AI assistant
SSAB Interim / Quarterly Report 2025
2975_ir_2025-07-23_39a37a24-449c-45d5-9b1c-3eef6a9d5cec.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
INTERIM REPORT JANUARY - JUNE 2025
SSAB Americas drove improvement quarter over quarter
July 23, 2025
Report for Q2 and first half of 2025
The second quarter
- Revenue was SEK 25,631 (28,282) million
- Operating result was SEK 2,140 (2,969) million
- Earnings per share were SEK 1.86 (2.43)
- Net cash was SEK 10.9 (14.1) billion
Key figures
| 2025 | 2024 | 2025 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|---|
| SEK millions | Q2 | Q2 | Q1 | Jan-Jun | Jan-Jun | Full-year |
| Revenue | 25,631 | 28,282 | 25,523 | 51,154 | 55,430 | 103,418 |
| EBITDA | 3,157 | 4,038 | 2,369 | 5,526 | 8,180 | 12,069 |
| Operating result | 2,140 | 2,969 | 1,351 | 3,491 | 6,126 | 7,860 |
| Result for the period | 1,855 | 2,418 | 1,127 | 2,982 | 4,992 | 6,527 |
| Earnings per share (SEK) | 1.86 | 2.43 | 1.13 | 2.99 | 5.00 | 6.54 |
| Operating cash flow | 1,753 | 3,214 | -547 | 1,206 | 5,137 | 10,692 |
| Net debt (+) / Net cash (-) | -10,862 | -14,085 | -14,388 | -10,862 | -14,085 | -17,777 |
| Net debt/equity ratio (%) | -16 | -21 | -21 | -16 | -21 | -25 |
| Return on capital employed, rolling 12 months (%) | 9 | 18 | 10 | 9 | 18 | 13 |
| Number of employees at end of period | 14,609 | 14,486 | 14,637 | 14,609 | 14,486 | 14,618 |
Comments by the CEO
SSAB's operating result for the second quarter of 2025 amounted to SEK 2,140 (2,969) million. The decrease compared to last year was mainly related to lower prices of standard steel. The operating result improved compared to the previous quarter, primarily driven by increased prices for SSAB Americas. The market in Europe saw a weakening and SSAB will take appropriate measures during the third quarter.
SSAB Special Steels reported an operating result of SEK 1,480 (1,659) million and an operating margin of 22% (21%) during the quarter. SSAB Special Steels' unique products provide significant added value for our customers and this in turn translates into more stable prices than for standard products over the business cycle. SSAB Americas' operating result amounted to SEK 807 (1,204) million with an operating margin of 14% (19%). SSAB Europe's operating result decreased to SEK 110 (400) million and the operating margin was 1% (3%). Record high shipments of high-strength steel to the automotive industry supported margins in a weak market.
The turbulence of tariffs and trade barriers resulted in increased uncertainty during the second quarter. The largest impact was seen on the European steel market, which weakened. As a consequence, SSAB Europe will adjust production and staffing levels during the third quarter, which is also typically seasonally slow. Adjustments will take place through planned maintenance, time banks and short-time work. Also, the markets for SSAB Special Steels and SSAB Americas were somewhat affected by the increased uncertainty.
The direct impact of the US steel tariffs on SSAB is limited, as the local production accounts for most of SSAB's sales on the US market. However, certain special products, mainly high-strength steel for the automotive industry, are exported from the Nordics.
The transformation of Luleå and the conversion of Oxelösund are progressing. The rationale of the projects is to lower costs, improve the product mix and largely remove CO2 emissions. During the second quarter, SSAB was notified that the reinforcements to the transmission grid to Luleå will not be delivered as planned. This means that the planned start-up of the new steel mill in Luleå will be pushed back by 12 months, from the end of 2028 to the end of 2029. The revised timeline is not expected to affect the previously communicated investment amount of EUR 4.5 billion, or the expected annual EBITDA improvement, totaling more than SEK 5 billion compared to continued operation of the current system.
SSAB has flexibility to carry out the investment in Luleå in a robust way, taking into account our financial capacity, customer demand and the overall market situation. The Luleå financing was increased in June to EUR 2.7 billion in total and is backed by the Swedish National Debt Office, the Italian Export Credit Agency, the Nordic Investment Bank and the German Export Credit Agency Euler Hermes.
SSAB and Volvo Cars signed an agreement for the delivery of SSAB Zero steel, starting in 2025, and for the purchase of high-quality scrap steel from Volvo Cars' production. The scrap will be recycled and used in the new electric arc furnace in Oxelösund to make steel without fossil carbon dioxide emissions.
SSAB continues its long-term and systematic work to improve workplace safety and lost time injury frequency (LTIF) was stable at 0.64 (0.64) during the quarter.
Outlook for the third quarter of 2025
The second quarter saw customers adopting more of a wait-and-see mode on many of SSAB's markets, due to the turbulence triggered by trade barriers and tariffs. In addition, the third quarter is typically seasonally weaker.
Compared with the second quarter of 2025, SSAB Special Steels' shipments are assessed to be lower, whereas prices are assessed to be stable during the third quarter of 2025.
SSAB Europe's shipments are expected to be significantly lower during the third quarter of 2025 compared to the second quarter of 2025. Prices are assessed to be stable.
SSAB Americas' shipments are assessed to be somewhat lower and prices are expected to be higher.
The costs of raw materials for SSAB Special Steels and SSAB Europe are expected to be fairly stable compared to the prior quarter, whereas for SSAB Americas, the costs are expected to be somewhat lower.
Outlook for the steel divisions
| Q3 2025 vs. Q2 2025 | |||
|---|---|---|---|
| Shipments | Realized prices | ||
| SSAB Special Steels | Lower | Stable | |
| SSAB Europe | Significantly lower | Stable | |
| SSAB Americas | Somewhat lower | Higher |
Definitions: Significantly lower (>10 %), Lower (5-10 %), Somewhat lower (0-5 %), Stable (~0 %), Somewhat higher (0-5 %), Higher (5-10 %), Significantly higher (>10 %)
SSAB Group – Second quarter of 2025
The market during the second quarter
The market for high-strength steel was to some extent impacted by uncertainty resulting from the turbulence triggered by tariffs.
Demand for standard steel in Europe weakened during the quarter and market prices for strip and heavy plate in Europe fell to a relatively low level during the second quarter. After a certain restocking among distributors during the first quarter, sentiment was more cautious. Inventory levels were estimated to be normal. Import volumes continue to be significant, with very low selling prices in many cases.
In North America, demand for heavy plate was relatively stable although increased uncertainty resulting from tariffs among other things made distributors more cautious and heavy plate prices decreased somewhat. Inventory levels at North American distributors are assessed to still be low.
Market prices in China for strip and heavy plate decreased somewhat during the second quarter.
Revenue and operating result
Revenue for the second quarter of 2025 was SEK 25,631 (28,282) million, down 9% compared to the same period in 2024, mainly related to negative currency effects and lower prices. Compared with the first quarter of 2025, revenue was flat.
Operating result was SEK 2,140 (2,969) million. The decrease compared to 2024 was primarily explained by lower prices, primarily for standard products. Compared to the first quarter of 2025, operating result was up by SEK 789 million, driven by SSAB Americas, with prices increasing from a low level.
Revenue and operating result by business segment
| Revenue | Operating result | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| SEK millions | Q2 | Q2 | Change | Q2 | Q2 | Change | |
| SSAB Special Steels | 6,818 | 7,847 | -1,030 | 1,480 | 1,659 | -179 | |
| SSAB Europe | 10,557 | 11,641 | -1,084 | 110 | 400 | -291 | |
| SSAB Americas | 5,724 | 6,221 | -498 | 807 | 1,204 | -397 | |
| Tibnor | 2,849 | 3,344 | -495 | 24 | 57 | -34 | |
| Ruukki Construction | 1,458 | 1,472 | -14 | 52 | 42 | 10 | |
| Other | — | — | — | -332 | -394 | 62 | |
| Group adjustments | -1,773 | -2,244 | 470 | — | — | — | |
| Total | 25,631 | 28,282 | -2,651 | 2,140 | 2,969 | -828 |
Analysis of total change in revenue and operating result compared to prior periods
| Revenue | Operating result | |||||
|---|---|---|---|---|---|---|
| % change | Vs. Q2 2024 | Vs. Q1 2025 | SEK millions | Change vs. Q2 2024 |
Change vs. Q1 2025 |
|
| Price | -4 | 4 | Price and product mix | -2,460 | -75 | |
| Product mix | -1 | 0 | Volume | 170 | 105 | |
| Volume | 4 | 2 | Variable costs | 1,530 | 980 | |
| Currency effects | -7 | -6 | Fixed costs | 10 | -190 | |
| Other sales | -1 | 0 | Capacity utilization | -50 | 40 | |
| Currency effects | -29 | -71 | ||||
| Total | -9 | 0 | Total | -828 | 789 |
Sustainability
SSAB's objective is to become the world's safest steel company and to achieve zero accidents and workrelated injuries and illnesses. The lost time injury frequency per million hours worked (LTIF) was stable at 0.64 (0.64). Total recordable injury frequency (TRIF) was 6.5 (6.1).
Energy consumption and CO2e emissions were somewhat lower compared to the same quarter in 2024.
Key sustainability figures – rolling 12 months
| 2025 | 2024 | 2025 | 2024 | |
|---|---|---|---|---|
| Q2 | Q2 | Q1 | Full-year | |
| Safety | ||||
| Lost time injury frequency (LTIF)1) | 0.64 | 0.64 | 0.67 | 0.75 |
| Total number of injuries (LTI)2) | 18 | 18 | 19 | 21 |
| Total recordable injury frequency (TRIF)3) | 6.5 | 6.1 | 6.6 | 6.7 |
| Environment4) | ||||
| Energy consumption, GWh5) | 8,866 | 9,136 | 8,858 | 8,927 |
| Energy intensity, kWh/tonnes crude steel | 1,198 | 1,216 | 1,204 | 1,215 |
| CO2e-emissions (Scope 1), thousand tonnes | 9,529 | 9,810 | 9,481 | 9,476 |
| Indirect CO2e-emissions (Scope 2), thousand tonnes | 1,405 | 1,177 | 1,407 | 1,260 |
| CO2e-intensity, tonnes of CO2e/tonnes crude steel6) | 1.48 | 1.46 | 1.48 | 1.46 |
1) Lost Time Injury Frequency, number of accidents resulting in an absence of more than one day per million working hours, own employees and contractors. 2) Lost Time Injuries, number of accidents resulting in an absence of more than one day, own employees and contractors.
3) Total Recordable Injury Frequency, number of lost time injuries, medical treatment injuries and restricted work injuries per million hours worked, own employees and contractors, except for medical treatment injuries and restricted work injuries for contractors in the USA.
4) Environmental data is reported based on preliminary figures at the end of the quarter. Verification of full year data is carried out in the first quarter of the following year. After verification, the previous year's full year data is adjusted to the final verified figures.
5) Total energy consumption (electricity, purchased fuels and purchased heat).
6) Includes Scope 1 and Scope 2.
Transformation to fossil-free steelmaking
The conversion of the steel mill in Oxelösund is proceeding with the construction of the new electric arc furnace as well as the infrastructure for scrap handling.
SSAB and Volvo Cars signed an agreement for the delivery of SSAB Zero steel, starting 2025, and for the purchase of high-quality scrap steel from Volvo Cars' production. The scrap will be recycled and used in the new electric arc furnace in Oxelösund to make steel without fossil carbon dioxide emissions.
Construction of a highly-efficient mini-mill in Luleå started during the summer. During the second quarter, SSAB was notified that the reinforcements to the transmission grid will not be delivered as previously communicated. This means that the planned start-up of the new steel mill in Luleå will be pushed back by 12 months, from the end of 2028 to the end of 2029. The phasing of the investment will be impacted accordingly, but the revised timeline is not expected to affect the previously communicated investment amount of EUR 4.5 billion, or the expected annual EBITDA improvement, totaling more than SEK 5 billion compared to continued operation of the current system. The delay is not expected to impact SSAB's partnerships with leading customers to any greater extent, as steel can be supplied from Oxelösund and Mobile. However, the direct CO2 -emissions from the Luleå steel mill will continue for longer, compared to previously communicated time plan.
In June, the Luleå financing was increased to a total of EUR 2.7 billion and is backed by the Swedish National Debt Office, the Italian Export Credit Agency, the Nordic Investment Bank and the German Export Credit Agency Euler Hermes. The financing package provides the financial flexibility needed for a robust implementation of the Luleå investment.
SSAB received an environmental permit for the project in Luleå during the fourth quarter of 2024. The permit decision has been appealed, but SSAB's assessment is that the appeal will not delay the project.
In conjunction with the transformation, SSAB will start to modernize the Group's Enterprise Resource Planning (ERP) system. This will replace the current fragmented legacy systems with efficient processes and tools to optimize order and inventory management, material flows, as well as cost and quality control. Implementation will begin with the new mini-mill in Luleå, after which modernization will continue stepwise at other production sites. The cost is estimated to EUR 225 million during 2025-2029.
The new mini-mill in Luleå, together with the conversion of Oxelösund, will enable SSAB to reduce its direct carbon dioxide emissions by around 50%.
Major planned maintenance outages 2025
The Group's total maintenance costs for the full-year 2025 are expected to be SEK 1,570 (1,640) million, which is unchanged compared to the previous forecast. The table below shows the expected costs for the third and fourth quarters of 2025 as well as the actual costs in 2024. The figures include the impact of the direct maintenance cost and the cost of lower capacity utilization, but excludes the negative impact on margins from lower shipments.
| 2025 | 2024 | 2025 | 2024 | 2025E | 2024 | 2025E | 2024 | 2025E | 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| SEK millions | Q1 | Q1 | Q2 | Q2 | Q3 | Q3 | Q4 | Q4 | Full-year | Full-year |
| SSAB Special Steels | 0 | 0 | 0 | 0 | 110 | 110 | 570 | 420 | 680 | 530 |
| SSAB Europe | 0 | 0 | 0 | 0 | 320 | 390 | 230 | 270 | 550 | 660 |
| SSAB Americas | 0 | 0 | 0 | 0 | 0 | 450 | 340 | 0 | 340 | 450 |
| Total | 0 | 0 | 0 | 0 | 430 | 950 | 1,140 | 690 | 1,570 | 1,640 |
Expected maintenance costs for 2025
Raw materials
SSAB sources iron ore primarily from LKAB in Sweden at market index-linked prices. Coking coal is sourced from Australia, the USA and Canada, usually on annual supply contracts with monthly prices. SSAB's mills in the USA use recycled steel material and source scrap metal on the spot market.
The table below shows the fluctuations in SSAB's purchase prices. The combination of lead times and contract terms for iron ore means that the results are affected with approximately a one-quarter delay, while coking coal has a lead time of around one and a half quarters. Scrap purchase prices have a lead time of around one month.
Change in SSAB's average purchase prices compared to prior periods
| Q2 2024 | Q1 2025 | |||
|---|---|---|---|---|
| % change | USD | SEK | USD | SEK |
| Iron ore | -9 % | -18 % | -5 % | -14 % |
| Coking coal | -29 % | -33 % | -7 % | -13 % |
| Scrap metal | 4 % | -6 % | -7 % | -16 % |
Production and shipments
SSAB's production and shipments were somewhat higher compared to the second quarter of 2024. Production and shipments were also somewhat higher compared to the first quarter of 2025.
| 2025 | 2024 | 2025 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|---|
| Thousand tonnes | Q2 | Q2 | Q1 | Jan-Jun | Jan-Jun | Full-year |
| Crude steel production | 1,975 | 1,927 | 1,946 | 3,922 | 3,868 | 7,349 |
| Rolling production | 1,877 | 1,839 | 1,778 | 3,655 | 3,512 | 6,658 |
| Steel shipments | 1,708 | 1,646 | 1,676 | 3,384 | 3,229 | 6,134 |
Result for the period and earnings per share
The result for the period attributable to shareholders in the parent company was SEK 1,854 (2,419) million for the second quarter of 2025, equating to SEK 1.86 (2.43) per share. Income tax expenses were SEK 320 (658) million.
Cash flow
Operating cash flow for the second quarter of 2025 amounted to SEK 1,753 (3,214) million. The lower result had a negative effect and the seasonal build in working capital was more normal compared to last year's low level. Net cash flow, after dividends of SEK 2,591 (4,983) million, amounted to SEK -2,718 (-3,584) million. Net cash amounted to SEK 10,862 (14,085) million at June 30, 2025.
Capital expenditure
Capital expenditure amounted to SEK 2,211 (1,250) million during the second quarter of 2025. Strategic investments were SEK 1,688 (616) million. The increase relates primarily to the transformation of Luleå and to the conversion of Oxelösund. The estimate for total maintenance and strategic expenditure for the full-year 2025 remains unchanged at around SEK 10 billion. The sum of maintenance and strategic expenditure in 2024 was SEK 5.4 billion.
Operating cash flow and net debt
| 2025 | 2024 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|
| SEK millions | Q2 | Q2 | Jan-Jun | Jan-Jun | Full-year |
| EBITDA | 3,157 | 4,038 | 5,526 | 8,180 | 12,069 |
| Change in working capital | -616 | -145 | -2,958 | -1,623 | 2,470 |
| Maintenance capital expenditures | -523 | -635 | -908 | -1,155 | -2,773 |
| Other 1) | -265 | -45 | -453 | -266 | -1,074 |
| Operating cash flow | 1,753 | 3,214 | 1,206 | 5,137 | 10,692 |
| Financial items | -254 | 86 | -144 | 205 | 461 |
| Income taxes | 86 | -1,246 | -640 | -2,282 | -3,230 |
| Cash flow from current operations | 1,585 | 2,054 | 422 | 3,059 | 7,923 |
| Strategic expenditures in plants and machinery | -1,688 | -616 | -2,447 | -1,124 | -2,601 |
| Acquisitions of shares and operations | -11 | — | -139 | — | -38 |
| Divestments of shares and operations | — | — | 144 | — | — |
| Cash flow before dividend | -115 | 1,439 | -2,019 | 1,936 | 5,284 |
| Dividend, parent company's shareholders | -2,591 | -4,983 | -2,591 | -4,983 | -4,983 |
| Dividend, non-controlling interest | — | -1 | — | -1 | -4 |
| Purchases of own shares | — | — | — | -1,215 | -1,215 |
| Acquisition of shares, non-controlling interest | -12 | -38 | -12 | -38 | -47 |
| Net cash flow | -2,718 | -3,584 | -4,622 | -4,301 | -964 |
| Net cash (+) / Net debt (-) at beginning of period | 14,388 | 18,195 | 17,777 | 18,206 | 18,206 |
| Net cash flow | -2,718 | -3,584 | -4,622 | -4,301 | -964 |
| Other 2) | -809 | -527 | -2,293 | 180 | 535 |
| Net cash (+) / Net debt (-) at the end of period | 10,862 | 14,085 | 10,862 | 14,085 | 17,777 |
1) During Q2 2025, the net purchases of emission allowances were SEK -291 (—) million and during January - June 2025 SEK -296 (-252) million.
2) Mainly valuation changes of derivatives and revaluations of other financial assets and liabilities in foreign currencies.
SSAB Group – first half of 2025
Revenue and operating result
Revenue for the first half of 2025 was SEK 51,154 (55,430) million, down 8% compared to the first half of 2024, mainly related to lower prices.
Operating result was SEK 3,491 (6,126) million, down SEK 2,635 million compared to the first half of 2024. Lower earnings were mainly related to lower prices for SSAB Americas' products.
Revenue and operating result by business segment
| Revenue | Operating result | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| SEK millions | Jan-Jun | Jan-Jun | Change | Jan-Jun | Jan-Jun | Change | |
| SSAB Special Steels | 14,163 | 15,563 | -1,400 | 2,922 | 3,441 | -519 | |
| SSAB Europe | 21,297 | 22,458 | -1,161 | 143 | 564 | -421 | |
| SSAB Americas | 10,881 | 12,478 | -1,597 | 967 | 2,616 | -1,649 | |
| Tibnor | 5,753 | 6,457 | -703 | 59 | 94 | -35 | |
| Ruukki Construction | 2,619 | 2,487 | 131 | 23 | -36 | 59 | |
| Other | — | — | — | -622 | -551 | -71 | |
| Group adjustments | -3,559 | -4,013 | 454 | — | — | — | |
| Total | 51,154 | 55,430 | -4,276 | 3,491 | 6,126 | -2,635 |
Result for the period and earnings per share
The result for the period attributable to shareholders in the parent company for the first half of 2025 was SEK 2,979 (4,992) million, equating to SEK 2.99 (5.00) per share. Income tax expenses were SEK 669 (1,403) million.
Cash flow, financing and liquidity
Operating cash flow for the first half of 2025 decreased to SEK 1,206 (5,137) million, due to the lower result and higher working capital. Net cash flow, after dividends of SEK 2,591 (4,983) million, amounted to SEK -4,622 (-4,301) million. The comparison period included purchases of own shares for SEK 1,215 million.
Net cash at June 30, 2025 was SEK 10,862 (14,085) million. Cash and cash equivalents were SEK 20,299 (23,892) million and non-utilized credit facilities, excluding financing for the Luleå investment, were SEK 8,275 (8,429) million, which combined corresponds to 29% (29%) of rolling 12-month revenue. The term to maturity of the total loan portfolio at June 30, 2025 averaged 5.6 (6.9) years, with an average fixed interest period of 0.9 (1.3) years.
During the second quarter of 2025, SSAB secured financing for the Luleå investment of up to EUR 2.7 billion, backed by the Swedish National Debt Office, the Italian Export Credit Agency, the Nordic Investment Bank and the German Export Credit Agency Euler Hermes.
Equity
With a result for the period of SEK 2,979 (4,992) million and other comprehensive income (mostly consisting of translation differences) of SEK -4,354 (1,602) million attributable to the owners of the parent company, the shareholders' equity attributable to the owners of the parent company amounted to SEK 67,002 (68,304) million, equating to SEK 67.23 (68.54) per share.
Business segments – Second quarter of 2025
SSAB Special Steels
Second quarter in brief
- Shipments decreased 3% to 325 (337) thousand tonnes
- Operating result was SEK 1,480 (1,659) million
- Operating margin was relatively stable
Key figures
| 2025 | 2024 | 2025 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|---|
| Q2 | Q2 | Q1 | Jan-Jun | Jan-Jun | Full-year | |
| Revenue (SEK millions) | 6,818 | 7,847 | 7,346 | 14,163 | 15,563 | 28,788 |
| EBITDA (SEK millions) | 1,785 | 2,023 | 1,752 | 3,537 | 4,167 | 6,765 |
| Operating result (SEK millions) | 1,480 | 1,659 | 1,442 | 2,922 | 3,441 | 5,297 |
| Operating cash flow (SEK millions) | 1,286 | 1,242 | 1,280 | 2,566 | 2,571 | 6,214 |
| Crude steel production (thousand tonnes) | 570 | 576 | 548 | 1,117 | 1,162 | 2,130 |
| Rolling production (thousand tonnes) | 443 | 421 | 379 | 822 | 840 | 1,603 |
| Steel shipments (thousand tonnes) | 325 | 337 | 336 | 661 | 664 | 1,227 |
| Number of employees at end of period | 4,018 | 4,015 | 4,011 | 4,018 | 4,015 | 4,043 |
Market trend
The turbulence triggered by tariffs and trade barriers created increased uncertainty and a somewhat more hesitant market during the second quarter. A stronger SEK had a negative impact on revenue.
Development compared to Q2/24
Revenue was down 13% compared to the second quarter of 2024 and amounted to SEK 6,818 (7,847) million. Currency effects reduced revenue by 9 percentage points and lower shipments had a negative impact of 3 percentage points.
Operating result was SEK 1,480 (1,659) million. Currency effects and lower shipments had a negative impact, which was partly compensated by lower variable cost.
Operating cash flow during the second quarter was SEK 1,286 (1,242) million. The lower result was offset by a lower working capital build compared with the second quarter of 2024.
Capital expenditure during the second quarter was SEK 600 (690) million, of which SEK 405 (503) million were strategic investments, mainly the conversion of Oxelösund.
Development compared to Q1/25
Revenue decreased by 7%. Currency effects had a negative impact of 6 percentage points and lower shipments 3 percentage points respectively. Higher prices had a positive impact of 2 percentage points.
Operating result was relatively stable and increased marginally by SEK 38 million. Negative currency effects and somewhat lower shipments were more than compensated by lower variable cost.
SSAB Europe
Second quarter in brief
- Weaker market during the second quarter
- Higher shipments at 895 (870) thousand tonnes, record high shipments of premium Automotive products
- Operating result decreased to SEK 110 (400) million
Key figures
| 2025 | 2024 | 2025 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|---|
| Q2 | Q2 | Q1 | Jan-Jun | Jan-Jun | Full-year | |
| Revenue (SEK millions) | 10,557 | 11,641 | 10,740 | 21,297 | 22,458 | 41,791 |
| EBITDA (SEK millions) | 634 | 915 | 553 | 1,187 | 1,516 | 2,696 |
| Operating result (SEK millions) | 110 | 400 | 33 | 143 | 564 | 714 |
| Operating cash flow (SEK millions) | 813 | 1,063 | -1,758 | -945 | 1,104 | 2,058 |
| Crude steel production (thousand tonnes) | 1,089 | 1,063 | 1,092 | 2,181 | 2,140 | 4,165 |
| Rolling production (thousand tonnes) | 1,127 | 1,152 | 1,113 | 2,240 | 2,126 | 4,057 |
| Steel shipments (thousand tonnes) | 895 | 870 | 882 | 1,777 | 1,688 | 3,194 |
| Number of employees at end of period | 6,888 | 6,779 | 6,889 | 6,888 | 6,779 | 6,854 |
Production figures include high-strength steel made for SSAB Special Steels. These volumes are not included in SSAB Europe's shipments.
Market trend
The market weakened during the second quarter due to the turbulence triggered by tariffs and trade barriers. The seasonal upturn in the Construction customer segment was less pronounced than normal. SSAB's leading position in Automotive advanced high-strength steels (AHSS), which reduce weight and strengthen crash protection, continued to make a positive contribution and shipments were the highest to date for a single quarter. Steel Service Centers adopted a generally more cautious approach during the quarter.
SSAB Europe will adjust production and staffing levels during the third quarter, which is also seasonally weak. Adjustments will take place through planned maintenance, time banks, short-time work and a restrictive cost approach.
Development compared to Q2/24
Revenue was down 9% and amounted to SEK 10,557 (11,641) million. Lower prices had an impact of 6 percentage points and currency effects had a negative impact of 4 percentage points. Higher shipments increased revenue by 3 percentage points.
Operating result decreased to SEK 110 (400) million, compared with the same quarter in 2024. Lower prices had a negative impact, which was partly offset by lower variable costs, primarily for raw materials. Record high shipments of high-strength steel to the automotive industry supported margins, whereas capacity utilization in the Swedish strip system was impacted by some minor disruptions.
Operating cash flow decreased to SEK 813 (1,063) million, primarily due to a lower result.
Capital expenditure during the second quarter was SEK 1,512 (397) million, of which SEK 1,267 (46) million were strategic investments related to the new steel mill in Luleå.
Development compared to Q1/25
Revenue decreased by 2%. Currency effect had a negative impact of 3 percentage points, whereas higher prices had a positive impact of 1 percentage point.
Compared to the first quarter of 2025, operating result increased by SEK 76 million. Lower variable costs, primarily for raw materials, had a somewhat positive impact.
SSAB Americas
Second quarter in brief
- Higher production and higher prices compared to previous quarter
- Shipments increased to 487 (439) thousand tonnes
- Operating result decreased to SEK 807 (1,204) million
Key figures
| 2025 | 2024 | 2025 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|---|
| Q2 | Q2 | Q1 | Jan-Jun | Jan-Jun | Full-year | |
| Revenue (SEK millions) | 5,724 | 6,221 | 5,157 | 10,881 | 12,478 | 22,708 |
| EBITDA (SEK millions) | 871 | 1,272 | 232 | 1,103 | 2,745 | 3,150 |
| Operating result (SEK millions) | 807 | 1,204 | 160 | 967 | 2,616 | 2,883 |
| Operating cash flow (SEK millions) | 223 | 1,562 | 263 | 486 | 2,493 | 3,284 |
| Crude steel production (thousand tonnes) | 317 | 289 | 307 | 623 | 566 | 1,054 |
| Rolling production (thousand tonnes) | 307 | 265 | 285 | 593 | 546 | 998 |
| Steel shipments (thousand tonnes) | 487 | 439 | 457 | 945 | 876 | 1,713 |
| Number of employees at end of period | 719 | 699 | 722 | 719 | 699 | 713 |
Crude steel production and rolling production refer to Montpelier. Shipments also include standard steel volumes from SSAB Special Steels (Mobile).
Market trend
Demand was more cautious during the quarter, compared to the first quarter of 2025, because of the uncertainty triggered by changes in the steel tariffs. Demand in the Energy and Heavy Transport (Marine) segments continued to be good.
Development compared to Q2/24
Production and shipments increased during the second quarter. Revenue was down 8% and amounted to SEK 5,724 (6,221) million. Currency effects had a negative impact of 10 percentage points and lower prices had a negative impact of 7 percentage points. Higher shipments had a positive impact of 11 percentage points.
Operating result for the second quarter of 2025 decreased to SEK 807 (1,204) million, primarily due to lower prices. Higher shipments had a positive impact, whereas higher raw material costs, primarily scrap, had a somewhat negative impact.
Operating cash flow during the second quarter of 2025 was SEK 223 (1,562) million. The decrease was due to a lower result and a change in working capital.
Capital expenditure during the second quarter was SEK 35 (55) million, of which SEK 2 (4) million were strategic investments.
Development compared to Q1/25
Revenue increased 11%. Higher prices had an impact of 15 percentage points, whereas higher shipments increased revenue by 6 percentage points. Currency effects had a negative impact of 12 percentage points.
Compared to the first quarter of 2025, operating result was up by SEK 646 million, driven by higher prices. Also higher shipments had a positive contribution, whereas higher raw material costs, primarily scrap, had a somewhat negative impact.
Tibnor
Second quarter in brief
- Continued weak market, some positive effects from cost savings
- Revenue was 15% lower than last year
- Operating result was SEK 24 (57) million
Key figures
| 2025 | 2024 | 2025 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|---|
| Q2 | Q2 | Q1 | Jan-Jun | Jan-Jun | Full-year | |
| Revenue (SEK millions) | 2,849 | 3,344 | 2,905 | 5,753 | 6,457 | 12,065 |
| EBITDA (SEK millions) | 77 | 110 | 87 | 164 | 199 | 293 |
| Operating result (SEK millions) | 24 | 57 | 35 | 59 | 94 | 81 |
| Operating cash flow (SEK millions) | -86 | -110 | 79 | -8 | 178 | 360 |
| Shipments (thousand tonnes) | 195 | 217 | 195 | 390 | 414 | 794 |
| Number of employees at end of period | 1,040 | 1,056 | 1,048 | 1,040 | 1,056 | 1,046 |
Market trend
The market continued to be cautious during the second quarter in most customer segments. The construction industry in the Nordics was weak and the seasonal improvement after the winter was less pronounced than normal.
Development compared to Q2/24
Revenue decreased 15% compared with the second quarter of 2024 and amounted to SEK 2,849 (3,344) million. Lower prices and a weaker product mix had a combined negative effect of 5 percentage points. Lower shipments reduced revenue by 10 percentage points.
Operating result for the second quarter of 2025 was down SEK 34 million compared with the same period in 2024 and amounted to SEK 24 (57) million. Lower shipments and lower prices were partly offset by measures to reduce costs.
Operating cash flow during the second quarter of 2025 was SEK -86 (-110) million. The improvement compared to same period in 2024 is primarily explained by lower working capital.
Capital expenditure during the second quarter was SEK 14 (34) million, of which SEK 0 (10) million were strategic investments. In addition, Tibnor acquired the shares in a Norwegian company Stålsenteret AS with a cash flow impact of SEK 17 million to improve the position in the offshore segment.
Development compared to Q1/25
Revenue was down 2% compared with the first quarter of 2025, primarily due to somewhat lower prices.
Operating result decreased by SEK 11 million compared with the first quarter of 2024. Currency effects and lower prices had a negative impact.
Ruukki Construction
Second quarter in brief
- Operating result was SEK 52 (42) million
- Seasonal improvement compared to prior quarter
Key figures
| 2025 | 2024 | 2025 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|---|
| Q2 | Q2 | Q1 | Jan-Jun | Jan-Jun | Full-year | |
| Revenue (SEK millions) | 1,458 | 1,472 | 1,161 | 2,619 | 2,487 | 5,508 |
| EBITDA (SEK millions) | 109 | 99 | 21 | 130 | 81 | 279 |
| Operating result (SEK millions) | 52 | 42 | -30 | 23 | -36 | 50 |
| Operating cash flow (SEK millions) | -155 | -15 | -196 | -351 | -212 | 108 |
| Number of employees at end of period | 1,342 | 1,362 | 1,347 | 1,342 | 1,362 | 1,349 |
Market trend
Ruukki Construction's sales volumes were seasonally higher compared with the first quarter of the year and marginally higher compared with a year earlier. Roofing saw a somewhat declining order intake towards the end of the quarter.
Development compared to Q2/24
Revenue decreased by 1% and amounted to SEK 1,458 (1,472) million. Operating result increased by SEK 10 million to SEK 52 (42) million. Higher volumes contributed positively.
Operating cash flow during the second quarter was SEK -155 (-15) million, higher working capital had a negative effect. Capital expenditure during the second quarter was SEK 40 (68) million, of which SEK 17 (52) million were strategic investments.
Development compared to Q1/25
Compared to the first quarter of 2025, revenue was seasonally higher by 26% and the operating result was up SEK 82 million, primarily due to seasonally increased volumes.
Risks and uncertainty factors
SSAB benefits from having production facilities close to major customers both in Europe and the USA. However, the turbulence driven by trade barriers and tariffs has created uncertainty and represents a significant risk of lower economic activity. Similarly, there is increased regulatory uncertainty with the upcoming revision of the EU ETS system in 2026. Significant changes to the system could impact SSAB.
For more information regarding material risks and uncertainty factors, reference is made to the detailed description in the Annual Report 2024.
Annual general meeting and dividend
The annual general meeting was held on April 29, 2025 in Stockholm, Sweden. The annual general meeting resolved on a dividend of SEK 2.60 per share for the financial year 2024, totaling around SEK 2.6 billion, which was paid on May 7.
Affirmation
The Board of Directors and the President and CEO affirm that this interim report provides a fair and true view of the operations, financial position and earnings of the parent company and the Group, and describes the material risks and uncertainties facing the parent company and the Group. The content of this interim report was decided on July 22, 2025.
Stockholm, July 22, 2025
Chair Director Director
Lennart Evrell Petra Einarsson Kerstin Enochsson
Bernard Fontana Marie Grönborg Pierre Heeroma Director Director Director
Mikael Henriksson Robert Holmström Mikael Mäkinen Director Director Director
Sven-Erik Rosén Maija Strandberg Johnny Sjöström Director Director President and CEO
Financial reports – The Group
The figures in the tables have been rounded, which might affect aggregates
Consolidated statement of profit and loss
| 2025 | 2024 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|
| SEK millions | Q2 | Q2 | Jan-Jun | Jan-Jun | Full-year |
| Revenue | 25,631 | 28,282 | 51,154 | 55,430 | 103,418 |
| Cost of goods sold | -21,893 | -23,584 | -44,411 | -45,980 | -88,926 |
| Gross profit | 3,739 | 4,698 | 6,743 | 9,450 | 14,492 |
| Selling and administrative costs | -1,614 | -1,645 | -3,295 | -3,123 | -6,478 |
| Other operating income and expenses | 10 | -85 | 32 | -187 | -148 |
| Affiliated companies, profit/loss after tax | 6 | 0 | 11 | -14 | -4 |
| Operating result | 2,140 | 2,969 | 3,491 | 6,126 | 7,860 |
| Financial items | 35 | 108 | 159 | 269 | 452 |
| Result before tax | 2,175 | 3,076 | 3,651 | 6,395 | 8,313 |
| Income tax | -320 | -658 | -669 | -1,403 | -1,786 |
| Result for the period | 1,855 | 2,418 | 2,982 | 4,992 | 6,527 |
| Of which attributable to: | |||||
| - Parent company's shareholders | 1,854 | 2,419 | 2,979 | 4,992 | 6,522 |
| - Non-controlling interest | 1 | -1 | 3 | 0 | 4 |
Consolidated statement of comprehensive income
| 2025 | 2024 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|
| SEK millions | Q2 | Q2 | Jan-Jun | Jan-Jun | Full-year |
| Result for the period | 1,855 | 2,418 | 2,982 | 4,992 | 6,527 |
| Other comprehensive income | |||||
| Items that may be subsequently reclassified to the profit or loss | |||||
| Translation differences for the period | -690 | -556 | -4,358 | 1,716 | 2,851 |
| Translation differences due to hyperinflation after tax | 31 | 19 | -17 | 45 | 107 |
| Cash flow hedges | 146 | 82 | -23 | -185 | -268 |
| Income tax on cash flow hedges | -30 | -16 | 4 | 37 | 54 |
| Net investment hedges in foreign operations | — | — | — | — | -35 |
| Income tax on net investment hedges in foreign operations | — | — | — | — | 7 |
| Total items that may be subsequently reclassified to the profit | |||||
| or loss | -544 | -471 | -4,395 | 1,614 | 2,716 |
| Items that will not be reclassified to the profit or loss | |||||
| Net defined benefit liability re-measurement | -10 | 4 | 49 | -13 | 22 |
| Income tax on net defined benefit liability re-measurement | 2 | -1 | -10 | 3 | -4 |
| Total items that will not be reclassified to the profit or loss | -8 | 3 | 39 | -10 | 19 |
| Total other comprehensive income for the period | -552 | -468 | -4,356 | 1,604 | 2,735 |
| Total comprehensive income for the period | 1,303 | 1,950 | -1,374 | 6,595 | 9,261 |
| Of which attributable to: | |||||
| - Parent company's shareholders | 1,302 | 1,951 | -1,375 | 6,594 | 9,256 |
| - Non-controlling interest | 1 | -1 | 1 | 1 | 6 |
Consolidated statement of financial position
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| SEK millions | Jun 30 | Jun 30 | Dec 31 |
| Assets | |||
| Intangible assets | 1,706 | 1,511 | 1,520 |
| Tangible fixed assets | 31,313 | 28,728 | 30,343 |
| Right-of-use assets | 2,877 | 2,962 | 2,896 |
| Investments in affiliated companies and joint ventures | 857 | 956 | 969 |
| Deferred tax receivables | 440 | 556 | 534 |
| Non-current financial assets | 499 | 508 | 437 |
| Total non-current assets | 37,692 | 35,221 | 36,698 |
| Inventories | 29,216 | 32,341 | 31,780 |
| Accounts receivable | 12,167 | 12,509 | 9,696 |
| Current tax receivables | 1,423 | 1,430 | 2,087 |
| Other current receivables | 1,696 | 2,022 | 2,537 |
| Cash and cash equivalents | 20,299 | 23,892 | 27,810 |
| Total current assets | 64,801 | 72,195 | 73,910 |
| Assets held for sale | — | — | 120 |
| Total assets | 102,494 | 107,416 | 110,728 |
| Equity and liabilities | |||
| Equity for the shareholders in the parent company | 67,002 | 68,304 | 70,966 |
| Non-controlling interest | 40 | 56 | 49 |
| Total equity | 67,042 | 68,359 | 71,015 |
| Deferred tax liabilities | 2,315 | 2,914 | 2,757 |
| Non-current provisions | 511 | 540 | 563 |
| Non-current interest-bearing liabilities | 6,170 | 6,408 | 6,501 |
| Non-current lease liabilities | 2,288 | 2,400 | 2,340 |
| Other non-current liabilities | 313 | 222 | 260 |
| Total non-current liabilities | 11,598 | 12,485 | 12,421 |
| Accounts payable | 15,573 | 17,309 | 18,852 |
| Current tax liabilities | 851 | 921 | 1,148 |
| Current interest-bearing liabilities | 131 | 211 | 495 |
| Current lease liabilities | 820 | 799 | 816 |
| Other current liabilities and provisions | 6,480 | 7,331 | 5,973 |
| Total current liabilities | 23,854 | 26,572 | 27,284 |
| Liabilities relating to assets held for sale | — | — | 8 |
| Total equity and liabilities | 102,494 | 107,416 | 110,728 |
| Pledged assets | 30 | 33 | 36 |
| Contingent liabilities1) | 23,107 | 6,504 | 7,396 |
1) The increase in contingent liabilities in 2025 is mainly due to payment guarantees relating to the Luleå investment.
Consolidated statement of changes in equity
| Equity attributable to the parent company's shareholders | |||||||
|---|---|---|---|---|---|---|---|
| SEK millions | Share capital |
Other contributed funds |
Reserves | Retained earnings |
Total equity |
Non controlling interest |
Total equity |
| Total equity, Dec 31, 2023 | 9,063 | 23,022 | 13,793 | 21,993 | 67,872 | 76 | 67,948 |
| Changes Jan 1 - June 30, 2024 | |||||||
| Total comprehensive income for the period |
1,567 | 5,027 | 6,594 | 1 | 6,595 | ||
| Result from transaction with owners of non-controlling interests |
-18 | -18 | -21 | -39 | |||
| Dividend, parent company's shareholders |
-4,983 | -4,983 | -4,983 | ||||
| Dividend, non-controlling interest | -1 | -1 | |||||
| Purchases of own shares | -1,160 | -1,160 | -1,160 | ||||
| Cancellation of own shares | -292 | 292 | — | — | |||
| Bonus issue | 292 | -292 | — | — | |||
| Total equity, Jun 30, 2024 | 9,063 | 23,022 | 15,361 | 20,858 | 68,304 | 56 | 68,359 |
| Changes July 1 - Dec 31, 2024 | |||||||
| Total comprehensive income for the period |
1,040 | 1,622 | 2,662 | 4 | 2,666 | ||
| Result from transaction with owners of non-controlling interests |
-1 | -1 | -8 | -9 | |||
| Dividend, non-controlling interest | — | -3 | -3 | ||||
| Total equity, Dec 31, 2024 | 9,063 | 23,022 | 16,401 | 22,481 | 70,966 | 49 | 71,015 |
| Changes Jan 1 - June 30, 2025 | |||||||
| Total comprehensive income for the | |||||||
| period | -4,375 | 3,000 | -1,375 | 1 | -1,374 | ||
| Reclassification to assets under construction |
4 | 4 | 4 | ||||
| Result from transaction with owners of non-controlling interests |
-2 | -2 | -10 | -12 | |||
| Dividend, parent company's shareholders |
-2,591 | -2,591 | -2,591 | ||||
| Total equity, Jun 30, 2025 | 9,063 | 23,022 | 12,030 | 22,888 | 67,002 | 40 | 67,042 |
Consolidated statement of cash flows, in summary
| 2025 | 2024 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|
| SEK millions | Q2 | Q2 | Jan-Jun | Jan-Jun | Full-year |
| OPERATING ACTIVITIES | |||||
| Operating result | 2,140 | 2,969 | 3,491 | 6,126 | 7,860 |
| Reversal of non-cash items: | |||||
| -Depreciation, amortization and write-down of fixed assets | 1,017 | 1,070 | 2,034 | 2,054 | 4,208 |
| -Other non-cash items | 23 | -46 | -171 | -16 | 125 |
| Received and paid interest | -254 | 86 | -144 | 205 | 461 |
| Income taxes paid | 86 | -1,246 | -640 | -2,282 | -3,230 |
| Cash flow from change in working capital | -616 | -145 | -2,958 | -1,623 | 2,470 |
| Cash flow from operating activities | 2,396 | 2,688 | 1,612 | 4,464 | 11,896 |
| INVESTING ACTIVITIES | |||||
| Investments in intangible and tangible fixed assets 1) | -3,766 | -1,250 | -5,022 | -3,280 | -8,215 |
| Sales of intangible and tangible fixed assets 1) | 1,268 | 1 | 1,391 | 752 | 1,646 |
| Acquisitions of shares and operations | -11 | — | -139 | — | -38 |
| Divested shares and operations | — | — | 144 | — | — |
| Other investing activities | -3 | 0 | -5 | 0 | -5 |
| Cash flow from investing activities | -2,511 | -1,249 | -3,631 | -2,528 | -6,611 |
| FINANCING ACTIVITIES | |||||
| Dividend to parent company's shareholders | -2,591 | -4,983 | -2,591 | -4,983 | -4,983 |
| Dividend to non-controlling interest | — | -1 | — | -1 | -4 |
| Purchases of own shares | — | — | — | -1,215 | -1,215 |
| Change in loans | -1 | -1,170 | 2 | -1,217 | -1,198 |
| Acquisitions of non-controlling interest | -12 | -38 | -12 | -38 | -47 |
| Other financing activities 2) | -583 | -266 | -1,780 | -177 | 135 |
| Cash flow from financing activities | -3,188 | -6,459 | -4,381 | -7,631 | -7,313 |
| CASH AND CASH EQUIVALENTS | |||||
| Cash and cash equivalents at beginning of period | 23,832 | 28,977 | 27,810 | 28,916 | 28,916 |
| Cash flow for the period | -3,302 | -5,021 | -6,400 | -5,695 | -2,028 |
| Translation differences, cash and cash equivalents 2) | -231 | -64 | -1,111 | 672 | 923 |
| CASH AND CASH EQUIVALENTS, END OF PERIOD | 20,299 | 23,892 | 20,299 | 23,892 | 27,810 |
| Contracted, non-utilized overdraft facilities | 8,275 | 8,429 | 8,275 | 8,429 | 8,500 |
| Disposable cash and cash equivalents (incl. non-utilized overdraft facilities) |
28,574 | 32,321 | 28,574 | 32,321 | 36,311 |
1) During Q2 2025, the net purchases of emission allowances were SEK -291 (—) million and during January - June 2025 SEK -296 (-252) million. In the above table the purchases and sales presented separately on the referred line items.
2) SSAB has changed the presentation of translation differences in cash and cash equivalents, resulting in a reclassification of SEK -220 million for Q2 2024, SEK 1,194 million for January - June 2024, and SEK 2,210 million for full year 2024 from Other financing activities to Translation differences, cash and cash equivalents.
Key figures
| 2025 | 2024 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|
| Q2 | Q2 | Jan-Jun | Jan-Jun | Full-year | |
| Operating margin (%) | 8 | 10 | 7 | 11 | 8 |
| Earnings per share (SEK) | 1.86 | 2.43 | 2.99 | 5.00 | 6.54 |
| Equity per share (SEK) | 67.23 | 68.54 | 67.23 | 68.54 | 71.21 |
| Net debt/equity ratio (%) | -16 | -21 | -16 | -21 | -25 |
| Equity ratio (%) | 65 | 64 | 65 | 64 | 64 |
| Return on capital employed, rolling 12 months (%) | 9 | 18 | 9 | 18 | 13 |
| Return on equity, rolling 12 months (%) | 7 | 15 | 7 | 15 | 9 |
| Average number of shares outstanding during the period | |||||
| (millions) | 996.6 | 996.6 | 996.6 | 998.9 | 997.7 |
| Number of shares at end of period (millions) | 996.6 | 996.6 | 996.6 | 996.6 | 996.6 |
| Number of employees at end of period | 14,609 | 14,486 | 14,609 | 14,486 | 14,618 |
Notes to the condensed financial report
Accounting principles
This interim report has been prepared in compliance with IAS 34. The accounting principles are based on IFRS Accounting Standards as adopted by the EU and ensuing references to Chapter 9 of the Swedish Annual Accounts Act. The accounts of the parent company have been prepared in compliance with RFR 2 and the Swedish Annual Accounts Act.
No material changes in accounting principles have taken place since the Annual Report for 2024.
Swedish Financial Supervisory Authority (FI) review regarding disclosure of goodwill impairment
As previously disclosed, the Council for Swedish Financial Reporting Supervision (The Council) questioned a part of the goodwill impairment of SEK 33.3 billion that SSAB reported in December 2022. Following a dialogue between SSAB and the Council during 2023 and 2024, the Council submitted the matter to FI, who has opened a review regarding the disclosure around the goodwill impairment.
SSAB maintains that the impairment was reported in accordance with relevant guidelines and recommendations, an assessment shared by the company's auditors and other experts who have been consulted on the matter during 2024.
Valuation of financial assets and liabilities
Debt reported in the balance sheet as long-term interest-bearing liabilities (including the short-term part) amounted to SEK 6,170 million at June 30, 2025 while its fair value was SEK 6,264 million. Since the loans will be held until maturity, they are not reported at fair value.
Derivative assets and liabilities
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| SEK millions | Jun 30 | Jun 30 | Dec 31 |
| Derivative assets recognized in | |||
| Non-current financial assets | 109 | 195 | 88 |
| Other current receivables | 247 | 209 | 550 |
| Derivative liabilities recognized in | |||
| Other non-current liabilities | 105 | 31 | 43 |
| Other current liabilities and provisions | 422 | 134 | 136 |
The fair value valuation of the derivative instruments in SSAB in based on data in accordance with level 2, with the exception of electricity and iron ore derivatives, where the fair value is based on listed market prices, and which are therefore classified on level 1.
Information about the business segments
SSAB is organized into five reportable business segments consisting of the three divisions SSAB Special Steels, SSAB Europe and SSAB Americas, as well as the fully owned subsidiaries Tibnor and Ruukki Construction. Tibnor and Ruukki Construction are operated as independent subsidiaries. The descriptions of the reportable business segments can be found in the Annual Report 2024.
External revenue by business segment, geographical area and product area
| External revenue Q2 2025 | Business segments | ||||||
|---|---|---|---|---|---|---|---|
| SEK millions | SSAB Special Steels |
SSAB Europe |
SSAB Americas |
Tibnor | Ruukki Construction |
Total | |
| Geographical areas | |||||||
| Sweden | 156 | 1,384 | — | 1,044 | 421 | 3,006 | |
| Finland | 92 | 1,023 | — | 482 | 362 | 1,958 | |
| Other Europe | 2,684 | 4,786 | 4 | 1,289 | 668 | 9,432 | |
| USA | 1,506 | 1,257 | 5,426 | — | 1 | 8,191 | |
| Rest of the world | 2,271 | 548 | 222 | 2 | 2 | 3,045 | |
| Total | 6,709 | 8,997 | 5,652 | 2,818 | 1,454 | 25,631 | |
| Product area | |||||||
| Steel products | 6,558 | 8,468 | 5,645 | — | — | 20,672 | |
| Trading operations | — | — | — | 2,818 | — | 2,818 | |
| Ruukki Construction operations | — | — | — | — | 1,454 | 1,454 | |
| Slabs, by-products and scrap | 120 | 522 | — | — | — | 641 | |
| Other | 31 | 7 | 7 | — | — | 46 | |
| Total | 6,709 | 8,997 | 5,652 | 2,818 | 1,454 | 25,631 |
| External revenue Q2 2024 | Business segments | ||||||
|---|---|---|---|---|---|---|---|
| SEK millions | SSAB Special Steels |
SSAB Europe |
SSAB Americas |
Tibnor | Ruukki Construction |
Total | |
| Geographical areas | |||||||
| Sweden | 153 | 2,287 | — | 1,212 | 383 | 4,035 | |
| Finland | 109 | 1,334 | — | 528 | 408 | 2,379 | |
| Other Europe | 3,008 | 5,241 | 5 | 1,562 | 675 | 10,490 | |
| USA | 1,771 | 621 | 5,767 | — | 1 | 8,159 | |
| Rest of the world | 2,609 | 289 | 311 | 6 | 2 | 3,218 | |
| Total | 7,650 | 9,771 | 6,083 | 3,308 | 1,470 | 28,282 | |
| Product area | |||||||
| Steel products | 7,515 | 9,145 | 6,083 | — | — | 22,744 | |
| Trading operations | — | — | — | 3,308 | — | 3,308 | |
| Ruukki Construction operations | — | — | — | — | 1,470 | 1,470 | |
| Slabs, by-products and scrap | 95 | 613 | — | — | — | 707 | |
| Other | 40 | 13 | — | — | — | 53 | |
| Total | 7,650 | 9,771 | 6,083 | 3,308 | 1,470 | 28,282 |
| External revenue Jan-Jun 2025 | Business segments | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SEK millions | SSAB Special Steels |
SSAB Europe |
SSAB Americas |
Tibnor | Ruukki Construction |
Total | ||||
| Geographical areas | ||||||||||
| Sweden | 355 | 3,403 | — | 2,063 | 762 | 6,583 | ||||
| Finland | 201 | 2,260 | — | 979 | 613 | 4,053 | ||||
| Other Europe | 5,456 | 9,617 | 9 | 2,640 | 1,234 | 18,955 | ||||
| USA | 3,033 | 1,957 | 10,245 | 1 | 3 | 15,239 | ||||
| Rest of the world | 4,851 | 938 | 526 | 7 | 3 | 6,324 | ||||
| Total | 13,896 | 18,174 | 10,780 | 5,690 | 2,614 | 51,154 | ||||
| Product area | ||||||||||
| Steel products | 13,603 | 17,114 | 10,772 | — | — | 41,489 | ||||
| Trading operations | — | — | — | 5,690 | — | 5,690 | ||||
| Ruukki Construction operations | — | — | — | — | 2,614 | 2,614 | ||||
| Slabs, by-products and scrap | 224 | 1,042 | — | — | — | 1,266 | ||||
| Other | 69 | 18 | 8 | — | — | 95 | ||||
| Total | 13,896 | 18,174 | 10,780 | 5,690 | 2,614 | 51,154 |
| External revenue Jan-Jun 2024 | Business segments | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| SEK millions | SSAB Special Steels |
SSAB Europe |
SSAB Americas |
Tibnor | Ruukki Construction |
Total | |||||
| Geographical areas | |||||||||||
| Sweden | 369 | 4,371 | — | 2,389 | 647 | 7,775 | |||||
| Finland | 211 | 2,379 | — | 1,033 | 652 | 4,274 | |||||
| Other Europe | 6,070 | 10,404 | 19 | 2,952 | 1,178 | 20,623 | |||||
| USA | 3,473 | 1,186 | 11,643 | — | 2 | 16,305 | |||||
| Rest of the world | 5,088 | 684 | 664 | 12 | 4 | 6,452 | |||||
| Total | 15,210 | 19,025 | 12,326 | 6,385 | 2,484 | 55,430 | |||||
| Product area | |||||||||||
| Steel products | 14,807 | 17,681 | 12,326 | — | — | 44,815 | |||||
| Trading operations | — | — | — | 6,385 | — | 6,385 | |||||
| Ruukki Construction operations | — | — | — | — | 2,484 | 2,484 | |||||
| Slabs, by-products and scrap | 331 | 1,323 | — | — | — | 1,654 | |||||
| Other | 72 | 20 | — | — | — | 92 | |||||
| Total | 15,210 | 19,025 | 12,326 | 6,385 | 2,484 | 55,430 |
Financial information, per quarter
The Group's result per quarter
| SEK millions | Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 31,904 | 31,777 | 29,339 | 26,469 | 27,148 | 28,282 | 24,373 | 23,615 | 25,523 | 25,631 |
| Operating expenses | -26,303 | -25,892 | -24,028 | -23,094 | -22,992 | -24,244 | -22,059 | -22,051 | -23,160 | -22,481 |
| Depreciation/amort. | -869 | -907 | -935 | -963 | -985 | -1,070 | -1,071 | -1,082 | -1,017 | -1,017 |
| Affiliated companies | 2 | -14 | -5 | -12 | -14 | 0 | 5 | 5 | 5 | 6 |
| Financial items | 54 | 56 | 78 | 61 | 161 | 108 | 90 | 93 | 125 | 35 |
| Result before tax | 4,787 | 5,019 | 4,449 | 2,460 | 3,318 | 3,076 | 1,338 | 580 | 1,476 | 2,175 |
Revenue per quarter and business segment
| SEK millions | Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 |
|---|---|---|---|---|---|---|---|---|---|---|
| SSAB Special Steels | 8,573 | 8,646 | 8,013 | 6,913 | 7,716 | 7,847 | 6,995 | 6,229 | 7,346 | 6,818 |
| SSAB Europe | 12,293 | 12,953 | 10,909 | 10,072 | 10,817 | 11,641 | 9,901 | 9,432 | 10,740 | 10,557 |
| SSAB Americas | 7,714 | 7,728 | 7,620 | 6,711 | 6,256 | 6,221 | 4,962 | 5,269 | 5,157 | 5,724 |
| Tibnor | 4,048 | 3,600 | 3,012 | 3,030 | 3,112 | 3,344 | 2,678 | 2,931 | 2,905 | 2,849 |
| Ruukki Construction | 1,329 | 1,559 | 1,587 | 1,335 | 1,015 | 1,472 | 1,607 | 1,414 | 1,161 | 1,458 |
| Other | — | — | — | — | — | — | — | — | — | — |
| Group adjustments | -2,053 | -2,709 | -1,802 | -1,593 | -1,769 | -2,244 | -1,769 | -1,661 | -1,785 | -1,773 |
| Total | 31,904 | 31,777 | 29,339 | 26,469 | 27,148 | 28,282 | 24,373 | 23,615 | 25,523 | 25,631 |
EBITDA, per quarter and business segment
| SEK millions | Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 |
|---|---|---|---|---|---|---|---|---|---|---|
| SSAB Special Steels | 2,380 | 2,305 | 2,126 | 1,199 | 2,143 | 2,023 | 1,595 | 1,004 | 1,752 | 1,785 |
| SSAB Europe | 418 | 1,196 | 694 | 599 | 600 | 915 | 554 | 627 | 553 | 634 |
| SSAB Americas | 2,728 | 2,697 | 2,710 | 1,739 | 1,473 | 1,272 | 146 | 260 | 232 | 871 |
| Tibnor | 50 | 2 | -58 | -6 | 89 | 110 | 74 | 20 | 87 | 77 |
| Ruukki Construction | 41 | 63 | 83 | 14 | -18 | 99 | 186 | 13 | 21 | 109 |
| Other | -18 | -393 | -247 | -181 | -145 | -382 | -234 | -354 | -277 | -318 |
| Total | 5,600 | 5,871 | 5,307 | 3,364 | 4,142 | 4,038 | 2,320 | 1,569 | 2,369 | 3,157 |
Operating result per quarter and business segment
| SEK millions | Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 |
|---|---|---|---|---|---|---|---|---|---|---|
| SSAB Special Steels | 2,094 | 2,003 | 1,808 | 847 | 1,781 | 1,659 | 1,228 | 629 | 1,442 | 1,480 |
| SSAB Europe | 0 | 764 | 254 | 165 | 163 | 400 | 42 | 109 | 33 | 110 |
| SSAB Americas | 2,675 | 2,642 | 2,653 | 1,681 | 1,412 | 1,204 | 78 | 189 | 160 | 807 |
| Tibnor | 1 | -50 | -113 | -59 | 36 | 57 | 21 | -34 | 35 | 24 |
| Ruukki Construction | -9 | 10 | 28 | -36 | -78 | 42 | 126 | -39 | -30 | 52 |
| Other | -29 | -405 | -260 | -198 | -157 | -394 | -246 | -367 | -290 | -332 |
| Total | 4,733 | 4,963 | 4,371 | 2,400 | 3,157 | 2,969 | 1,248 | 487 | 1,351 | 2,140 |
No items affecting comparability were reported in 2023, 2024 or 2025.
Alternative performance measures
SSAB has applied the guidelines issued by ESMA (European Securities and Markets Authority) on alternative performance measures (APMs). These performance measures are not defined in accordance with IFRS Accounting Standards, but provide complementary information to investors and company management about the company's financial position and development. In addition to the definitions below, further definitions can be found in the Annual Report note A.3.
EBITDA
| 2025 | 2024 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|
| SEK millions | Q2 | Q2 | Jan-Jun | Jan-Jun Full-year | |
| Operating result | 2,140 | 2,969 | 3,491 | 6,126 | 7,860 |
| Depreciation, amortization and impairment | 1,017 | 1,070 | 2,034 | 2,054 | 4,208 |
| EBITDA | 3,157 | 4,038 | 5,526 | 8,180 | 12,069 |
Production and shipments
| Thousand tonnes | Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Crude steel production | ||||||||||
| SSAB Special Steels | 608 | 651 | 584 | 409 | 586 | 576 | 508 | 460 | 548 | 570 |
| SSAB Europe | 1,141 | 1,142 | 1,056 | 1,028 | 1,077 | 1,063 | 919 | 1,107 | 1,092 | 1,089 |
| SSAB Americas | 295 | 297 | 296 | 271 | 278 | 289 | 189 | 298 | 307 | 317 |
| Total | 2,044 | 2,090 | 1,936 | 1,707 | 1,941 | 1,927 | 1,616 | 1,865 | 1,946 | 1,975 |
| Rolling production | ||||||||||
| SSAB Special Steels | 454 | 447 | 418 | 300 | 419 | 421 | 387 | 376 | 379 | 443 |
| SSAB Europe | 1,157 | 1,186 | 1,026 | 1,034 | 973 | 1,152 | 945 | 987 | 1,113 | 1,127 |
| SSAB Americas | 288 | 265 | 283 | 264 | 281 | 265 | 184 | 268 | 285 | 307 |
| Total | 1,899 | 1,898 | 1,727 | 1,598 | 1,673 | 1,839 | 1,516 | 1,630 | 1,778 | 1,877 |
| Steel shipments | ||||||||||
| SSAB Special Steels | 349 | 364 | 313 | 279 | 327 | 337 | 302 | 260 | 336 | 325 |
| SSAB Europe | 912 | 907 | 759 | 776 | 818 | 870 | 756 | 750 | 882 | 895 |
| SSAB Americas | 476 | 451 | 439 | 437 | 437 | 439 | 398 | 438 | 457 | 487 |
| Total | 1,737 | 1,722 | 1,510 | 1,491 | 1,583 | 1,646 | 1,457 | 1,448 | 1,676 | 1,708 |
Analysis of total change in revenue per business segment
| Change vs. Q2 2024 | Change vs. Q1 2025 | ||||||
|---|---|---|---|---|---|---|---|
| % | SSAB Special Steels |
SSAB Europe |
SSAB Americas |
SSAB Special Steels |
SSAB Europe |
SSAB Americas |
|
| Price | 1 | -6 | -7 | 2 | 1 | 15 | |
| Product mix | 0 | -1 | 0 | -1 | 0 | 1 | |
| Volume | -3 | 3 | 11 | -3 | 1 | 6 | |
| Currency effects | -9 | -4 | -10 | -6 | -3 | -12 | |
| Other sales | -2 | -1 | -2 | 1 | -1 | 1 | |
| Total | -13 | -9 | -8 | -7 | -2 | 11 |
Financial reports – The Parent company
Parent company's statement of profit and loss, in summary
| 2025 | 2024 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|
| SEK millions | Q2 | Q2 | Jan-Jun | Jan-Jun | Full-year |
| Gross profit | — | — | — | — | — |
| Selling and administrative costs | -211 | -228 | -392 | -389 | -868 |
| Other operating income/expenses | 81 | 107 | 164 | 217 | 491 |
| Operating result | -130 | -121 | -227 | -172 | -376 |
| Financial items | 96 | 133 | 198 | 283 | 4,578 |
| Result after financial items | -35 | 12 | -30 | 111 | 4,201 |
| Appropriations | — | — | — | — | 115 |
| Result before tax | -35 | 12 | -30 | 111 | 4,316 |
| Income tax | 10 | -3 | 8 | -24 | -5 |
| Result for the period | -25 | 8 | -21 | 87 | 4,312 |
Parent company's statement of comprehensive income
| 2025 | 2024 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|
| SEK millions | Q2 | Q2 | Jan-Jun | Jan-Jun | Full-year |
| Result for the period | -25 | 8 | -21 | 87 | 4,312 |
| Other comprehensive income | |||||
| Items that may be classified to the income statement | |||||
| Cash flow hedges | -8 | -16 | -12 | -19 | -40 |
| Income tax attributable to cash flow hedges | 2 | 3 | 3 | 4 | 8 |
| Other comprehensive income | -6 | -13 | -10 | -15 | -32 |
| Total comprehensive income for the period | -31 | -4 | -31 | 72 | 4,280 |
Parent company's statement of financial position, in summary
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| SEK millions | Jun 30 | Jun 30 | Dec 31 |
| Assets | |||
| Non-current assets | 73,260 | 76,558 | 73,344 |
| Other current assets | 10,090 | 3,184 | 6,786 |
| Cash and cash equivalents | 19,258 | 22,562 | 26,694 |
| Total assets | 102,607 | 102,304 | 106,823 |
| Equity and liabilities | |||
| Restricted equity | 9,964 | 9,964 | 9,964 |
| Unrestricted equity | 60,708 | 59,122 | 63,330 |
| Total equity | 70,672 | 69,086 | 73,294 |
| Provisions | 54 | 66 | 70 |
| Non-current liabilities | 4,310 | 4,273 | 4,199 |
| Current liabilities | 27,571 | 28,879 | 29,260 |
| Total equity and liabilities | 102,607 | 102,304 | 106,823 |
This report has been published in Swedish and English. In the event of any differences between the English translation and the Swedish original, the Swedish report shall prevail.
Auditor's review report
SSAB AB, corporate identity number 556016-3429
Introduction
We have reviewed the condensed interim report for SSAB AB as at June 30, 2025 and for the six months period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
Scope of review
We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company.
Stockholm, the date of our electronic signature
Ernst & Young AB
Rickard Andersson Authorized Public Accountant
For further information:
Helena Norrman, EVP Communication, Tel +46 73-066 53 46 Per Hillström, Head of Investor Relations, Tel +46 70-295 29 12
Interim report for January-September 2025
The interim report for the first nine months of 2025 will be published on October 22, 2025.
SSAB AB (publ) P.O. Box 70, SE-101 21 Stockholm, Sweden Telephone +46 8-45 45 700. Telefax +46 8-45 45 725 Visiting address: Klarabergsviadukten 70 D6, Stockholm Email: [email protected] www.ssab.com