October 26, 2018 / 5:52 AM / 4 months ago

Steelmaker SSAB forecasts firm demand as Q3 profit lags

STOCKHOLM, Oct 26 (Reuters) - Swedish steelmaker SSAB on Friday reported quarterly core operating earnings just below markets expectations and said it expected continued solid demand in the fourth quarter. The company’s third-quarter operating profit, adjusted for one-off costs, rose to 1.60 billion Swedish crowns ($175.3 million) from 1.09 billion crowns a year ago, lagging a 1.66 billion crown mean forecast in a poll of analysts.

SSAB, which is one of the largest steel plate producers in the United States though it still generates the majority of its profits in Europe, said the third quarter had been characterized by good demand and favourable pricing.

“Despite the political turbulence surrounding trade barriers, we expect the outlook to remain good for the fourth quarter of 2018,” SSAB CEO Martin Lindqvist said in a statement. ($1 = 9.1265 Swedish crowns) (Reporting by Johannes Hellstrom; editing by Niklas Pollard)

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