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SSAB tops quarterly profit expectations aided by higher European steel prices

By Reuters News

Oct 28 (Reuters) - Swedish steelmaker SSAB SSABa.ST reported a slightly bigger-than-expected rise in its third-quarter operating profit on Wednesday, citing improved steel prices and higher shipments.

The European steel industry has sought relief from high energy costs and cheaper Asian steel entering the region, and is expected to benefit from tighter EU steel import restrictions introduced in July and the bloc's carbon border levy on emissions-intensive imports.

  • "We can see signs of improved supply-demand balance in the European market. Prices improved in Europe during the third quarter," CEO Johnny Sjostrom said

  • Operating earnings rose to 2.16 billion Swedish crowns ($217.2 million) in the quarter, while analysts were expecting 2.14 billion on average, a poll provided by SSAB showed

  • SSAB Europe increased shipments of premium steels; shipments also rose in the Special Steels unit and demand remained strong in the US plate market, Sjostrom said

  • SSAB carried out planned maintenance during the quarter, with related costs rising to 810 million crowns from 390 million a year earlier

($1 = 9.9441 Swedish crowns)

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