Q2 2024 SSAB AB Earnings Call Transcript
Key Points
- SSAB AB (SSAAF) reported a stable operating profit of just under SEK3 billion, despite lower US plate prices.
- The company achieved a significant milestone in safety, with an LTI frequency per million working hours including contractors at 0.64.
- SSAB AB (SSAAF) produced and sold 40,000 tonnes of SSAB Zero in North America, a fossil-free steel product with zero Scope 1 and 2 emissions.
- The company updated its science-based targets for reducing greenhouse gas emissions, which were approved by the Science-Based Targets initiative.
- SSAB AB (SSAAF) launched the world's first emission-free steel powder for commercial deliveries, enhancing its product portfolio for 3D printing applications.
- The operating profit was lower compared to the same quarter last year, primarily due to decreased US plate prices.
- The European market showed weaker demand, affecting the Special Steels division.
- The strike in Finland had a negative cost impact of SEK125 million in Q2, with lingering market hesitations post-strike.
- The Americas division experienced a 7% decrease in prices compared to the first quarter, reflecting a cautious market.
- Tibnor and Ruukki Construction faced challenging market conditions, with a slow construction market in Europe, particularly in the Nordic region.
Good morning, and welcome to this presentation of the SSAB Q2 report. My name is Per Hillström. I'm Head of Investor Relations at SSAB. And presenting today, we have Martin Lindqvist, President and CEO; and CFO, Leena Craelius. And the agenda, as normal, Martin will start to talk about the quarter shortly, Leena will then go into the financials in more details, and then Martin comes back with the outlook and a summary. And then, we will have good time for questions at the end.
So by that please Martin start.
Thank you, Per, and good morning and welcome to this quarterly presentation. If I start with the highlights, I would say that the result was fairly stable, just south of SEK3 billion in operating profit and it was lower versus the same quarter last year mainly due to lower US plate prices and I will come back to that.
We continue to see a good development of one of our most important focuses to become the safest
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