.
The specialised high-strength steels producer has seen document income over the previous 12 months on the again of surging metal costs and powerful output at its manufacturing vegetation in Sweden, Finland and america. ($1 = 11.1642 Swedish crowns)
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