SSAB Americas sales, earnings slump

Oct 24, 2012 | 05:56 PM | Anne Riley

Tags  SSAB, SSAB Americas, Martin Lindqvist, steel, plate, Anne Riley

NEW YORK — SSAB Americas, a subsidiary of Swedish steelmaker SSAB AB, saw its earnings plummet in the third quarter as lower demand and prices weighed down its operations.

"In North America, imports of ordinary plate continued to negatively impact on the price structure. At the same time, demand from steel service centers was weak due to high inventory levels," SSAB president and chief executive officer Martin Lindqvist said in a statement.

In the three months ended Sept. 30, SSAB Americas reported an operating profit of 251 million kronor ($37.6 million), down about 62 percent from the 661-million-kronor profit logged in the same quarter last year.....

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