April 20, 2018 / 5:44 AM / a year ago

SSAB Q1 profit lags forecast after production problems

STOCKHOLM, April 19 (Reuters) - Swedish steelmaker SSAB reported first-quarter operating earnings below analyst forecasts on Friday saying it had been hit by production and transport capacity problems which were resolved by the end of the period.

The company’s quarterly operating profit rose to 916 million Swedish crowns ($108.8 million) from 702 million crowns in the year-ago quarter, lagging a 1,171 million crown forecast in a Reuters poll.

“Demand is still good in our markets and SSAB’s growth initiatives developed well during the quarter,” the company said.

SSAB generates the majority of its profits in Europe, but is also one of the largest steel plate producers in the United States. ($1 = 8.4168 Swedish crowns) (Reporting by Johannes Hellstrom; editing by Niklas Pollard)

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