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SSAB
Quarterly Report • Oct 22, 2025
2975_10-q_2025-10-22_c411a161-35ea-422d-a287-8e024c247d8d.pdf
Quarterly Report
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INTERIM REPORT JANUARY - SEPTEMBER 2025
Third quarter 2025
October 22, 2025
Report for Q3 and first nine months of 2025
The third quarter
- Revenue was SEK 22,960 (24,373) million
- Operating result was SEK 1,869 (1,248) million
- Earnings per share were SEK 1.49 (1.05)
- Net cash was SEK 10.8 (13.3) billion
Key figures
| 2025 | 2024 | 2025 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|---|
| SEK millions | Q3 | Q3 | Q2 | Jan-Sep | Jan-Sep | Full-year |
| Revenue | 22,960 | 24,373 | 25,631 | 74,114 | 79,803 | 103,418 |
| EBITDA | 2,886 | 2,320 | 3,157 | 8,411 | 10,500 | 12,069 |
| Operating result | 1,869 | 1,248 | 2,140 | 5,360 | 7,374 | 7,860 |
| Result for the period | 1,489 | 1,048 | 1,855 | 4,471 | 6,040 | 6,527 |
| Earnings per share (SEK) | 1.49 | 1.05 | 1.86 | 4.48 | 6.05 | 6.54 |
| Operating cash flow | 2,274 | 1,428 | 1,753 | 3,480 | 6,565 | 10,692 |
| Net debt (+) / Net cash (-) | -10,839 | -13,341 | -10,862 | -10,839 | -13,341 | -17,777 |
| Net debt/equity ratio (%) | -16 | -20 | -16 | -16 | -20 | -25 |
| Return on capital employed, rolling 12 months (%) | 10 | 14 | 9 | 10 | 14 | 13 |
| Number of employees at end of period | 14,575 | 14,523 | 14,609 | 14,575 | 14,523 | 14,618 |
Comments by the CEO
SSAB's operating result for the third quarter of 2025 amounted to SEK 1,869 (1,248) million, representing an increase of SEK 621 million compared to last year, mainly driven by a stronger development in SSAB Americas. Compared to the previous quarter, the operating result declined slightly, primarily due to seasonally lower shipments and planned annual maintenance. The operating cash flow increased significantly to SEK 2,274 (1,428) million. Net cash flow was SEK 227 (116) million.
SSAB Special Steels had an operating result of SEK 1,392 (1,228) million and an operating margin of 22% (18%) during the quarter. SSAB Americas' operating result amounted to SEK 853 (78) million with an operating margin of 16% (2%), higher prices contributed positively. SSAB Europe's operating result decreased to SEK -179 (42) million and the operating margin was -2% (0%), lower prices for standard products had a negative effect.
The European steel market was cautious during the seasonally weaker third quarter. SSAB Europe carried out planned maintenance and used time banks to adjust operations. Market prices in North America for heavy plate softened somewhat during the quarter. SSAB will carry out planned maintenance both in North America and in Europe during the fourth quarter.
In early October, the European Commission proposed new measures to strengthen the resilience of the European steel industry. The proposal is meant to replace existing safeguards and counteract the negative impacts of global excess capacity on the European steel industry. SSAB welcomes the proposal since it protects fair and open trade, while strengthening competitiveness. The next step is for the European Parliament and the Council of Ministers to examine and decide on the proposal.
The direct impact of the US steel tariffs on SSAB has so far been limited, as 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.
SSAB continues its long-term work to improve workplace safety and lost time injury frequency (LTIF) decreased to an all-time low of 0.56 (0.82) during the quarter. The favorable development in safety creates the conditions for improved production stability and better capacity utilization over time.
Outlook for the fourth quarter of 2025
The third quarter was characterized by a cautious market, partly due to seasonally weak demand. The outlook for the fourth quarter is uncertain, where the market in Europe is normally affected by a certain seasonal slowdown towards the end of the year. SSAB will carry out planned maintenance in both North America and Europe during the fourth quarter.
Compared with the third quarter of 2025, SSAB Special Steels' shipments are assessed to be somewhat lower with stable prices.
SSAB Europe's shipments are expected to be higher during the fourth quarter of 2025 compared to the third quarter of 2025. Prices are assessed to be lower.
For SSAB Americas, both shipments and prices are assessed to be somewhat lower.
The costs of raw materials for SSAB Special Steels and SSAB Europe are expected to be somewhat lower compared to the prior quarter, whereas for SSAB Americas, costs are expected to be stable.
Outlook for the steel divisions
| Q4 2025 vs. Q3 2025 | ||
|---|---|---|
| Shipments | Realized prices | |
| SSAB Special Steels | Somewhat lower | Stable |
| SSAB Europe | Higher | Lower |
| SSAB Americas | Somewhat lower | Somewhat lower |
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 – Third quarter of 2025
The market during the third quarter
The market for high-strength steel was impacted by a seasonally weak market during the third quarter. In addition, the turbulence triggered by tariffs and trade barriers continued to have a negative effect.
Demand for standard steel in Europe was cautious during the third quarter. Market prices for strip continued falling to a very low level during the beginning of the quarter before recovering somewhat. Heavy plate prices were stable at a relatively low level. Inventory levels at distributors were estimated to be normal. Some production capacity in Europe was temporarily idled during the quarter, partly due to maintenance. Import volumes continue to be significant and in many cases with very low selling prices. In early October, the European Commission proposed new measures to strengthen the resilience of the European steel industry. The proposal is meant to replace the existing safeguards and counteract the negative impacts of global excess capacity on the European steel industry.
In North America, distributors continued to be cautious following a build-up of inventories during the early part of the year. Heavy plate prices decreased somewhat during the quarter. Inventory levels at North American distributors are assessed to be relatively normal.
Market prices in China for strip and heavy plate increased somewhat during the third quarter.
Revenue and operating result
Revenue for the third quarter of 2025 was SEK 22,960 (24,373) million, down 6% compared to the third quarter in 2024, mainly related to negative currency effects. Compared with the second quarter of 2025, revenue was down 10%, mainly due to lower shipments.
Operating result was SEK 1,869 (1,248) million. The increase compared to 2024 was explained primarily by lower variable costs, related to lower raw material prices. Compared to the second quarter of 2025, operating result was down by SEK 271 million, due primarily to seasonally lower volumes and to planned maintenance costs.
Revenue and operating result by business segment
| Revenue | Operating result | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||
| SEK millions | Q3 | Q3 | Change | Q3 | Q3 | Change |
| SSAB Special Steels | 6,230 | 6,995 | -765 | 1,392 | 1,228 | 164 |
| SSAB Europe | 9,182 | 9,901 | -719 | -179 | 42 | -220 |
| SSAB Americas | 5,210 | 4,962 | 249 | 853 | 78 | 775 |
| Tibnor | 2,408 | 2,678 | -270 | 9 | 21 | -12 |
| Ruukki Construction | 1,501 | 1,607 | -106 | 79 | 126 | -47 |
| Other | — | — | — | -285 | -246 | -39 |
| Group adjustments | -1,571 | -1,769 | 198 | — | — | — |
| Total | 22,960 | 24,373 | -1,413 | 1,869 | 1,248 | 621 |
Analysis of total change in revenue and operating result compared to prior periods
| Revenue | Operating result | ||||||
|---|---|---|---|---|---|---|---|
| % change | Vs. Q3 2024 | Vs. Q2 2025 | SEK millions | Change vs. Q3 2024 |
Change vs. Q2 2025 |
||
| Price | 0 | 2 | Price and product mix | -790 | 765 | ||
| Product mix | 0 | 1 | Volume | -75 | -915 | ||
| Volume | 1 | -14 | Variable costs | 1,690 | -305 | ||
| Currency effects | -6 | 0 | Fixed costs | -275 | 565 | ||
| Other sales | -1 | 1 | Capacity utilization | 105 | -390 | ||
| Currency effects | -35 | 9 | |||||
| Total | -6 | -10 | Total | 621 | -271 |
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) decreased to an all-time low of 0.56 (0.82). Total recordable injury frequency (TRIF) decreased to 5.9 (6.7).
Energy consumption and CO2e emissions were somewhat higher compared to the same quarter in 2024. This was due to higher production, while emissions per tonne were marginally lower.
Key sustainability figures – rolling 12 months
| 2025 | 2024 | 2025 | 2024 | |
|---|---|---|---|---|
| Q3 | Q3 | Q2 | Full-year | |
| Safety | ||||
| Lost time injury frequency (LTIF)1) | 0.56 | 0.82 | 0.64 | 0.75 |
| Total number of injuries (LTI)2) | 16 | 23 | 18 | 21 |
| Total recordable injury frequency (TRIF)3) | 5.9 | 6.7 | 6.5 | 6.7 |
| Environment4) | ||||
| Energy consumption, GWh5) | 9,059 | 8,892 | 8,866 | 8,927 |
| Energy intensity, kWh/tonnes crude steel | 1,192 | 1,236 | 1,198 | 1,215 |
| CO2e-emissions (Scope 1), thousand tonnes | 9,713 | 9,457 | 9,529 | 9,476 |
| Indirect CO2e-emissions (Scope 2), thousand tonnes | 1,415 | 1,213 | 1,405 | 1,260 |
| CO2e-intensity, tonnes of CO2e/tonnes crude steel6) | 1.46 | 1.48 | 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.
Transformation projects
The conversion of the steel mill in Oxelösund is proceeding with the construction of the new electric arc furnace (EAF), as well as the infrastructure for scrap handling. Conversion involves the closure of the existing blast furnaces and coke plant. At the same time, most operations in Oxelösund, which include the advanced rolling mill and unique Q&T lines that produce high-strength steel will continue as before. SSAB is working to secure access to high-quality scrap steel and has signed agreements with, for example, Volvo Cars. The production start-up is contingent upon the completion of the connection to the power line being built by Vattenfall Eldistribution on behalf of SSAB, which is expected to be finalized by the end of 2026, slightly behind the original plan. Thereafter, start of production is planned for early 2027. SSAB's investment in the power line is assessed to be around SEK 2 billion, which, as earlier communicated, will be in addition to the SEK 6.2 billion that is invested in the EAF and raw material handling.
SSAB's transformation plan depends on the required infrastructure, especially related to the supply of electricity, being in place at the right time. The permitting processes are long and unpredictable, mainly due to appeals.
Construction of a highly-efficient mini-mill in Luleå started during the summer. As previously communicated, the planned production start of the new steel mill in Luleå has been pushed back by 12 months, from the end of 2028 to the end of 2029, as reinforcements to the transmission grid for the new steel mill could not be delivered as planned. 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 Luleå transformation means that SSAB will avoid EUR 2 billion in investments required to continue with the current system in the long run.
In June, the Luleå financing package was increased to a total of EUR 2.7 billion and is backed by the Swedish National Debt Office, the Italian Export Credit Agency (SACE), 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.
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.
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 1,530 (1,640) million, which is somewhat lower compared to the previous forecast of SEK 1,570 million, related primarily to SSAB Europe. The table below shows the expected costs for the fourth quarter 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.
Expected maintenance costs for 2025
| 2025 | 2024 | 2025 | 2024 | 2025 | 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 | 60 | 110 | 570 | 420 | 630 | 530 |
| SSAB Europe | 0 | 0 | 0 | 0 | 330 | 390 | 230 | 270 | 560 | 660 |
| SSAB Americas | 0 | 0 | 0 | 0 | 0 | 450 | 340 | 0 | 340 | 450 |
| Total | 0 | 0 | 0 | 0 | 390 | 950 | 1,140 | 690 | 1,530 | 1,640 |
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
| Q3 2024 | ||||||
|---|---|---|---|---|---|---|
| % change | USD | SEK | USD | SEK | ||
| Iron ore | -11 % | -19 % | -10 % | -11 % | ||
| Coking coal | -23 % | -28 % | -4 % | -2 % | ||
| Scrap metal | 3 % | -6 % | -4 % | -5 % |
Production and shipments
SSAB's production was somewhat higher compared to the third quarter of 2024, whereas shipments were stable. Production and shipments were lower compared to the second quarter of 2025, due to seasonal effects and planned maintenance outages.
| 2025 | 2024 | 2025 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|---|
| Thousand tonnes | Q3 | Q3 | Q2 | Jan-Sep | Jan-Sep | Full-year |
| Crude steel production | 1,813 | 1,616 | 1,975 | 5,735 | 5,484 | 7,349 |
| Rolling production | 1,600 | 1,516 | 1,877 | 5,255 | 5,028 | 6,658 |
| Steel shipments | 1,466 | 1,457 | 1,708 | 4,850 | 4,686 | 6,134 |
Result for the period and earnings per share
The result for the period attributable to shareholders in the parent company was SEK 1,489 (1,048) million for the third quarter of 2025, equating to SEK 1.49 (1.05) per share. Income tax expenses were SEK 432 (290) million.
Cash flow
Operating cash flow for the third quarter of 2025 amounted to SEK 2,274 (1,428) million. The increase was due primarily to the higher result. Net cash flow amounted to SEK 227 (116) million. Net cash amounted to SEK 10,839 (13,341) million at September 30, 2025.
Capital expenditure
Capital expenditure amounted to SEK 2,415 (1,244) million during the third quarter of 2025. Strategic investments were SEK 1,690 (601) million. The increase relates primarily to the transformation of Luleå. 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 | Q3 | Q3 | Jan-Sep | Jan-Sep | Full-year |
| EBITDA | 2,886 | 2,320 | 8,411 | 10,500 | 12,069 |
| Change in working capital | 643 | 483 | -2,316 | -1,139 | 2,470 |
| Maintenance capital expenditures | -725 | -642 | -1,633 | -1,797 | -2,773 |
| Other 1) | -529 | -734 | -982 | -1,000 | -1,074 |
| Operating cash flow | 2,274 | 1,428 | 3,480 | 6,565 | 10,692 |
| Financial items | 58 | 97 | -86 | 302 | 461 |
| Income taxes | -410 | -798 | -1,051 | -3,081 | -3,230 |
| Cash flow from current operations | 1,922 | 727 | 2,344 | 3,786 | 7,923 |
| Strategic expenditures in plants and machinery | -1,690 | -601 | -4,137 | -1,725 | -2,601 |
| Acquisitions of shares and operations | — | — | -139 | — | -38 |
| Divestments of shares and operations | — | — | 144 | — | — |
| Cash flow before dividend | 231 | 125 | -1,788 | 2,061 | 5,284 |
| Dividend, parent company's shareholders | — | — | -2,591 | -4,983 | -4,983 |
| Dividend, non-controlling interest | -4 | -3 | -4 | -4 | -4 |
| Purchases of own shares | — | — | — | -1,215 | -1,215 |
| Acquisition of shares, non-controlling interest | — | -6 | -12 | -45 | -47 |
| Net cash flow | 227 | 116 | -4,395 | -4,186 | -964 |
| Net cash (+) / Net debt (-) at beginning of period | 10,862 | 14,085 | 17,777 | 18,206 | 18,206 |
| Net cash flow | 227 | 116 | -4,395 | -4,186 | -964 |
| Other 2) | -250 | -859 | -2,542 | -679 | 535 |
| Net cash (+) / Net debt (-) at the end of period | 10,839 | 13,341 | 10,839 | 13,341 | 17,777 |
1) During Q3 2025, the net purchases of emission allowances were SEK -559 (-693) million and during January - September 2025 SEK -855 (-945) million.
2) Mainly valuation changes of derivatives and revaluations of other financial assets and liabilities in foreign currencies.
SSAB Group – January-September 2025
Revenue and operating result
Revenue for the first nine months of 2025 was SEK 74,114 (79,803) million, down 7% compared to the first nine months of 2024.
Operating result was SEK 5,360 (7,374) million, down SEK 2,014 million compared to the first nine months of 2024. Lower earnings were mainly related to lower prices for SSAB Americas' and SSAB Europe's products.
Revenue and operating result by business segment
| Revenue | Operating result | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||
| SEK millions | Jan-Sep | Jan-Sep | Change | Jan-Sep | Jan-Sep | Change |
| SSAB Special Steels | 20,393 | 22,559 | -2,166 | 4,313 | 4,668 | -355 |
| SSAB Europe | 30,479 | 32,358 | -1,879 | -36 | 605 | -641 |
| SSAB Americas | 16,091 | 17,439 | -1,349 | 1,820 | 2,694 | -874 |
| Tibnor | 8,161 | 9,135 | -973 | 68 | 115 | -47 |
| Ruukki Construction | 4,120 | 4,094 | 26 | 102 | 90 | 12 |
| Other | — | — | — | -907 | -798 | -110 |
| Group adjustments | -5,130 | -5,781 | 652 | — | — | — |
| Total | 74,114 | 79,803 | -5,689 | 5,360 | 7,374 | -2,014 |
Result for the period and earnings per share
The result for the period attributable to shareholders in the parent company for the first nine months of 2025 was SEK 4,467 (6,040) million, equating to SEK 4.48 (6.05) per share. Income tax expenses were SEK 1,101 (1,693) million.
Cash flow, financing and liquidity
Operating cash flow for the first nine months of 2025 decreased to SEK 3,480 (6,565) 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 -4,395 (-4,186) million. The comparison period included purchases of own shares for SEK 1,215 million.
Net cash at September 30, 2025 was SEK 10,839 (13,341) million. Cash and cash equivalents were SEK 20,289 (23,193) million and non-utilized credit facilities, excluding the financing package for the Luleå investment, were SEK 8,211 (8,386) million, which combined corresponds to 29% (30%) of rolling 12-month revenue. The term to maturity of the total loan portfolio at September 30, 2025 averaged 5.3 (6.5) years, with an average fixed interest period of 0.8 (1.2) years.
Equity
With a result for the period of SEK 4,467 (6,040) million and other comprehensive income (mostly consisting of translation differences) of SEK -4,770 (88) million attributable to the owners of the parent company, the shareholders' equity attributable to the owners of the parent company amounted to SEK 68,072 (67,836) million, equating to SEK 68.30 (68.07) per share.
Business segments – Third quarter of 2025
SSAB Special Steels
Third quarter in brief
- Shipments decreased 4% to 289 (302) thousand tonnes
- Operating result was SEK 1,392 (1,228) million
- Operating margin improved
Key figures
| 2025 | 2024 | 2025 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|---|
| Q3 | Q3 | Q2 | Jan-Sep | Jan-Sep | Full-year | |
| Revenue (SEK millions) | 6,230 | 6,995 | 6,818 | 20,393 | 22,559 | 28,788 |
| EBITDA (SEK millions) | 1,700 | 1,595 | 1,785 | 5,237 | 5,762 | 6,765 |
| Operating result (SEK millions) | 1,392 | 1,228 | 1,480 | 4,313 | 4,668 | 5,297 |
| Operating cash flow (SEK millions) | 627 | 1,639 | 1,286 | 3,193 | 4,210 | 6,214 |
| Crude steel production (thousand tonnes) | 559 | 508 | 570 | 1,676 | 1,670 | 2,130 |
| Rolling production (thousand tonnes) | 398 | 387 | 443 | 1,221 | 1,227 | 1,603 |
| Steel shipments (thousand tonnes) | 289 | 302 | 325 | 950 | 967 | 1,227 |
| Number of employees at end of period | 4,024 | 4,029 | 4,018 | 4,024 | 4,029 | 4,043 |
Market trend
The turbulence triggered by tariffs and trade barriers continued to have a negative effect on many of SSAB Special Steels' markets during the third quarter.
Development compared to Q3/24
Revenue was down 11% compared to the third quarter of 2024 and amounted to SEK 6,230 (6,995) million. Currency effects reduced revenue by 7 percentage points and lower shipments had a negative impact of 4 percentage points.
Operating result was SEK 1,392 (1,228) million. Negative currency effects on prices and lower shipments were more than well offset by lower variable costs, mainly raw material, as well as better capacity utilization.
Operating cash flow during the third quarter was SEK 627 (1,639) million. The decrease was explained by increased working capital.
Capital expenditure during the third quarter was SEK 787 (602) million, of which SEK 546 (400) million were strategic investments, mainly the conversion of Oxelösund.
Development compared to Q2/25
Revenue decreased by 9%. Lower shipments reduced revenue by 11 percentage points, whereas higher prices had a positive impact of 1 percentage point.
Operating result was relatively stable and decreased marginally by SEK 88 million, due primarily to lower shipments.
SSAB Europe
Third quarter in brief
- Weak market during the third quarter, measures to adjust production
- Lower shipments at 737 (756), solid shipments of premium Automotive products
- Operating result decreased to SEK -179 (42) million
Key figures
| 2025 | 2024 | 2025 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|---|
| Q3 | Q3 | Q2 | Jan-Sep | Jan-Sep | Full-year | |
| Revenue (SEK millions) | 9,182 | 9,901 | 10,557 | 30,479 | 32,358 | 41,791 |
| EBITDA (SEK millions) | 340 | 554 | 634 | 1,526 | 2,069 | 2,696 |
| Operating result (SEK millions) | -179 | 42 | 110 | -36 | 605 | 714 |
| Operating cash flow (SEK millions) | 599 | -487 | 813 | -346 | 618 | 2,058 |
| Crude steel production (thousand tonnes) | 952 | 919 | 1,089 | 3,133 | 3,058 | 4,165 |
| Rolling production (thousand tonnes) | 920 | 945 | 1,127 | 3,160 | 3,070 | 4,057 |
| Steel shipments (thousand tonnes) | 737 | 756 | 895 | 2,515 | 2,444 | 3,194 |
| Number of employees at end of period | 6,879 | 6,794 | 6,888 | 6,879 | 6,794 | 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 was weak during the third quarter; for example, customer segments such as Construction were characterized by low activity. The automotive sector also remains generally weak, but demand for highstrength steel is growing structurally, which means that this segment of the market is more stable. Steel Service Centers continued to have a cautious approach during the quarter.
Development compared to Q3/24
SSAB Europe adjusted production and staffing during the third quarter and carried out planned maintenance outages. Further planned maintenance outages will be carried out during the fourth quarter.
Revenue was down 7% and amounted to SEK 9,182 (9,901) million. Lower prices had an impact of 4 percentage points and lower shipments reduced revenue by 3 percentage points.
Operating result decreased to SEK -179 (42) 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. Staffing and production adjustments had a certain positive effect.
Operating cash flow increased to SEK 599 (-487) million, primarily due to release of working capital.
Capital expenditure during the third quarter was SEK 1,517 (436) million, of which SEK 1,139 (137) million were strategic investments related to the new steel mill in Luleå.
Development compared to Q2/25
Revenue decreased by 13%. Lower shipments had a negative impact of 18 percentage points, whereas higher prices had a positive impact of 2 percentage points.
Compared to the second quarter of 2025, operating result decreased by SEK 288 million. Lower shipments and planned maintenance costs had a negative impact, partly compensated by seasonally lower fixed costs and higher prices related to better product mix.
SSAB Americas
Third quarter in brief
- Higher shipments and higher prices compared to third quarter 2024
- Shipments increased to 440 (398) thousand tonnes
- Operating result increased to SEK 853 (78) million
Key figures
| 2025 | 2024 | 2025 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|---|
| Q3 | Q3 | Q2 | Jan-Sep | Jan-Sep | Full-year | |
| Revenue (SEK millions) | 5,210 | 4,962 | 5,724 | 16,091 | 17,439 | 22,708 |
| EBITDA (SEK millions) | 917 | 146 | 871 | 2,020 | 2,891 | 3,150 |
| Operating result (SEK millions) | 853 | 78 | 807 | 1,820 | 2,694 | 2,883 |
| Operating cash flow (SEK millions) | 981 | 677 | 223 | 1,467 | 3,169 | 3,284 |
| Crude steel production (thousand tonnes) | 302 | 189 | 317 | 925 | 756 | 1,054 |
| Rolling production (thousand tonnes) | 282 | 184 | 307 | 874 | 730 | 998 |
| Steel shipments (thousand tonnes) | 440 | 398 | 487 | 1,385 | 1,275 | 1,713 |
| Number of employees at end of period | 724 | 698 | 719 | 724 | 698 | 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 second quarter of 2025, due to continued uncertainty triggered by changes in the steel tariffs, among other things. Demand in the Construction Machinery segment and Steel Service Centers was weak, whereas demand in the Energy segment continued to be good.
Development compared to Q3/24
Production and shipments increased during the third quarter. Revenue was up 5% and amounted to SEK 5,210 (4,962) million. Higher shipments had a positive impact of 10 percentage points and higher prices had a positive impact of 5 percentage points. Currency effects had a negative impact of 10 percentage points.
Operating result for the third quarter of 2025 increased to SEK 853 (78) million. Higher prices and higher shipments had a positive impact. The third quarter last year was impacted negatively by planned maintenance of SEK 450 million.
Operating cash flow during the third quarter of 2025 was SEK 981 (677) million. The increase was due to the higher result.
Capital expenditure during the third quarter was SEK 61 (88) million, of which SEK 1 (2) million were strategic investments.
Development compared to Q2/25
Revenue was down 9%. Lower shipments reduced revenue by 10 percentage points. Higher prices had a positive impact of 1 percentage point.
Compared to the second quarter of 2025, operating result was up marginally by SEK 47 million. Lower raw material costs, primarily scrap, and higher prices had a positive impact. Lower shipments had a negative impact.
Tibnor
Third quarter in brief
- Continued weak market, some positive effects from cost savings
- Revenue was 10% lower than last year
- Operating result was SEK 9 (21) million
Key figures
| 2025 | 2024 | 2025 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|---|
| Q3 | Q3 | Q2 | Jan-Sep | Jan-Sep | Full-year | |
| Revenue (SEK millions) | 2,408 | 2,678 | 2,849 | 8,161 | 9,135 | 12,065 |
| EBITDA (SEK millions) | 63 | 74 | 77 | 228 | 273 | 293 |
| Operating result (SEK millions) | 9 | 21 | 24 | 68 | 115 | 81 |
| Operating cash flow (SEK millions) | 56 | -274 | -86 | 49 | -96 | 360 |
| Shipments (thousand tonnes) | 165 | 177 | 195 | 554 | 590 | 794 |
| Number of employees at end of period | 1,034 | 1,055 | 1,040 | 1,034 | 1,055 | 1,046 |
Market trend
Demand was weak during the third quarter, in most markets and in most customer segments.
Development compared to Q3/24
Revenue decreased 10% compared with the third quarter of 2024 and amounted to SEK 2,408 (2,678) million. Lower prices had a negative impact of 3 percentage points. Lower shipments reduced revenue by 7 percentage points.
Operating result for the third quarter of 2025 was down SEK 12 million compared with the same period in 2024 and amounted to SEK 9 (21) million. Lower shipments and lower prices were partly offset by measures to reduce costs.
Operating cash flow during the third quarter of 2025 was SEK 56 (-274) million. The improvement compared to same period in 2024 is primarily explained by the release of working capital.
Capital expenditure during the third quarter was SEK 18 (34) million, of which SEK 0 (15) million were strategic investments.
Development compared to Q2/25
Revenue was down 15% compared with the second quarter of 2025, primarily due to lower shipments.
Operating result decreased by SEK 15 million compared with the second quarter of 2025. Lower shipments had a negative impact, which was partly offset by seasonally lower fixed costs.
Ruukki Construction
Third quarter in brief
- Operating result was SEK 79 (126) million, due to lower volumes
- Some seasonal improvement compared to prior quarter
Key figures
| 2025 | 2024 | 2025 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|---|
| Q3 | Q3 | Q2 | Jan-Sep | Jan-Sep | Full-year | |
| Revenue (SEK millions) | 1,501 | 1,607 | 1,458 | 4,120 | 4,094 | 5,508 |
| EBITDA (SEK millions) | 136 | 186 | 109 | 266 | 267 | 279 |
| Operating result (SEK millions) | 79 | 126 | 52 | 102 | 90 | 50 |
| Operating cash flow (SEK millions) | 249 | 169 | -155 | -102 | -43 | 108 |
| Number of employees at end of period | 1,328 | 1,353 | 1,342 | 1,328 | 1,353 | 1,349 |
Market trend
The activity in the market for construction products was on a low level in the Nordics, especially within new projects. Demand for renovation projects has been more stable.
Development compared to Q3/24
Revenue decreased by 7% and amounted to SEK 1,501 (1,607) million. Operating result decreased by SEK 47 million to SEK 79 (126) million. Lower volumes and margins had a negative impact.
Operating cash flow during the third quarter was SEK 249 (169) million, release of working capital had a positive effect. Capital expenditure during the third quarter was SEK 26 (66) million, of which SEK 4 (47) million were strategic investments.
Development compared to Q2/25
Compared to the second quarter of 2025, revenue was seasonally higher by 3% and the operating result was up SEK 27 million, primarily due to seasonally increased volumes in Roofing.
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.
The Swedish Financial Supervisory Authority (FI) is reviewing SSAB's disclosure of the goodwill impairment of 2022 and has opened a sanction evaluation in the matter. If the FI finds that the disclosure was not reported in accordance with relevant guidelines, as SSAB maintains, the FI may impose a sanction to SSAB. SSAB has not made any provisions on the matter in its financial reporting.
For more information regarding material risks and uncertainty factors, reference is made to the detailed description in the Annual Report 2024.
Affirmation
This interim report has not been reviewed by the auditors.
Stockholm, October 22, 2025
Johnny Sjöström 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 | Q3 | Q3 | Jan-Sep | Jan-Sep | Full-year |
| Revenue | 22,960 | 24,373 | 74,114 | 79,803 | 103,418 |
| Cost of goods sold | -19,629 | -21,656 | -64,040 | -67,637 | -88,926 |
| Gross profit | 3,331 | 2,717 | 10,074 | 12,167 | 14,492 |
| Selling and administrative costs | -1,464 | -1,432 | -4,759 | -4,555 | -6,478 |
| Other operating income and expenses | -3 | -41 | 29 | -228 | -148 |
| Affiliated companies, profit/loss after tax | 5 | 5 | 16 | -9 | -4 |
| Operating result | 1,869 | 1,248 | 5,360 | 7,374 | 7,860 |
| Financial items | 52 | 90 | 212 | 359 | 452 |
| Result before tax | 1,921 | 1,338 | 5,571 | 7,733 | 8,313 |
| Income tax | -432 | -290 | -1,101 | -1,693 | -1,786 |
| Result for the period | 1,489 | 1,048 | 4,471 | 6,040 | 6,527 |
| Of which attributable to: | |||||
| - Parent company's shareholders | 1,489 | 1,048 | 4,467 | 6,040 | 6,522 |
| - Non-controlling interest | 0 | 0 | 3 | 0 | 4 |
Consolidated statement of comprehensive income
| 2025 | 2024 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|
| SEK millions | Q3 | Q3 | Jan-Sep | Jan-Sep | Full-year |
| Result for the period | 1,489 | 1,048 | 4,471 | 6,040 | 6,527 |
| Other comprehensive income | |||||
| Items that may be subsequently reclassified to the profit or loss | |||||
| Translation differences for the period | -460 | -1,547 | -4,818 | 169 | 2,851 |
| Translation differences due to hyperinflation after tax | 34 | 26 | 16 | 71 | 107 |
| Cash flow hedges | 16 | 24 | -7 | -161 | -268 |
| Income tax on cash flow hedges | -3 | -5 | 2 | 32 | 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 | -413 | -1,502 | -4,808 | 112 | 2,716 |
| Items that will not be reclassified to the profit or loss | |||||
| Net defined benefit liability re-measurement | -3 | -15 | 45 | -28 | 22 |
| Income tax on net defined benefit liability re-measurement | 1 | 3 | -9 | 6 | -4 |
| Total items that will not be reclassified to the profit or loss | -3 | -12 | 36 | -22 | 19 |
| Total other comprehensive income for the period | -416 | -1,514 | -4,772 | 90 | 2,735 |
| Total comprehensive income for the period | 1,073 | -466 | -301 | 6,129 | 9,261 |
| Of which attributable to: | |||||
| - Parent company's shareholders | 1,073 | -466 | -302 | 6,128 | 9,256 |
| - Non-controlling interest | 0 | 0 | 2 | 2 | 6 |
Consolidated statement of financial position
| SEK millions Sep 30 Sep 30 Dec 31 Assets Intangible assets 1,667 1,484 1,520 Tangible fixed assets 34,156 28,768 30,343 Right-of-use assets 2,713 2,896 2,896 Investments in affiliated companies and joint ventures 858 953 969 Deferred tax receivables 430 535 534 Non-current financial assets 480 500 437 Total non-current assets 40,303 35,135 36,698 Inventories 29,222 31,475 31,780 Accounts receivable 10,932 11,445 9,696 Current tax receivables 1,597 1,747 2,087 Other current receivables 2,164 1,774 2,537 Cash and cash equivalents 20,289 23,193 27,810 Total current assets 64,204 69,633 73,910 Assets held for sale — — 120 Total assets 104,507 104,768 110,728 Equity and liabilities Equity for the shareholders in the parent company 68,072 67,836 70,966 Non-controlling interest 36 47 49 Total equity 68,107 67,883 71,015 Deferred tax liabilities 2,295 2,904 2,757 Non-current provisions 519 505 563 Non-current interest-bearing liabilities 4,154 6,296 6,501 Non-current lease liabilities 2,161 2,330 2,340 Other non-current liabilities 291 231 260 Total non-current liabilities 9,420 12,266 12,421 Accounts payable 17,025 16,360 18,852 Current tax liabilities 1,046 713 1,148 Current interest-bearing liabilities 2,147 164 495 Current lease liabilities 796 803 816 Other current liabilities and provisions 5,966 6,579 5,973 Total current liabilities 26,981 24,619 27,284 Liabilities relating to assets held for sale — — 8 Total equity and liabilities 104,507 104,768 110,728 Pledged assets 30 36 36 |
2025 | 2024 | 2024 | |
|---|---|---|---|---|
| Contingent liabilities1) | 22,391 | 7,136 | 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 - Sep 30, 2024 Total comprehensive income for the |
|||||||||||
| period | 39 | 6,088 | 6,128 | 2 | 6,129 | ||||||
| Reclassification to assets under construction |
-1 | -1 | -1 | ||||||||
| Result from transaction with owners of non-controlling interests |
-18 | -18 | -27 | -45 | |||||||
| Dividend, parent company's shareholders |
-4,983 | -4,983 | -4,983 | ||||||||
| Dividend, non-controlling interest | — | -4 | -4 | ||||||||
| Purchases of own shares | -1,160 | -1,160 | -1,160 | ||||||||
| Cancellation of own shares | -292 | 292 | — | — | |||||||
| Bonus issue | 292 | -292 | — | — | |||||||
| Total equity, Sep 30, 2024 | 9,063 | 23,022 | 13,832 | 21,919 | 67,836 | 47 | 67,883 | ||||
| Changes Oct 1 - Dec 31, 2024 | |||||||||||
| Total comprehensive income for the period |
2,568 | 560 | 3,128 | 4 | 3,132 | ||||||
| Reclassification to assets under construction |
1 | 1 | 1 | ||||||||
| Result from transaction with owners of non-controlling interests |
-1 | -1 | -2 | -3 | |||||||
| Total equity, Dec 31, 2024 | 9,063 | 23,022 | 16,401 | 22,481 | 70,966 | 49 | 71,015 | ||||
| Changes Jan 1 - Sep 30, 2025 | |||||||||||
| Total comprehensive income for the period |
-4,822 | 4,520 | -302 | 2 | -301 | ||||||
| Result from transaction with owners of non-controlling interests |
-2 | -2 | -10 | -12 | |||||||
| Dividend, parent company's shareholders |
-2,591 | -2,591 | -2,591 | ||||||||
| Dividend, non-controlling interest | — | -4 | -4 | ||||||||
| Total equity, Sep 30, 2025 | 9,063 | 23,022 | 11,580 | 24,408 | 68,072 | 36 | 68,107 |
Consolidated statement of cash flows, in summary
| 2025 | 2024 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|
| SEK millions | Q3 | Q3 | Jan-Sep | Jan-Sep | Full-year |
| OPERATING ACTIVITIES | |||||
| Operating result | 1,869 | 1,248 | 5,360 | 7,374 | 7,860 |
| Reversal of non-cash items: | |||||
| -Depreciation, amortization and write-down of fixed assets | 1,017 | 1,073 | 3,051 | 3,127 | 4,208 |
| -Other non-cash items | 26 | -41 | -145 | -57 | 125 |
| Received and paid interest | 58 | 97 | -86 | 302 | 461 |
| Income taxes paid | -410 | -798 | -1,051 | -3,081 | -3,230 |
| Cash flow from change in working capital | 643 | 483 | -2,316 | -1,139 | 2,470 |
| Cash flow from operating activities | 3,201 | 2,062 | 4,813 | 6,526 | 11,896 |
| INVESTING ACTIVITIES | |||||
| Investments in intangible and tangible fixed assets 1) | -3,069 | -1,937 | -8,091 | -5,217 | -8,215 |
| Sales of intangible and tangible fixed assets 1) | 99 | 7 | 1,489 | 758 | 1,646 |
| Acquisitions of shares and operations | — | — | -139 | — | -38 |
| Divested shares and operations | — | — | 144 | — | — |
| Other investing activities | 0 | -6 | -5 | -6 | -5 |
| Cash flow from investing activities | -2,970 | -1,937 | -6,601 | -4,465 | -6,611 |
| FINANCING ACTIVITIES | |||||
| Dividend to parent company's shareholders | — | — | -2,591 | -4,983 | -4,983 |
| Dividend to non-controlling interest | -4 | -3 | -4 | -4 | -4 |
| Purchases of own shares | — | — | — | -1,215 | -1,215 |
| Change in loans | -9 | -10 | -7 | -1,227 | -1,198 |
| Acquisitions of non-controlling interest | — | -6 | -12 | -45 | -47 |
| Other financing activities 2) | -188 | -399 | -1,968 | -576 | 135 |
| Cash flow from financing activities | -201 | -419 | -4,582 | -8,050 | -7,313 |
| CASH AND CASH EQUIVALENTS | |||||
| Cash and cash equivalents at beginning of period | 20,299 | 23,892 | 27,810 | 28,916 | 28,916 |
| Cash flow for the period | 31 | -294 | -6,370 | -5,989 | -2,028 |
| Translation differences, cash and cash equivalents 2) | -40 | -406 | -1,152 | 266 | 923 |
| CASH AND CASH EQUIVALENTS, END OF PERIOD | 20,289 | 23,193 | 20,289 | 23,193 | 27,810 |
| Contracted, non-utilized overdraft facilities | 8,211 | 8,386 | 8,211 | 8,386 | 8,500 |
| Disposable cash and cash equivalents (incl. non-utilized overdraft facilities) |
28,500 | 31,579 | 28,500 | 31,579 | 36,311 |
1) During Q3 2025, the net purchases of emission allowances were SEK -559 (-693) million and during January - September 2025 SEK -855 (-945) million. In the above table the purchases and sales presented separately on the referred line items.
Key figures
| 2025 | 2024 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|
| Q3 | Q3 | Jan-Sep | Jan-Sep | Full-year | |
| Operating margin (%) | 8 | 5 | 7 | 9 | 8 |
| Earnings per share (SEK) | 1.49 | 1.05 | 4.48 | 6.05 | 6.54 |
| Equity per share (SEK) | 68.30 | 68.07 | 68.30 | 68.07 | 71.21 |
| Net debt/equity ratio (%) | -16 | -20 | -16 | -20 | -25 |
| Equity ratio (%) | 65 | 65 | 65 | 65 | 64 |
| Return on capital employed, rolling 12 months (%) | 10 | 14 | 10 | 14 | 13 |
| Return on equity, rolling 12 months (%) | 7 | 11 | 7 | 11 | 9 |
| Average number of shares outstanding during the period | |||||
| (millions) | 996.6 | 996.6 | 996.6 | 998.1 | 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 | 14,575 | 14,523 | 14,575 | 14,523 | 14,618 |
2) SSAB has changed the presentation of translation differences in cash and cash equivalents in June 2025, resulting in a reclassification of SEK -1,045 million for Q3 2024, SEK 148 million for January - September 2024, and SEK 2,210 million for full year 2024 from Other financing activities to Translation differences, cash and cash equivalents.
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 opened a review regarding the disclosure around the goodwill impairment in March 2025. In September 2025, FI informed SSAB that it has opened a sanction evaluation in the matter. SSAB has not received any more information from FI.
SSAB maintains that the disclosure was reported in accordance with relevant guidelines, an assessment shared by the company's auditors and other experts SSAB has consulted on the matter.
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 6,154 million at September 30, 2025 while its fair value was SEK 6,240 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 | Sep 30 | Sep 30 | Dec 31 |
| Derivative assets recognized in | |||
| Non-current financial assets | 96 | 202 | 88 |
| Other current receivables | 140 | 84 | 550 |
| Derivative liabilities recognized in | |||
| Other non-current liabilities | 84 | 42 | 43 |
| Other current liabilities and provisions | 365 | 369 | 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 Q3 2025 | Business segments | |||||
|---|---|---|---|---|---|---|
| SEK millions | SSAB Special Steels |
SSAB Europe |
SSAB Americas |
Tibnor | Ruukki Construction |
Total |
| Geographical areas | ||||||
| Sweden | 151 | 2,283 | — | 840 | 398 | 3,672 |
| Finland | 116 | 1,105 | — | 436 | 394 | 2,050 |
| Other Europe | 2,452 | 4,133 | 6 | 1,104 | 706 | 8,400 |
| USA | 1,265 | 368 | 4,773 | — | — | 6,407 |
| Rest of the world | 2,112 | 8 | 304 | 3 | 2 | 2,430 |
| Total | 6,097 | 7,896 | 5,084 | 2,383 | 1,499 | 22,960 |
| Product area | ||||||
| Steel products | 5,980 | 7,389 | 5,081 | — | — | 18,450 |
| Trading operations | — | — | — | 2,383 | — | 2,383 |
| Ruukki Construction operations | — | — | — | — | 1,499 | 1,499 |
| Slabs, by-products and scrap | 90 | 496 | — | — | — | 586 |
| Other | 27 | 11 | 2 | — | — | 40 |
| Total | 6,097 | 7,896 | 5,084 | 2,383 | 1,499 | 22,960 |
| External revenue Q3 2024 | Business segments | |||||
|---|---|---|---|---|---|---|
| SEK millions | SSAB Special Steels |
SSAB Europe |
SSAB Americas |
Tibnor | Ruukki Construction |
Total |
| Geographical areas | ||||||
| Sweden | 146 | 1,727 | — | 934 | 399 | 3,206 |
| Finland | 101 | 1,155 | — | 457 | 461 | 2,174 |
| Other Europe | 2,466 | 4,487 | 5 | 1,249 | 739 | 8,946 |
| USA | 1,461 | 720 | 4,616 | — | — | 6,797 |
| Rest of the world | 2,639 | 353 | 250 | 5 | 4 | 3,250 |
| Total | 6,812 | 8,442 | 4,870 | 2,645 | 1,604 | 24,373 |
| Product area | ||||||
| Steel products | 6,584 | 7,954 | 4,870 | — | — | 19,408 |
| Trading operations | — | — | — | 2,645 | — | 2,645 |
| Ruukki Construction operations | — | — | — | — | 1,604 | 1,604 |
| Slabs, by-products and scrap | 199 | 478 | — | — | — | 678 |
| Other | 29 | 10 | — | — | — | 38 |
| Total | 6,812 | 8,442 | 4,870 | 2,645 | 1,604 | 24,373 |
| External revenue Jan-Sep 2025 | Business segments | |||||
|---|---|---|---|---|---|---|
| SEK millions | SSAB Special Steels |
SSAB Europe |
SSAB Americas |
Tibnor | Ruukki Construction |
Total |
| Geographical areas | ||||||
| Sweden | 506 | 5,687 | — | 2,903 | 1,159 | 10,255 |
| Finland | 317 | 3,364 | — | 1,415 | 1,006 | 6,103 |
| Other Europe | 7,908 | 13,750 | 15 | 3,744 | 1,939 | 27,356 |
| USA | 4,298 | 2,325 | 15,018 | 1 | 3 | 21,646 |
| Rest of the world | 6,964 | 945 | 830 | 10 | 5 | 8,754 |
| Total | 19,993 | 26,071 | 15,864 | 8,074 | 4,113 | 74,114 |
| Product area | ||||||
| Steel products | 19,583 | 24,504 | 15,854 | — | — | 59,940 |
| Trading operations | — | — | — | 8,074 | — | 8,074 |
| Ruukki Construction operations | — | — | — | — | 4,113 | 4,113 |
| Slabs, by-products and scrap | 314 | 1,538 | — | — | — | 1,852 |
| Other | 96 | 29 | 10 | — | — | 135 |
| Total | 19,993 | 26,071 | 15,864 | 8,074 | 4,113 | 74,114 |
| External revenue Jan-Sep 2024 | Business segments | |||||
|---|---|---|---|---|---|---|
| SEK millions | SSAB Special Steels |
SSAB Europe |
SSAB Americas |
Tibnor | Ruukki Construction |
Total |
| Geographical areas | ||||||
| Sweden | 515 | 6,098 | — | 3,323 | 1,046 | 10,982 |
| Finland | 311 | 3,535 | — | 1,489 | 1,113 | 6,448 |
| Other Europe | 8,536 | 14,892 | 24 | 4,200 | 1,918 | 29,569 |
| USA | 4,934 | 1,906 | 16,259 | — | 3 | 23,102 |
| Rest of the world | 7,727 | 1,037 | 914 | 17 | 8 | 9,703 |
| Total | 22,022 | 27,467 | 17,197 | 9,030 | 4,088 | 79,803 |
| Product area | ||||||
| Steel products | 21,391 | 25,635 | 17,197 | — | — | 64,223 |
| Trading operations | — | — | — | 9,030 | — | 9,030 |
| Ruukki Construction operations | — | — | — | — | 4,088 | 4,088 |
| Slabs, by-products and scrap | 530 | 1,802 | — | — | — | 2,331 |
| Other | 101 | 30 | — | — | — | 131 |
| Total | 22,022 | 27,467 | 17,197 | 9,030 | 4,088 | 79,803 |
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 | Q3 25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 31,904 | 31,777 | 29,339 | 26,469 | 27,148 | 28,282 | 24,373 | 23,615 | 25,523 | 25,631 | 22,960 |
| Operating expenses | -26,303 | -25,892 | -24,028 | -23,094 | -22,992 | -24,244 | -22,059 | -22,051 | -23,160 | -22,481 | -20,079 |
| Depreciation/amort. | -869 | -907 | -935 | -963 | -985 | -1,070 | -1,071 | -1,082 | -1,017 | -1,017 | -1,017 |
| Affiliated companies | 2 | -14 | -5 | -12 | -14 | 0 | 5 | 5 | 5 | 6 | 5 |
| Financial items | 54 | 56 | 78 | 61 | 161 | 108 | 90 | 93 | 125 | 35 | 52 |
| Result before tax | 4,787 | 5,019 | 4,449 | 2,460 | 3,318 | 3,076 | 1,338 | 580 | 1,476 | 2,175 | 1,921 |
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 | Q3 25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SSAB Special Steels | 8,573 | 8,646 | 8,013 | 6,913 | 7,716 | 7,847 | 6,995 | 6,229 | 7,346 | 6,818 | 6,230 |
| SSAB Europe | 12,293 | 12,953 | 10,909 | 10,072 | 10,817 | 11,641 | 9,901 | 9,432 | 10,740 | 10,557 | 9,182 |
| SSAB Americas | 7,714 | 7,728 | 7,620 | 6,711 | 6,256 | 6,221 | 4,962 | 5,269 | 5,157 | 5,724 | 5,210 |
| Tibnor | 4,048 | 3,600 | 3,012 | 3,030 | 3,112 | 3,344 | 2,678 | 2,931 | 2,905 | 2,849 | 2,408 |
| Ruukki Construction | 1,329 | 1,559 | 1,587 | 1,335 | 1,015 | 1,472 | 1,607 | 1,414 | 1,161 | 1,458 | 1,501 |
| Other | — | — | — | — | — | — | — | — | — | — | — |
| Group adjustments | -2,053 | -2,709 | -1,802 | -1,593 | -1,769 | -2,244 | -1,769 | -1,661 | -1,785 | -1,773 | -1,571 |
| Total | 31,904 | 31,777 | 29,339 | 26,469 | 27,148 | 28,282 | 24,373 | 23,615 | 25,523 | 25,631 | 22,960 |
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 | Q3 25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SSAB Special Steels | 2,380 | 2,305 | 2,126 | 1,199 | 2,143 | 2,023 | 1,595 | 1,004 | 1,752 | 1,785 | 1,700 |
| SSAB Europe | 418 | 1,196 | 694 | 599 | 600 | 915 | 554 | 627 | 553 | 634 | 340 |
| SSAB Americas | 2,728 | 2,697 | 2,710 | 1,739 | 1,473 | 1,272 | 146 | 260 | 232 | 871 | 917 |
| Tibnor | 50 | 2 | -58 | -6 | 89 | 110 | 74 | 20 | 87 | 77 | 63 |
| Ruukki Construction | 41 | 63 | 83 | 14 | -18 | 99 | 186 | 13 | 21 | 109 | 136 |
| Other | -18 | -393 | -247 | -181 | -145 | -382 | -234 | -354 | -277 | -318 | -270 |
| Total | 5,600 | 5,871 | 5,307 | 3,364 | 4,142 | 4,038 | 2,320 | 1,569 | 2,369 | 3,157 | 2,886 |
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 | Q3 25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SSAB Special Steels | 2,094 | 2,003 | 1,808 | 847 | 1,781 | 1,659 | 1,228 | 629 | 1,442 | 1,480 | 1,392 |
| SSAB Europe | 0 | 764 | 254 | 165 | 163 | 400 | 42 | 109 | 33 | 110 | -179 |
| SSAB Americas | 2,675 | 2,642 | 2,653 | 1,681 | 1,412 | 1,204 | 78 | 189 | 160 | 807 | 853 |
| Tibnor | 1 | -50 | -113 | -59 | 36 | 57 | 21 | -34 | 35 | 24 | 9 |
| Ruukki Construction | -9 | 10 | 28 | -36 | -78 | 42 | 126 | -39 | -30 | 52 | 79 |
| Other | -29 | -405 | -260 | -198 | -157 | -394 | -246 | -367 | -290 | -332 | -285 |
| Total | 4,733 | 4,963 | 4,371 | 2,400 | 3,157 | 2,969 | 1,248 | 487 | 1,351 | 2,140 | 1,869 |
No items affecting comparability were reported in 2023, 2024 or 2025.
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 | Q3 25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Crude steel production | |||||||||||
| SSAB Special Steels | 608 | 651 | 584 | 409 | 586 | 576 | 508 | 460 | 548 | 570 | 559 |
| SSAB Europe | 1,141 | 1,142 | 1,056 | 1,028 | 1,077 | 1,063 | 919 | 1,107 | 1,092 | 1,089 | 952 |
| SSAB Americas | 295 | 297 | 296 | 271 | 278 | 289 | 189 | 298 | 307 | 317 | 302 |
| Total | 2,044 | 2,090 | 1,936 | 1,707 | 1,941 | 1,927 | 1,616 | 1,865 | 1,946 | 1,975 | 1,813 |
| Rolling production | |||||||||||
| SSAB Special Steels | 454 | 447 | 418 | 300 | 419 | 421 | 387 | 376 | 379 | 443 | 398 |
| SSAB Europe | 1,157 | 1,186 | 1,026 | 1,034 | 973 | 1,152 | 945 | 987 | 1,113 | 1,127 | 920 |
| SSAB Americas | 288 | 265 | 283 | 264 | 281 | 265 | 184 | 268 | 285 | 307 | 282 |
| Total | 1,899 | 1,898 | 1,727 | 1,598 | 1,673 | 1,839 | 1,516 | 1,630 | 1,778 | 1,877 | 1,600 |
| Steel shipments | |||||||||||
| SSAB Special Steels | 349 | 364 | 313 | 279 | 327 | 337 | 302 | 260 | 336 | 325 | 289 |
| SSAB Europe | 912 | 907 | 759 | 776 | 818 | 870 | 756 | 750 | 882 | 895 | 737 |
| SSAB Americas | 476 | 451 | 439 | 437 | 437 | 439 | 398 | 438 | 457 | 487 | 440 |
| Total | 1,737 | 1,722 | 1,510 | 1,491 | 1,583 | 1,646 | 1,457 | 1,448 | 1,676 | 1,708 | 1,466 |
Analysis of total change in revenue per business segment
| Change vs. Q3 2024 | Change vs. Q2 2025 | ||||||
|---|---|---|---|---|---|---|---|
| % | SSAB Special Steels |
SSAB Europe |
SSAB Americas |
SSAB Special Steels |
SSAB Europe |
SSAB Americas |
|
| Price | 1 | -4 | 5 | 1 | 2 | 1 | |
| Product mix | -1 | 1 | 0 | 0 | 1 | 0 | |
| Volume | -4 | -3 | 10 | -11 | -18 | -10 | |
| Currency effects | -7 | -2 | -10 | 0 | 1 | -1 | |
| Other sales | 0 | 1 | 0 | 1 | 1 | 1 | |
| Total | -11 | -7 | 5 | -9 | -13 | -9 |
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 below, further definitions can be found in the Annual Report note A.3.
EBITDA
| 2025 | 2024 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|
| SEK millions | Q3 | Q3 | Jan-Sep | Jan-Sep Full-year | |
| Operating result | 1,869 | 1,248 | 5,360 | 7,374 | 7,860 |
| Depreciation, amortization and impairment | 1,017 | 1,073 | 3,051 | 3,127 | 4,208 |
| EBITDA | 2,886 | 2,320 | 8,411 | 10,500 | 12,069 |
Financial reports – The Parent company
Parent company's statement of profit and loss, in summary
| 2025 | 2024 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|
| SEK millions | Q3 | Q3 | Jan-Sep | Jan-Sep | Full-year |
| Gross profit | — | — | — | — | — |
| Selling and administrative costs | -156 | -241 | -548 | -629 | -868 |
| Other operating income/expenses | 76 | 149 | 241 | 366 | 491 |
| Operating result | -80 | -92 | -307 | -264 | -376 |
| Financial items | 105 | 113 | 303 | 396 | 4,578 |
| Result after financial items | 25 | 21 | -4 | 133 | 4,201 |
| Appropriations | — | — | — | — | 115 |
| Result before tax | 25 | 21 | -4 | 133 | 4,316 |
| Income tax | -13 | -3 | -5 | -27 | -5 |
| Result for the period | 12 | 18 | -9 | 105 | 4,312 |
Parent company's statement of comprehensive income
| 2025 | 2024 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|
| SEK millions | Q3 | Q3 | Jan-Sep | Jan-Sep | Full-year |
| Result for the period | 12 | 18 | -9 | 105 | 4,312 |
| Other comprehensive income | |||||
| Items that may be classified to the income statement | |||||
| Cash flow hedges | -3 | -20 | -16 | -39 | -40 |
| Income tax attributable to cash flow hedges | 1 | 4 | 3 | 8 | 8 |
| Other comprehensive income | -3 | -16 | -13 | -31 | -32 |
| Total comprehensive income for the period | 9 | 3 | -22 | 75 | 4,280 |
Parent company's statement of financial position, in summary
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| SEK millions | Sep 30 | Sep 30 | Dec 31 |
| Assets | |||
| Non-current assets | 67,193 | 73,333 | 73,344 |
| Other current assets | 16,956 | 7,651 | 6,786 |
| Cash and cash equivalents | 19,246 | 22,040 | 26,694 |
| Total assets | 103,394 | 103,024 | 106,823 |
| Equity and liabilities | |||
| Restricted equity | 9,964 | 9,964 | 9,964 |
| Unrestricted equity | 60,718 | 59,125 | 63,330 |
| Total equity | 70,682 | 69,089 | 73,294 |
| Provisions | 59 | 68 | 70 |
| Non-current liabilities | 2,277 | 4,310 | 4,199 |
| Current liabilities | 30,376 | 29,557 | 29,260 |
| Total equity and liabilities | 103,394 | 103,024 | 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.
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
Year-end report for January-December 2025
The Year-end report for 2025 will be published on January 28, 2026.
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