SSAB posts 2d-qtr. loss but company upbeat

Jul 19, 2013 | 02:26 PM | Catherine Ngai

Tags  steel, SSAB Americas, montpelier, Martin Lindqvist, Catherine Ngai

NEW YORK — SSAB Americas, a subsidiary of Swedish steelmaker SSAB AB, posted a second-quarter loss—its first dip into the red in four years—on lackluster demand, although it expects positive momentum in the second half of the year.

SSAB Americas posted an operating loss of 49 million kronor ($7.49 million) for the three months ended June 30 in contrast to operating earnings of 537 million kronor a year earlier and 87 million kronor in the first three months of this year.

The Stockholm-based parent said that the second-quarter loss in the Americas was due to a planned outage at its Montpelier, Iowa, facility, along with low inventories at service centers and lower shipment volumes. However, a recent price hike by SSAB, along with some of its U.S. competitors, may help financials going forward.....

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