INTERIM REPORT
JANUARY - SEPTEMBER 2020
and planned
maintenance weighed on earnings
October 22, 2020
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Interim Report January - September 2020
The third quarter
∙ Revenue was SEK 14,481 (18,840) million ∙ EBITDA was SEK -66 (1,327) million
∙ Operating profit/loss was SEK -973 (300) million ∙ Earnings per share were SEK -0.72 (0.03)
Key figures
SEK millions | 2020 | 2019 | 2020 | 2020 | 2019 | 2019 |
Q3 | Q3 | Q2 | Qs 1-3 | Qs 1-3 | Full year | |
Revenue | 14,481 | 18,840 | 15,155 | 48,409 | 59,512 | 76,485 |
Operating profit/loss before depreciation and amortization, EBITDA 1) | -66 | 1,327 | 705 | 1,925 | 6,501 | 6,375 |
Operating profit/loss1) | -973 | 300 | -251 | -881 | 3,290 | 2,159 |
Profit/loss after financial items1) | -1,075 | 201 | -365 | -1,220 | 3,014 | 1,770 |
Profit/loss after tax1) | -734 | 184 | -280 | -835 | 2,483 | 1,279 |
Earnings per share (SEK) | -0.72 | 0.03 | -0.28 | -0.83 | 2.25 | 1.04 |
Operating cash flow | 313 | 1,038 | 629 | 530 | 3,872 | 5,194 |
Net debt | 12,926 | 11,424 | 12,782 | 12,926 | 11,424 | 11,696 |
Net debt/equity ratio (%) | 22 | 18 | 21 | 22 | 18 | 19 |
- Excluding items affecting comparability. For detailed information, see page 28.
(In the report, the figures in parentheses refer to the corresponding period for the previous year.)
Comments by the CEO
SSAB's operating result for the third quarter of 2020 was SEK -973 (300) million, down SEK 1,273 million compared with the third quarter of 2019. The steel markets continued to be negatively affected by lower economic activity following the outbreak of Covid-19. Compared with the second quarter of 2020, earnings contracted by SEK 722 million, which was mainly due to the costs of planned maintenance of SEK 670 million. Cash flow was positive, which consolidates our strong financial position.
SSAB Special Steels' operating profit contracted to SEK 73 (358) million. The result was also lower than for the prior quarter, attributable to the planned maintenance outage and the adjustment of production volumes to lower demand.
SSAB Europe's shipments decreased to 751 (794) thousand tonnes. The costs of planned maintenance outages, lower capacity utilization and lower prices pulled the operating result down to SEK -631(-480) million.
SSAB Americas' operating result for the third quarter decreased to SEK -435 (522) million. Weak demand, low margins and the costs of planned maintenance impacted the result.
Work on minimizing the effects and the risks of Covid-19 has continued. Through preventive measures with our suppliers, we avoided the spread of infection in conjunction with maintenance outages. The year's planned maintenance work has now been completed and we can quickly ramp up production when the market allows. Our cost savings continued to have a good effect during the third quarter and we reduced fixed costs by over SEK 600 million, compared with the corresponding period last year. Compared to the first nine months 2019, the fixed costs were SEK
1.5 billion lower. Some of the measures are continuing during the fourth quarter. Demand picked up towards the end of the period, especially in Europe and the activity level is expected to be somewhat higher in the fourth quarter.
SSAB continues to focus on developing the special steels business, as well as being the first with fossil-free steel. The target is to start shipments during 2026. During the third quarter of 2020, HYBRIT's world unique pilot plant started operating in Luleå, Sweden and SSAB's long-term targets for carbon dioxide emissions have been approved by the Science Based Targets initiative. The approval means that the objective is scientifically based and in line with the Paris Agreement.
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Outlook for Q4 2020
Fourth quarter demand for steel is expected to recover somewhat, following two weak quarters. However, there are major uncertainties, mainly related to the spread of Covid-19. Normal seasonal slowdown is expected towards the end of the fourth quarter. Global demand for high-strength steel is expected to improve somewhat compared to the third quarter.
SSAB Americas' and SSAB Europe's shipments are expected to increase somewhat during the fourth quarter of 2020 compared with the third quarter. Also SSAB Special Steels' shipments are expected to increase somewhat.
Prices realized by SSAB Americas are expected to be relatively unchanged on average compared with the third quarter of 2020. For SSAB Europe, prices are expected to be somewhat lower because of a weaker product mix during the fourth quarter. For SSAB Special Steels, prices are expected to be relatively stable during the fourth quarter compared to the third quarter.
Major planned maintenance outages 2020
The Group's total maintenance costs for 2020 are expected to be SEK 805 million, compared to the earlier forecast of SEK 900 million. The difference is explained by the fact that costs during the third quarter were somewhat lower than expected in all divisions. The table below shows the major planned maintenance outages for the fourth quarter of 2020 and the costs of outages completed during 2019 and 2020. The figures include the impact of the direct maintenance cost and the cost of lower capacity utilization (underabsorption), but exclude lost margins.
SEK millions | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 |
Q1 | Q1 | Q2 | Q2 | Q3 | Q3 | Q4 | Q4 | Full year | Full year | |
SSAB Special Steels | - | - | - | - | 250 | - | - | 300 | 250 | 300 |
SSAB Europe | - | - | - | - | 250 | 285 | 85 | 135 | 335 | 420 |
SSAB Americas | - | - | 50 | - | 170 | - | - | 415 | 220 | 415 |
Total | - | - | 50 | - | 670 | 285 | 85 | 850 | 805 | 1,135 |
The market
According to the World Steel Association, global crude steel production for the first eight months of the year amounted to 1,188 (1,240) million tonnes, down 4.2% compared with the same period in 2019. Chinese steel production increased by just under 4% and steel production in both North America and the EU-28 decreased by 19% compared with the same period in 2019.
In North America, the heavy plate market remained cautious during the third quarter because of subdued demand from most customer segments, as a result of Covid-19. Inventory levels at distributors are assessed to still be at a low level.
In Europe, the market remained weak for most of the third quarter, but recovered towards the end of the quarter. Some customer segments, primarily Automotive and Heavy Transport, which more or less shuttered production entirely during the second quarter due to Covid-19, have restarted production and this impacted positively on demand.
Global demand for high-strength steel remained weak during most of the third quarter, but recovered towards the end of the quarter. Demand in some regions, especially China, was at a good level.
In North America, market prices for heavy plate fell during the first half of the third quarter but rose during the second half. In Europe, market prices for both strip and heavy plate rose during the third quarter. Prices for the same products rose somewhat in China.
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SSAB Group - Nine month summary
Revenue and operating result
Revenue for the first nine months of 2020 was SEK 48,409 (59,512) million, down SEK 11,103 million or 19% compared with the same period in 2019. Operating result for the first nine months of 2020 was SEK -881 (3,290) million, down SEK 4,171 million compared with the same period in 2019. This decrease was primarily attributable to SSAB Europe and SSAB Americas.
Revenue and operating profit/loss by business segment
Revenue | Operating profit/loss1) | |||||||
2020 | 2019 | 2020 | 2019 | |||||
SEK millions | Qs 1-3 | Qs 1-3 | Change | Qs 1-3 | Qs 1-3 | Change | ||
SSAB Special Steels | 12,088 | 14,521 | -2,434 | 1,015 | 1,580 | -565 | ||
SSAB Europe | 20,481 | 25,028 | -4,547 | -1,196 | -68 | -1,128 | ||
SSAB Americas | 9,812 | 13,872 | -4,060 | -339 | 2,350 | -2,689 | ||
Tibnor | 6,210 | 6,977 | -767 | 47 | 70 | -22 | ||
Ruukki Construction | 4,310 | 4,758 | -448 | 242 | 215 | 27 | ||
Other | - | - | - | -389 | -136 | -253 | ||
Depr. surplus values | - | - | - | -263 | -722 | 459 | ||
Group adjustments | -4,491 | -5,645 | 1,153 | - | - | - | ||
Total | 48,409 | 59,512 | -11,103 | -881 | 3,290 | -4,171 |
- Excluding items affecting comparability. For amounts, see page 28.
Result after tax and earnings per share
The result after tax (attributable to shareholders in the parent company) for the first nine months of 2020 was SEK -853 (2,317) million, equating to SEK -0.83 (2.25) per share. Tax was SEK 385 (-531) million. Positive tax was attributable to the negative result.
Cash flow
Operating cash flow for the first nine months of 2020 amounted to SEK 530 (3,872) million. Compared with the first nine months of 2019, cash flow was impacted primarily by a lower operating result. Net cash flow amounted to
SEK -675(-676) million. The first nine months of 2019 were impacted by the acquisition of Sanistål's Danish distribution business by Tibnor and payment of a dividend to shareholders. Net debt at September 30, 2020 was SEK 12,926 (11,424) million.
Return on capital employed/equity
Return on capital employed before tax for the last 12 months was -1% and return on equity after tax was -3%, whereas the figures for the full year 2019 were 3% and 2% respectively.
Equity
With earnings of SEK -853 (2,317) million and other comprehensive income (mostly consisting of translation differences) of SEK -1,474 (4,178) million, shareholders' equity in the company amounted to SEK 57,987 (64,371) million, equating to SEK 56.31 (62.51) per share.
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SSAB Group - Third quarter of 2020
Revenue and operating result
Revenue for the third quarter of 2020 was SEK 14,481 (18,840) million, down 23% compared with the third quarter of 2019 and down 4% compared with the second quarter of 2020.
Operating result for the third quarter of 2020 was SEK -973 (300) million, down SEK 1,273 compared with the third quarter of 2019. The decrease was primarily related to the three steel divisions. Compared with the second quarter of 2020, earnings were down SEK 722 million.
Revenue and operating profit/loss by business segment
Revenue | Operating profit/loss1) | |||||||
2020 | 2019 | 2020 | 2019 | |||||
SEK millions | Q3 | Q3 | Change | Q3 | Q3 | Change | ||
SSAB Special Steels | 3,569 | 4,509 | -940 | 73 | 358 | -285 | ||
SSAB Europe | 6,153 | 7,637 | -1,484 | -631 | -480 | -150 | ||
SSAB Americas | 2,715 | 4,446 | -1,731 | -435 | 522 | -957 | ||
Tibnor | 1,752 | 2,179 | -427 | 6 | 2 | 4 | ||
Ruukki Construction | 1,391 | 1,794 | -403 | 145 | 134 | 11 | ||
Other | - | - | - | -50 | -52 | 2 | ||
Depr. surplus values | - | - | - | -82 | -184 | 102 | ||
Group adjustments | -1,099 | -1,725 | 626 | - | - | - | ||
Total | 14,481 | 18,840 | -4,359 | -973 | 300 | -1,273 |
- Excluding items affecting comparability. For amounts, see page 28.
Analysis of total change in revenue and operating profit/loss*)
Revenue | Operating profit/loss | ||||
Change vs | Change vs | ||||
Q3, 2019 | Q3, 2019 | ||||
% | SEK m. | ||||
Volume | -9 | Price and product mix | -1,820 | ||
Price | -7 | Volume | -380 | ||
Product mix | -1 | Variable cost | 980 | ||
Currency effects | -4 | Fixed cost | 600 | ||
Other sales | -2 | Currency effects | -180 | ||
Capacity utilization | -575 | ||||
Other | 102 | ||||
Total | -23 | -1,273 |
*) Estimated change, the figures in the table have been rounded.
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Raw materials
SSAB sources iron ore from LKAB in Sweden and from Severstal in Russia, and prices vary depending on the market index. SSAB sources coking coal from Australia, the USA and Canada, usually on annual supply contracts with monthly pricing. SSAB Americas regularly purchases scrap metal on the spot market as a raw material for their production.
Change in SSAB's average purchase prices, third quarter of 2020
Change vs. 2019 Q3 | Change vs. 2020 Q2 | |||
% change | USD | SEK | USD | SEK |
Iron ore | -12% | -19% | 17% | 8% |
Coking coal | -46% | -51% | -26% | -32% |
Scrap metal | 3% | -5% | -4% | -12% |
Production and shipments
Crude steel production during the third quarter of 2020 was down 20% compared with the third quarter of 2019 and down 15% compared with the second quarter of 2020.
Rolling production during the third quarter of 2020 was down 15% compared with the same quarter of 2019 and down 9% compared with the second quarter of 2020.
Production figures for the third quarter were affected negatively by planned maintenance at all steel divisions and adjustment to lower demand.
SSAB's steel shipments during the third quarter of 2020 were 1,472 (1,614) thousand tonnes, down 9% compared with the third quarter of 2019, but 4% higher compared with the second quarter of 2020.
Production and shipments
2020 | 2019 | 2020 | 2020 | 2019 | 2019 | |
Thousand tonnes | Q3 | Q3 | Q2 | Qs 1-3 | Qs 1-3 | Full year |
Crude steel production | 1,519 | 1,902 | 1,779 | 5,379 | 6,002 | 7,623 |
Rolling production | 1,438 | 1,696 | 1,573 | 4,967 | 5,510 | 6,994 |
Steel shipments | 1,472 | 1,614 | 1,422 | 4,681 | 5,081 | 6,560 |
Earnings after tax and earnings per share
The result after tax (attributable to shareholders in the parent company) for the third quarter of 2020 was SEK -741 (28) million, equating to SEK -0.72 (0.03) per share. Tax was SEK 342 (-16) million. Positive tax was attributable to the negative result.
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Cash flow, financing and liquidity
Operating cash flow for the third quarter of 2020 amounted to SEK 313 (1,038) million. Compared with the third quarter of 2019, cash flow was negatively impacted primarily by lower operating profit, whereas the change in working capital had a somewhat positive effect.
Net cash flow amounted to SEK 27 (398) million. Net debt at September 30, 2020 was SEK 12,926 (11,424) million.
The term to maturity of the total loan portfolio at September 30, 2020 averaged 4.9 (7.0) years, with an average fixed interest period of 0.9 (1.1) years.
Cash and cash equivalents were SEK 5,412 (4,266) million and non-utilized credit facilities were SEK 14,804 (6,935) million, which combined corresponds to 30.9% (12.3%) of rolling 12-month revenue.
Capital expenditure
Capital expenditure, including acquisitions and divestments of operations, totaled SEK 451 (694) million during the third quarter of 2020. Strategic investments were SEK 75 (235) million. As earlier announced, SSAB has decided to postpone some of the strategic investments that had been planned for 2020, primarily the investment in Mobile and the start-up of the investment in Oxelösund to convert to electric arc furnaces. The goal to deliver fossil-free steel by 2026 still stands. Maintenance investments will be performed as planned. The assessment that the total of maintenance and strategic investments will amount to between SEK 2.0 billion and SEK 2.5 billion for the full year of 2020 remains unchanged.
Operating cash flow and net debt
2020 | 2019 | 2020 | 2019 | 2019 | |
SEK millions | Q3 | Q3 | Qs 1-3 | Qs 1-3 | Full year |
Operating profit before depreciation/amortization | -66 | 1,177 | 1,925 | 6,351 | 6,177 |
Change in working capital | 699 | 205 | -465 | -1,291 | 896 |
Maintenance expenditures | -332 | -456 | -1,016 | -1,209 | -1,875 |
Other | 11 | 113 | 87 | 22 | -4 |
Operating cash flow | 313 | 1,038 | 530 | 3,872 | 5,194 |
Financial items | -164 | -140 | -460 | -383 | -432 |
Taxes | 3 | -262 | -178 | -1,218 | -1,315 |
Cash flow from current operations | 151 | 636 | -108 | 2,272 | 3,447 |
Strategic expenditures in plants and machinery | -75 | -235 | -467 | -579 | -1,035 |
Acquisitions of shares and operations | -43 | -3 | -196 | -773 | -1,221 |
Divestments of shares and operations | -1 | - | 105 | - | 118 |
Cash flow before dividend | 32 | 398 | -667 | 920 | 1,309 |
Dividend paid to shareholders | - | - | - | -1,545 | -1,545 |
Dividend, non-controlling interest | -4 | 0 | -8 | -6 | -7 |
Acquisition, non-controlling interest | - | - | - | -45 | -46 |
Net cash flow | 27 | 398 | -675 | -676 | -289 |
Net debt at beginning of period | -12,782 | -11,809 | -11,696 | -8,582 | -8,582 |
Adjustment net cash flow, IFRS 16 | - | - | - | -1,945 | -1,945 |
Net cash flow | 27 | 398 | -675 | -676 | -289 |
Revaluation of liabilities against equity1) | 168 | -370 | 177 | -607 | -287 |
Other2) | -340 | 357 | -731 | 386 | -593 |
Net debt at the end of period | -12,926 | -11,424 | -12,926 | -11,424 | -11,696 |
- Revaluation of hedges of currency risks in foreign operations.
- Mainly consisting of cash flow effects on derivative instruments and revaluation of other financial instruments in foreign currency. 2019 including acquired net debt.
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Business segments - Third quarter of 2020
The information in the tables below excludes the depreciation/amortization on surplus values on tangible and intangible assets relating to the acquisitions of IPSCO and Rautaruukki and excludes items affecting comparability. For more information about the business segments, see page 22.
SSAB Special Steels
Third quarter in brief
- Operating profit decreased to SEK 73 (358) million, primarily due to planned maintenance
- Shipments decreased 13% to 259 (299) thousand tonnes
- Cost savings had a positive impact
Key figures
2020 | 2019 | 2020 | 2020 | 2019 | 2019 | |
SEK millions | Q3 | Q3 | Q2 | Qs 1-3 | Qs 1-3 | Full year |
Revenue | 3,569 | 4,509 | 3,983 | 12,088 | 14,521 | 18,495 |
Operating profit before depreciation/amortization, EBITDA | 228 | 509 | 639 | 1,481 | 2,053 | 2,081 |
Operating profit/loss | 73 | 358 | 485 | 1,015 | 1,580 | 1,454 |
Operating cash flow | 640 | 60 | 439 | 1,476 | 1,258 | 668 |
Number of employees at end of period | 2,810 | 2,918 | 2,832 | 2,810 | 2,918 | 2,886 |
Revenue and operating profit
Revenue was down 21% compared with the third quarter of 2019 and amounted to SEK 3,569 (4,509) million. Lower volumes had a negative impact of 13 percentage points and negative currency effects 8 percentage points. Lower prices had an impact of 1 percentage point, whereas other sales had a positive impact of 1 percentage point.
Compared with the second quarter of 2020, revenue was down 10%. Negative currency effects had an impact of 5 percentage points and lower volumes 3 percentage points. A weaker product mix and lower prices each impacted 1 percentage point.
Operating profit for the third quarter of 2020 was SEK 73 (358) million, down SEK 285 million compared with the third quarter of 2019. The costs of planned maintenance and weaker capacity utilization to adjust production to lower demand, pulled down the result. Also lower volumes and currency effects had a negative impact. Lower prices were more than offset by lower variable costs, primarily raw material costs. Cost savings, which include short-time working, time banks and fewer summer seasonal workers impacted positively.
Compared with the second quarter of 2020, earnings were down SEK 412 million. The costs of planned maintenance, weaker capacity utilization and negative currency effects pulled down the result. Lower prices were offset by lower variable costs (primarily for raw materials). Seasonally lower fixed costs had a positive impact.
Market trend
Demand during the third quarter was negatively affected by Covid-19 and the ensuing lower economic activity. Also seasonal effects, primarily in Europe, had a negative impact compared to the second quarter. The Heavy Transport customer segment recovered compared to the second quarter, whereas larger OEMs in Construction Machinery continued to be cautious. Material Handling, which includes mining equipment, was relatively stable.
Production and shipments
Crude steel production was down 71% compared with the third quarter of 2019 and down 65% compared with the second quarter of 2020.
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Rolling production during the third quarter of 2020 was down 55% compared with the same period in 2019 and down 62% compared with the second quarter of 2020.
Lower production figures for the third quarter were primarily attributable to planned maintenance and adjustment to lower demand.
External shipments of steel during the third quarter of 2020 were down 13% compared with the same period in 2019 and down 3% compared with the second quarter of 2020.
Production and shipments
2020 | 2019 | 2020 | 2020 | 2019 | 2019 | |
Thousand tonnes | Q3 | Q3 | Q2 | Qs 1-3 | Qs 1-3 | Full year |
Crude steel production | 102 | 355 | 295 | 691 | 1,083 | 1,225 |
Rolling production | 60 | 134 | 156 | 367 | 410 | 493 |
Shipments | 259 | 299 | 266 | 830 | 975 | 1,224 |
Figures for steel shipments include high-strength steel produced at SSAB Europe's and SSAB Americas' steel mills but sold by SSAB Special Steels.
Cash flow and capital expenditure
Operating cash flow during the third quarter was SEK 640 (60) million. The change compared to the same period a year earlier is explained primarily by more working capital being released.
Capital expenditure during the third quarter was SEK 78 (98) million, of which SEK 18 (9) million were strategic investments.
SSAB Europe
Third quarter in brief
- Operating result decreased to SEK -631(-480) million, mainly due to lower prices and weaker capacity utilization
- Shipments decreased 5% to 751 (794) thousand tonnes
- Cost savings had a positive impact
Key figures
2020 | 2019 | 2020 | 2020 | 2019 | 2019 | |
SEK millions | Q3 | Q3 | Q2 | Qs 1-3 | Qs 1-3 | Full year |
Revenue | 6,153 | 7,637 | 6,189 | 20,481 | 25,028 | 31,730 |
Operating profit/loss before depreciation/amortization, EBITDA | -221 | -67 | -133 | 58 | 1,140 | 945 |
Operating profit/loss1) | -631 | -480 | -566 | -1,196 | -68 | -677 |
Operating cash flow | -242 | -90 | 650 | -717 | -484 | 182 |
Number of employees at end of period | 6,768 | 6,838 | 6,827 | 6,768 | 6,838 | 6,853 |
- Excluding depreciation/amortization on surplus values on tangible and intangible assets related to the acquisition of Rautaruukki. Depreciation/amortization on surplus values was SEK 60 (62) million during the third quarter.
Revenue and operating profit
Revenue was down 19% compared with the third quarter of 2019 and amounted to SEK 6,153 (7,637) million. Lower volumes and lower prices each had a negative impact of 5 percentage points. Other sales had a negative impact of 6 percentage points and negative currency effects 2 percentage points. Product mix had a negative impact of 1 percentage point.
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Compared with the second quarter of 2020, revenue was down 1%. Lower prices had a negative impact of 4 percentage points and negative currency effects 3 percentage points. Other revenue and the product mix each reduced revenue by 1 percentage point. Higher volumes had a positive impact of 8 percentage points.
Operating result for the third quarter decreased to SEK -631(-480) million, down SEK 151 million compared with the third quarter of 2019. Lower steel prices had a negative impact, which was partly offset by lower variable costs (primarily for raw materials). Also currency effects, lower volumes and weaker capacity utilization pulled down the result. Cost savings, which include short-time working, time banks and fewer summer seasonal workers impacted positively.
Compared with the second quarter of 2020, earnings were down by SEK 65 million. Lower prices and the costs of planned maintenance had a negative impact on earnings. Higher volumes and seasonally lower fixed costs had a positive impact on earnings.
One of the blast furnaces in Raahe was closed in mid-April and restarted in mid-September.
Market trend
Compared with the second quarter, demand improved within the Automotive customer segment, albeit from a very low level. Demand also improved in Heavy Transport although demand is still considerably lower than before the pandemic. The Construction segment in the Nordic region continued to show good development. Steel Service Centers continued to adopt a cautious sentiment.
Production and shipments
Crude steel production during the third quarter of 2020 was down 10% compared with the third quarter of 2019 and down 4% compared with the second quarter of 2020.
Rolling production was down 12% compared with the third quarter of 2019, whereas it was up 3% compared with the second quarter of 2020.
Production figures for the third quarter were affected by planned maintenance and a lower production rate to adjust to weaker demand.
External shipments of steel during the third quarter of 2020 were down 5% compared with the third quarter of 2019 whereas they were up 8% compared with the second quarter of 2020.
Production and shipments
2020 | 2019 | 2020 | 2020 | 2019 | 2019 | |
Thousand tonnes | Q3 | Q3 | Q2 | Qs 1-3 | Qs 1-3 | Full year |
Crude steel production | 837 | 930 | 872 | 2,839 | 3,043 | 3,969 |
Rolling production | 864 | 980 | 836 | 2,890 | 3,341 | 4,217 |
Shipments | 751 | 794 | 695 | 2,401 | 2,610 | 3,362 |
Production figures include high-strength steel made for SSAB Special Steels. These volumes are not included in SSAB Europe's shipments.
Cash flow and capital expenditure
Operating cash flow during the third quarter was SEK -242(-90) million. Compared with the third quarter of 2019, cash flow was impacted negatively by lower earnings and more working capital being tied up.
Capital expenditure during the third quarter of 2020 was SEK 246 (407) million, of which SEK 38 (126) million were strategic investments.
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SSAB Americas
Third quarter in brief
- Operating result fell to SEK -435 (522) million, mostly due to lower prices and planned maintenance
- Shipments decreased 11% to 462 (521) thousand tonnes
Key figures
2020 | 2019 | 2020 | 2020 | 2019 | 2019 | |
SEK millions | Q3 | Q3 | Q2 | Qs 1-3 | Qs 1-3 | Full year |
Revenue | 2,715 | 4,446 | 3,219 | 9,812 | 13,872 | 17,460 |
Operating profit/loss before depreciation/amortization, EBITDA | -263 | 697 | 178 | 209 | 2,853 | 2,852 |
Operating profit/loss1) | -435 | 522 | -10 | -339 | 2,350 | 2,128 |
Operating cash flow | -94 | 943 | -158 | -101 | 3,020 | 3,540 |
Number of employees at end of period | 1,206 | 1,240 | 1,226 | 1,206 | 1,240 | 1,254 |
- Excluding depreciation/amortization on surplus values on tangible and intangible assets related to the acquisition of IPSCO. Depreciation/amortization on surplus values was SEK 16 (118) million during the third quarter.
Revenue and operating profit
Revenue was down 39% compared with the third quarter of 2019 and amounted to SEK 2,715 (4,446) million. Lower prices had a negative impact of 22 percentage points and lower volumes 11 percentage points. Currency effects had a negative impact of 5 percentage points and a weaker product mix 1 percentage point.
Compared with the second quarter of 2020, revenue was down 16%. Lower prices had a negative impact of 9 percentage points and currency effects 7 percentage points.
Operating result for the third quarter of 2020 was SEK -435 (522) million, down SEK 957 million compared with the third quarter of 2019. Lower earnings were mainly attributable to lower prices since the third quarter last year was characterized by more favorable market conditions. Lower volumes and the costs of planned maintenance also pulled earnings down.
Compared with the second quarter of 2020, operating profit was down SEK 425 million. Lower prices and the costs of planned maintenance pulled down the result.
Market trend
Demand was impacted by Covid-19 and lower economic activity. Shipments overall were at the same level as in the second quarter, where the Energy customer segment and Steel Service Centers increased.
Production and shipments
Crude steel production was down 6% compared with the third quarter of 2019 and 5% compared with the second quarter of 2020.
Rolling production was down 11% compared with both the third quarter of 2019 and the second quarter of 2020.
Production figures for the third quarter were impacted negatively by planned maintenance.
External shipments of steel were down 11% compared with the third quarter of 2019 and more or less flat compared with the second quarter of 2020.
Production and shipments
2020 | 2019 | 2020 | 2020 | 2019 | 2019 | |
Thousand tonnes | Q3 | Q3 | Q2 | Qs 1-3 | Qs 1-3 | Full year |
Crude steel production | 580 | 617 | 612 | 1,849 | 1,875 | 2,429 |
Rolling production | 515 | 581 | 580 | 1,710 | 1,759 | 2,285 |
Shipments | 462 | 521 | 460 | 1,450 | 1,496 | 1,974 |
Production figures include high-strength steel made for SSAB Special Steels. These volumes are not included in SSAB Americas' shipments.
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Cash flow and capital expenditure
Operating cash flow during the third quarter of 2020 was SEK -94 (943) million. Compared with the third quarter of 2019, cash flow was impacted primarily by lower earnings and higher tied up working capital.
Capital expenditure during the third quarter was SEK 54 (138) million, of which SEK 12 (85) million were strategic investments.
Tibnor
Third quarter in brief
- Operating profit was SEK 6 (2) million
- The restructuring program mitigated the impact of a weaker market
Key figures
2020 | 2019 | 2020 | 2020 | 2019 | 2019 | |
SEK millions | Q3 | Q3 | Q2 | Qs 1-3 | Qs 1-3 | Full year |
Revenue | 1,752 | 2,179 | 2,037 | 6,210 | 6,977 | 9,149 |
Operating profit before depreciation/amortization, EBITDA | 42 | 47 | 65 | 156 | 198 | 206 |
Operating profit/loss1) | 6 | 2 | 29 | 47 | 70 | 30 |
Operating cash flow | -112 | -111 | -106 | -98 | -23 | 348 |
Shipments, thousand tonnes | 172 | 190 | 190 | 583 | 596 | 786 |
Number of employees at end of period | 999 | 1,171 | 1,010 | 999 | 1,171 | 1,133 |
- Excluding depreciation/amortization on surplus values on tangible and intangible assets related to the acquisition of Rautaruukki. Depreciation/amortization on surplus values was SEK 6 (6) million during the third quarter.
Revenue and operating profit
Revenue was down 20% compared with the third quarter of 2019 and amounted to SEK 1, 752 (2,179) million.
Revenue was 14% lower compared with the second quarter of 2020, due to seasonality.
Operating profit for the third quarter of 2020 was somewhat higher compared with the same period a year earlier and amounted to SEK 6 (2) million. Lower volumes and prices were compensated by cost savings, related both to the restructuring program, as well as additional measures to mitigate the effects of the worsened market.
Compared with the second quarter of 2020, earnings were down SEK 23 million. Lower volumes and prices and revaluation of inventory had a negative impact on earnings.
Market trend
During the quarter, the market was characterized by the slowdown due to Covid-19, especially in OEMs and their subcontractors, including the engineering industry. Demand was seasonally lower compared to the second quarter.
Cash flow and capital expenditure
Operating cash flow during the third quarter was SEK -112(-111) million.
Capital expenditure during the third quarter of 2020 was SEK 13 (18) million, of which SEK 1 (7) million was strategic investments.
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Ruukki Construction
Third quarter in brief
- Operating profit increased to SEK 145 (134) million
- Stable underlying demand
Key figures
2020 | 2019 | 2020 | 2020 | 2019 | 2019 | |
SEK millions | Q3 | Q3 | Q2 | Qs 1-3 | Qs 1-3 | Full year |
Revenue | 1,391 | 1,794 | 1,439 | 4,310 | 4,758 | 6,510 |
Operating profit before depreciation/amortization, EBITDA | 185 | 179 | 128 | 368 | 350 | 466 |
Operating profit/loss1) | 145 | 134 | 86 | 242 | 215 | 283 |
Operating cash flow | 213 | 201 | 85 | 343 | 156 | 348 |
Number of employees at end of period | 1,337 | 1,842 | 1,343 | 1,337 | 1,842 | 1,841 |
- Excluding depreciation/amortization on surplus values on tangible and intangible assets related to the acquisition of Rautaruukki. Depreciation/amortization on surplus values was SEK -1(-3) million during the third quarter.
Revenue and operating profit
The revenues on a comparable basis were in principle unchanged, compared to the third quarter 2019. Reported revenue was down 22% compared with the third quarter of 2019 and amounted to SEK 1,391 (1,794) million, due to the divestment of Building Systems, which is included in the figures until the end of April 2020.
On a comparable basis, revenue compared with the second quarter increased, primarily driven by a seasonal improvement in Roofing.
Operating profit for the third quarter was SEK 145 (134) million. The increase was attributable to increased sales and better margins in Roofing.
Compared with the second quarter of 2020, earnings were up SEK 59 million, primarily due to seasonally higher volumes in Roofing.
Ruukki Construction's divested project business, Building Systems, had revenue of around SEK 1.5 billion in 2019 and a minor positive operating profit.
Market trend
Demand was at a good level during the third quarter with support from seasonal effects. A somewhat negative impact from Covid-19 was seen on the markets in Central and Eastern Europe, the Baltics and Norway.
Cash flow and capital expenditure
Operating cash flow during the third quarter was SEK 213 (201) million.
Capital expenditure during the third quarter was SEK 13 (31) million, of which SEK 6 (8) million were strategic investments.
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Sustainability
Key figures - rolling 12 months
2020 | 2019 | 2020 | 2019 | |
Q3 | Q3 | Q2 | Full year | |
Responsible partner | ||||
Lost time injury frequency (LTIF) 1) | 4.2 | 4.7 | 4.3 | 4.2 |
Total number of injuries (LTI) 2) | 117 | 140 | 125 | 126 |
Sustainable operations | ||||
Energy consumption, GWh 3) | 8,752 | 9,274 | 8,941 | 9,093 |
Energy intensity, kWh/tonnes crude steel | 1,250 | 1,163 | 1,211 | 1,193 |
Carbon dioxide emissions (Scope 1), thousand tonnes 4) | 8,553 | 9,878 | 8,996 | 9,433 |
Carbon dioxide emissions (Scope 2), thousand tonnes 5) | 1,112 | 1,193 | 1,137 | 1,171 |
Intensity, tonnes of CO2/tonnes crude steel 6) | 1.38 | 1.39 | 1.37 | 1.39 |
- Number of accidents resulting in an absence of more than one day per million working hours (LTIF, Lost Time Injury Frequency), own employees and contractors
- Number of accidents resulting in an absence of more than one day (LTIs, Lost Time Injuries), including contractors
- Total energy consumption (electricity, purchased fuels and purchased heat)
- Direct emissions from production (Scope 1)
- Indirect emissions from the generation of purchased electricity, heating and steam (Scope 2)
- Includes Scope 1 and Scope 2
Responsible partner - Health and Safety
SSAB's lost time injury frequency resulting in an absence of at least one day (LTIF) was 4.2 (4.7) (rolling 12 months), which is a clear improvement, with particularly good development in SSAB Special Steels and Ruukki Construction. SSAB Europe is experiencing challenges in its safety work and has therefore initiated a special program in order to improve the situation.
SSAB has continued with the measures to prevent the spread of Covid-19 and to safeguard the health of employees and subcontractors. Examples of these measures include restrictions on business travel, working from home, not allowing external visitors at sites and restricting face-to-face meetings. SSAB has contingency plans in place for all production sites and key functions.
Sustainable operations - Environment and HYBRIT
SSAB's total energy consumption related to electricity, purchased fuels and purchased heat was 8,752 (9,274) GWh (rolling 12 months). SSAB's direct (Scope 1) CO2 emissions were 8,553 (9,878) thousand tonnes and indirect (Scope 2) CO2 emissions were 1,112 (1,193) thousand tonnes.
During the quarter, SSAB's target for greenhouse gas emissions was approved by the Science Based Targets initiative. The approved science based target means that SSAB commits to reducing greenhouse gas emissions by 35 percent by 2032 (compared to 2018 and measured as CO2e). The target applies to both direct and indirect emissions (Scope 1 and 2) and is in line with the Paris Agreement and the objective of keeping global warming well below 2°C. We have set annual targets leading up to a 35 percent reduction. SSAB's overarching goal is to be fossil-free by 2045.
SSAB is transforming toward a fossil-free steelmaking process through HYBRIT (Hydrogen Breakthrough Ironmaking Technology), which is a joint venture between SSAB, LKAB, and Vattenfall. During the third quarter a world unique pilot plant for fossil-free steel, producing sponge iron (DRI/HBI), was started up in Luleå, Sweden. At the plant, HYBRIT will perform tests in several stages in the use of hydrogen in the direct reduction of iron ore. Tests will be carried out between 2020 and 2024, first using natural gas and then hydrogen to be able to compare production results.
Preparations will now start on scaling up the tests further on an industrial scale in a demonstration plant. The Swedish Energy Agency continued its support for HYBRIT and granted the joint venture SEK 22 million for a study to establish the prerequisites for the demonstration plant. The plan is to start construction of the demonstration plant in 2023, with the goal of bringing the plant into operation in 2025 and demonstrate full-scale production with a capacity of over one million tonnes of sponge iron per year. The goal is to be the first in the world, already in 2026, with a fossil-free steel value chain.
More information on sustainability at SSAB is available at www.ssab.com/company/sustainability.
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Risks and uncertainty factors
The spread of Covid-19 and its impact on global industrial production and economic development have affected and are likely to continue to affect SSAB's revenue and earnings negatively. The extent of this impact on the upcoming quarter is difficult to quantify due to the prevailing uncertainty.
For information regarding other material risks and uncertainty factors, reference is made to the detailed description in the Annual Report for 2019.
Accounting principles
This interim report has been prepared in compliance with IAS 34.
The accounting principles are based on International Financial Reporting 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 2019.
Review
This interim report has not been reviewed by the auditors.
Stockholm, October 22, 2020
Martin Lindqvist
President & CEO
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Financial reports in accordance with IFRS - Group
The figures in the tables have been rounded, which might affect aggregates
Consolidated statement of profit and loss, in summary
2020 | 2019 | 2020 | 2019 | 2019 | |||||
SEK millions | Q3 | Q3 | Qs 1-3 | Qs 1-3 | Full year | ||||
Revenue | 14,481 | 18,840 | 48,409 | 59,512 | 76,485 | ||||
Cost of goods sold | -14,594 | -17,467 | -46,166 | -52,998 | -70,191 | ||||
Gross profit/loss | -113 | 1,373 | 2,243 | 6,514 | 6,293 | ||||
Selling and administrative costs | -857 | -1,182 | -3,065 | -3,694 | -4,956 | ||||
Other operating income and expenses | 1 | -53 | -60 | 242 | 560 | ||||
Affiliated companies, profit/loss after tax | -5 | 12 | 1 | 78 | 64 | ||||
Operating profit/loss | -973 | 150 | -881 | 3,140 | 1,961 | ||||
Financial income | 595 | 396 | 1,510 | 683 | 504 | ||||
Financial expenses | -697 | -495 | -1,849 | -959 | -893 | ||||
Profit/loss for the period after financial items | -1,075 | 51 | -1,220 | 2,864 | 1,572 | ||||
Tax | 342 | -16 | 385 | -531 | -479 | ||||
Profit/loss for the period | -734 | 34 | -835 | 2,333 | 1,093 | ||||
Of which attributable to: | -741 | -853 | |||||||
- Parent Company's shareholders | 28 | 2,317 | 1,075 | ||||||
- Non-controlling interest | 8 | 6 | 17 | 16 | 18 |
Consolidated statement of comprehensive income
2020 | 2019 | 2020 | 2019 | 2019 | |||||
SEK millions | Q3 | Q3 | Qs 1-3 | Qs 1-3 | Full year | ||||
Profit/loss for the period after tax | -734 | 34 | -835 | 2,333 | 1,093 | ||||
Other comprehensive income | |||||||||
Items that may be subsequently reclassified to the income statement | -1,560 | -1,463 | |||||||
Translation differences for the period | 2,766 | 4,882 | 1,990 | ||||||
Cash flow hedges | 15 | -14 | -168 | -183 | -239 | ||||
Hedging of currency risks in foreign operations1) | 168 | -370 | 177 | -607 | -287 | ||||
Share in other comprehensive income of affiliated companies and joint ventures | - | - | - | - | 8 | ||||
Tax attributable to items that may be subsequently reclassified to the income | -39 | -4 | |||||||
statement | 82 | 169 | -68 | ||||||
Reclassification Items that will not be reclassified to the income statement | - | - | - | - | -88 | ||||
Total items that may be subsequently reclassified to the income statement | -1,416 | 2,465 | -1,459 | 4,261 | 1,316 | ||||
Items that will not be reclassified to the income statement | -2 | -20 | |||||||
Remeasurements of the net defined benefit liability | -39 | -101 | -54 | ||||||
Tax attributable to items that will not be reclassified to the income statement | 0 | 8 | 4 | 20 | 12 | ||||
Share in other comprehensive income of affiliated companies and joint ventures | - | - | - | - | - | ||||
Reclassification Items that may be subsequently reclassified to the income | - | - | |||||||
statement | - | - | 88 | ||||||
Total items that will not be reclassified to the income statement | -1 | -31 | -16 | -80 | 46 | ||||
Total other comprehensive income for the period, net after tax | -1,417 | 2,434 | -1,474 | 4,181 | 1,362 | ||||
Total comprehensive income for the period | -2,151 | 2,468 | -2,310 | 6,514 | 2,455 | ||||
Of which attributable to: | -2,159 | -2,327 | |||||||
- Parent Company's shareholders | 2,461 | 6,495 | 2,440 | ||||||
- Non-controlling interest | 8 | 7 | 17 | 17 | 15 |
- Hedging is structured such that the net/equity ratio is unchanged in the event of changed exchange rates.
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Consolidated statement of changes in equity, in summary
Equity attributable to the Parent Company's shareholders | Non- | |||||||
Other | ||||||||
Share | contributed | Retained | Total | controlling | Total | |||
SEK millions | capital | funds | Reserves | earnings | equity | interest | equity | |
Equity, December 31, 2018 | 9,063 | 23,022 | 5,715 | 21,638 | 59,437 | 78 | 59,514 | |
Changes Jan. 1 - Sep. 30, 2019 | ||||||||
Total comprehensive income for the period | 4,261 | 2,234 | 6,495 | 17 | 6,514 | |||
Non-controlling interest through business | ||||||||
acquisition | 47 | 47 | ||||||
Investments, non-controlling interest | -3 | -14 | -17 | -30 | -47 | |||
Dividend, Parent company shareholders | -1,545 | -1,545 | - | -1,545 | ||||
Dividend, non-controlling interest | -6 | -6 | ||||||
Equity, September 30, 2019 | 9,063 | 23,022 | 9,973 | 22,313 | 64,371 | 106 | 64,477 | |
Changes Oct. 1 - Dec. 31, 2019 | ||||||||
Total comprehensive income for the period | -2,945 | -1,112 | -4,057 | -2 | -4,059 | |||
Dividend, non-controlling interest | -1 | -1 | ||||||
Equity, December 31, 2019 | 9,063 | 23,022 | 7,028 | 21,202 | 60,314 | 103 | 60,417 | |
Changes Jan. 1 - Sep. 30, 2020 | ||||||||
Total comprehensive income for the period | -1,459 | -868 | -2,327 | 17 | -2,310 | |||
Dividend, non-controlling interest | -8 | -8 | ||||||
Equity, September 30, 2020 | 9,063 | 23,022 | 5,569 | 20,333 | 57,987 | 111 | 58,099 |
There are 1,029,835,326 shares with a quotient value of SEK 8.80.
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Consolidated statement of financial position, in summary
2020 | 2019 | 2019 | |||
SEK millions | 30 Sep | 30 Sep | 31 Dec | ||
Assets | 31,570 | ||||
Intangible assets | 33,782 | 32,508 | |||
Tangible fixed assets | 23,073 | 24,100 | 23,987 | ||
Right of use assets | 2,524 | 2,328 | 2,545 | ||
Financial assets | 1,390 | 1,315 | 1,260 | ||
Deferred tax receivables1) | 283 | 439 | 254 | ||
Total fixed assets | 58,841 | 61,965 | 60,554 | ||
Inventories | 18,834 | 22,881 | 20,391 | ||
Accounts receivable | 7,147 | 8,752 | 6,945 | ||
Current tax receivables | 540 | 265 | 422 | ||
Other current receivables2) | 2,084 | 1,993 | 1,411 | ||
Cash and cash equivalents | 5,412 | 4,266 | 3,591 | ||
Total current assets | 34,018 | 38,157 | 32,760 | ||
Assets held for sale | - | 652 | 664 | ||
Total assets | 92,859 | 100,774 | 93,978 | ||
Equity and liabilities | 57,987 | ||||
Equity for the shareholders in the Parent Company | 64,371 | 60,314 | |||
Non-controlling interest | 111 | 106 | 103 | ||
Total equity | 58,099 | 64,477 | 60,417 | ||
Deferred tax liabilities | 39 | 289 | 581 | ||
Other long-term provisions | 700 | 681 | 665 | ||
Long-termnon-interest bearing liabilities1) | 414 | 286 | 320 | ||
Long-terminterest-bearing liabilities | 9,645 | 10,239 | 9,853 | ||
Lease liability | 1,977 | 1,827 | 2,025 | ||
Total long-term liabilities | 12,775 | 13,322 | 13,444 | ||
Short-terminterest-bearing liabilities | 6,696 | 3,184 | 2,756 | ||
Lease liability | 658 | 561 | 604 | ||
Accounts payable | 10,188 | 14,527 | 12,067 | ||
Current tax liabilities | 284 | 268 | 114 | ||
Other current liabilities | 4,159 | 4,134 | 4,206 | ||
Total current liabilities and provisions | 21,985 | 22,672 | 19,746 | ||
Liabilities held for sale | - | 303 | 371 | ||
Total equity and liabilities | 92,859 | 100,774 | 93,978 | ||
Pledged assets | 965 | 1,352 | 62 | ||
Contingent liabilities | 2,560 | 2,203 | 2,432 |
- Of the Deferred tax receivable, SEK 114 (84) million constitutes a valuation of the future tax credits regarding investments in Alabama, USA. Since the credits cannot yet be booked as income, a corresponding liability has been booked as Long-termnon-interest bearing liabilities.
- Other current receivables comprise short-term bank deposits (escrow agreement) in the amount of SEK 903 (1,290) million.
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Valuation of financial assets and liabilities
Financial assets and liabilities in the balance sheet are valued based on their classification at acquisition value or fair value. Both interest rate derivatives and currency derivatives are valued at fair value. In the balance sheet item "Other current receivables" derivatives are valued at a total of SEK 240 (676) million and in the balance sheet item "Other current liabilities" derivatives are valued at a total of SEK 278 (108) million. In the balance sheet item "Financial assets" derivatives are valued at a total of SEK 5 (88) million and in the balance sheet item "Long-termnon-interest bearing liabilities", derivatives are included valued at a total of SEK 106 (22) million.
Other financial assets and liabilities in the balance sheet are reported at acquisition value. In the case of valuation at fair value, the loans reported in the balance sheet item "Long-terminterest-bearing liabilities" (including the short-term part) would exceed the reported amount by SEK 205 (212) million. However, since the loans will be held until maturity, this does not affect the reported value.
Assessment of the fair value of financial instruments
Classification takes place hierarchically on three different levels based on the input data used in valuing instruments. On level 1, listed prices on an active market are used, e.g. stock exchange prices. On level 2, observable market data regarding assets and liabilities other than listed prices are used, e.g. interest rates and return curves. On level 3, the fair value is determined based on a valuation technique which is based on assumptions which are not based on prices or observable data.
The fair value valuation of the financial assets in SSAB in based on data in accordance with level 2, with the exception of electricity derivatives, where the fair value is based on listed market prices, and which are therefore classified on level 1.
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Consolidated statement of cash flows, in summary
2020 | 2019 | 2020 | 2019 | 2019 | |
SEK millions | Q3 | Q3 | Qs 1-3 | Qs 1-3 | Full year |
Operating profit/loss | -973 | 150 | -881 | 3,140 | 1,961 |
Adjustment for depreciation and impairment | 907 | 1,027 | 2,806 | 3,211 | 4,216 |
Adjustment for other non-cash items | 6 | 131 | -4 | 46 | 37 |
Received and paid interest | -164 | -140 | -460 | -383 | -454 |
Tax paid | 3 | -262 | -178 | -1,218 | -1,315 |
Change in working capital | 699 | 205 | -465 | -1,291 | 896 |
Cash flow from operating activities | 477 | 1,111 | 817 | 3,506 | 5,341 |
Investments in plant and machinery | -406 | -692 | -1,483 | -1,816 | -2,939 |
Investments/acquisitions, shares and operations | -43 | -3 | -198 | -736 | -1,140 |
Divested shares and operations | 20 | - | 105 | - | 118 |
Other investing activities | 5 | -18 | 91 | 3 | 11 |
Cash flow from investing activities | -424 | -713 | -1,485 | -2,548 | -3,950 |
Dividend paid to shareholders | - | - | - | -1,545 | -1,545 |
Dividend, non-controlling interest | -4 | 0 | -8 | -6 | -7 |
Change in loans | 281 | -1,179 | 3,994 | 804 | -661 |
Change in financial investments | 26 | 1,123 | -839 | 2,156 | 2,074 |
Acquisition, non-controlling interest | - | - | - | -45 | -46 |
Other financing activities | -675 | -532 | -757 | -721 | -235 |
Cash flow from financing activities | -372 | -588 | 2,389 | 642 | -421 |
Cash flow for the period | -340 | -190 | 1,721 | 1,600 | 971 |
Cash and cash equivalents at beginning of period | 5,559 | 4,428 | 3,597 | 2,598 | 2,598 |
Exchange rate difference in cash and cash equivalents | 193 | 42 | 94 | 82 | 28 |
Cash and cash equivalents at end of period1) | 5,412 | 4,280 | 5,412 | 4,280 | 3,597 |
Contracted, non-utilized overdraft facilities | 14,804 | 6,935 | 14,804 | 6,935 | 6,727 |
Disposable cash and cash equivalents | |||||
(incl. non-utilized overdraft facilities) | 20,216 | 11,215 | 20,216 | 11,215 | 10,324 |
- Includes cash flows from assets and liabilities held for sale
Key figures
2020 | 2019 | 2020 | 2019 | 2019 | |
Q3 | Q3 | Qs 1-3 | Qs 1-3 | Full year | |
Operating margin (%) | -7 | 1 | -2 | 5 | 3 |
Earnings per share (SEK) | -0.72 | 0.03 | -0.83 | 2.25 | 1.04 |
Equity per share (SEK) | 56.31 | 62.51 | 56.31 | 62.51 | 58.57 |
Net debt/equity ratio (%) | 22 | 18 | 22 | 18 | 19 |
Equity ratio (%) | 62 | 64 | 62 | 64 | 64 |
Adjusted average number of shares during the period (millions) | 1,029.8 | 1,029.8 | 1,029.8 | 1,029.8 | 1,029.8 |
Number of shares at end of period (millions) | 1,029.8 | 1,029.8 | 1,029.8 | 1,029.8 | 1,029.8 |
Number of employees at end of period | 13,617 | 14,561 | 13,617 | 14,561 | 14,514 |
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Financial reports - The Parent Company
Parent Company's statement of profit and loss, in summary
2020 | 2019 | 2020 | 2019 | 2019 | |
SEK millions | Q3 | Q3 | Qs 1-3 | Qs 1-3 | Full year |
Gross profit | - | - | - | - | - |
Selling and administrative costs | -56 | -87 | -229 | -287 | -385 |
Other operating income/expenses | 38 | 36 | 137 | 121 | 174 |
Operating loss | -18 | -51 | -92 | -166 | -211 |
Financial items | 207 | 2,841 | 235 | 2,593 | 2,958 |
Profit/loss after financial items | 189 | 2,790 | 143 | 2,427 | 2,747 |
Appropriations | - | - | - | - | 218 |
Profit before tax | 189 | 2,790 | 143 | 2,427 | 2,964 |
Tax | 14 | 93 | 27 | 169 | 58 |
Profit after tax | 203 | 2,883 | 170 | 2,596 | 3,023 |
Parent Company's statement of comprehensive income
2020 | 2019 | 2020 | 2019 | 2019 | |||||
SEK millions | Q3 | Q3 | Qs 1-3 | Qs 1-3 | Full year | ||||
Profit after tax | 203 | 2,883 | 170 | 2,596 | 3,023 | ||||
Other comprehensive income | |||||||||
Items that may be classified to the income statement | 0 | -8 | |||||||
Cash flow hedges | 0 | -7 | 1 | ||||||
Tax attributable to other comprehensive income | 0 | 0 | 2 | 2 | 0 | ||||
Total items that will be reclassified to the income statement | 0 | 0 | -6 | -6 | 1 | ||||
Other comprehensive income, net after tax | 0 | 0 | -6 | -6 | 1 | ||||
Total comprehensive income for the period | 203 | 2,883 | 164 | 2,591 | 3,024 |
Parent Company's statement of financial position, in summary
2020 | 2019 | 2019 | |||
SEK millions | 30 Sep | 30 Sep | 31 Dec | ||
Assets | 76,024 | ||||
Fixed assets | 71,526 | 72,146 | |||
Other current assets | 9,106 | 9,728 | 10,700 | ||
Cash and cash equivalents | 3,776 | 2,474 | 2,066 | ||
Total assets | 88,906 | 83,728 | 84,912 | ||
Equity and liabilities | 9,964 | ||||
Restricted equity | 9,964 | 9,964 | |||
Unrestricted equity | 54,630 | 54,034 | 54,467 | ||
Total equity | 64,594 | 63,998 | 64,431 | ||
Long-term liabilities and provisions | 7,389 | 7,588 | 7,379 | ||
Current liabilities and provisions | 16,922 | 12,142 | 13,102 | ||
Total equity and liabilities | 88,906 | 83,728 | 84,912 |
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Information about business segments
SSAB has been organized into five reportable business segments with a clear profit responsibility. The business segments consist of the three steel 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.
SSAB Special Steels
SSAB Special Steels has global responsibility for the marketing and sales of all SSAB's quenched and tempered steels (Q&T) and hot-rolled, advanced high-strength steels (AHSS) with yield strengths of 690 MPa and above. SSAB Special Steels is responsible for steel and rolling production in Oxelösund (Sweden), and for sales of the above products produced in Mobile (USA), Raahe (Finland) and Borlänge (Sweden). When SSAB Special Steels sells steels made by another division, the revenue is reported by SSAB Special Steels and the accounts are settled between the divisions at the cost of goods sold.
SSAB Europe
SSAB Europe has responsibility for strip, plate and tubular products in Europe, and global profit responsibility for the Automotive segment (cold-rolled strip). SSAB Europe is responsible for steel and plate production in Raahe and Hämeenlinna (Finland), and in Luleå and Borlänge (Sweden).
SSAB Americas
SSAB Americas has profit responsibility for heavy plate in North America, and for steel and plate production in Montpelier and Mobile, USA.
Tibnor
Tibnor is the Group's distributor of a full range of steel and non-ferrous metals in the Nordic region and Baltics. Tibnor buys and sells materials produced both by SSAB and other suppliers.
Ruukki Construction
Ruukki Construction is responsible for the sales and production of energy-efficient building and construction solutions, with a focus on northern and Eastern Europe. Ruukki Construction includes Plannja.
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Specification of revenue, nine months
The following table describes external revenue by business segments broken down by geographical areas and product areas.
External revenue, Jan-Sep 2020 | Business segments | |||||
SSAB | ||||||
Special | SSAB | SSAB | Ruukki | |||
SEK millions | Steels | Europe | Americas | Tibnor | Construction | Total |
Geographical areas | ||||||
Sweden | 231 | 3,742 | - | 2,287 | 1,111 | 7,371 |
Finland | 175 | 2,689 | - | 1,095 | 1,224 | 5,184 |
Denmark | 77 | 891 | 1 | 1,328 | 35 | 2,332 |
Germany | 789 | 1,405 | - | 21 | 1 | 2,217 |
Poland | 402 | 1,278 | - | 16 | 588 | 2,284 |
Italy | 558 | 790 | - | 1 | 0 | 1,348 |
Great Britain | 259 | 606 | - | 0 | 6 | 871 |
Other EU-27 | 1,667 | 2,980 | - | 347 | 817 | 5,812 |
Norway | 52 | 384 | - | 1,001 | 396 | 1,833 |
Other Europe | 855 | 488 | - | 12 | 101 | 1,456 |
USA | 2,428 | 613 | 8,716 | - | 1 | 11,758 |
Canada | 645 | - | 931 | - | 2 | 1,578 |
Rest of the world | 3,600 | 666 | 85 | 11 | 1 | 4,363 |
Total | 11,737 | 16,533 | 9,733 | 6,120 | 4,286 | 48,409 |
Product area | ||||||
Steel products | 11,341 | 15,510 | 9,733 | - | - | 36,585 |
Trading operations | - | - | - | 6,120 | - | 6,120 |
Ruukki Construction operations | - | - | - | - | 4,286 | 4,286 |
Slabs, by-products and scrap | 170 | 954 | - | - | - | 1,124 |
Other | 225 | 69 | 0 | - | 0 | 293 |
Total | 11,737 | 16,533 | 9,733 | 6,120 | 4,286 | 48,409 |
External revenue, Jan-Sep 2019 | Business segments | |||||
SSAB | ||||||
Special | SSAB | SSAB | Ruukki | |||
SEK millions | Steels | Europe | Americas | Tibnor | Construction | Total |
Geographical areas | ||||||
Sweden | 252 | 4,712 | - | 2,903 | 1,056 | 8,923 |
Finland | 205 | 3,411 | - | 1,200 | 1,649 | 6,465 |
Denmark | 114 | 1,012 | - | 1,125 | 81 | 2,332 |
Germany | 1,257 | 1,804 | - | 23 | 8 | 3,092 |
Poland | 541 | 1,485 | - | 73 | 637 | 2,736 |
Italy | 662 | 931 | - | 1 | 1 | 1,595 |
Great Britain | 449 | 908 | - | 0 | - | 1,357 |
Other EU-27 | 2,050 | 3,234 | - | 341 | 819 | 6,444 |
Norway | 74 | 464 | - | 1,158 | 363 | 2,058 |
Other Europe | 808 | 561 | - | 11 | 105 | 1,485 |
USA | 2,983 | 1,002 | 13,051 | 0 | 1 | 17,037 |
Canada | 839 | 0 | 644 | - | 4 | 1,486 |
Rest of the world | 3,835 | 598 | 38 | 26 | 3 | 4,501 |
Total | 14,069 | 20,123 | 13,733 | 6,861 | 4,727 | 59,512 |
Product area | ||||||
Steel products | 13,537 | 18,651 | 13,722 | - | 1 | 45,911 |
Trading operations | - | - | - | 6,861 | - | 6,861 |
Ruukki Construction operations | - | - | - | - | 4,726 | 4,726 |
Slabs, by-products and scrap | 338 | 1,403 | - | - | - | 1,741 |
Other | 193 | 69 | 10 | - | 0 | 273 |
Total | 14,069 | 20,123 | 13,733 | 6,861 | 4,727 | 59,512 |
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Specification of revenue during the third quarter
External revenue, Q3, 2020 | Business segments | |||||
SSAB | ||||||
Special | SSAB | SSAB | Ruukki | |||
SEK millions | Steels | Europe | Americas | Tibnor | Construction | Total |
Geographical areas | ||||||
Sweden | 72 | 1,157 | - | 740 | 295 | 2,263 |
Finland | 48 | 824 | - | 306 | 420 | 1,598 |
Denmark | 28 | 195 | 0 | 336 | 15 | 575 |
Germany | 200 | 426 | - | 6 | 0 | 632 |
Poland | 96 | 471 | - | 10 | 212 | 789 |
Italy | 145 | 220 | - | 0 | - | 365 |
Great Britain | 81 | 196 | - | 0 | 0 | 277 |
Other EU-27 | 428 | 837 | - | 104 | 274 | 1,643 |
Norway | 19 | 128 | - | 221 | 123 | 491 |
Other Europe | 257 | 223 | - | 3 | 48 | 531 |
USA | 728 | 230 | 2,389 | - | 1 | 3,348 |
Canada | 183 | - | 276 | - | 2 | 461 |
Rest of the world | 1,232 | 233 | 42 | 3 | 0 | 1,509 |
Total | 3,515 | 5,140 | 2,708 | 1,729 | 1,390 | 14,481 |
Product area | ||||||
Steel products | 3,418 | 4,814 | 2,708 | - | - | 10,940 |
Trading operations | - | - | - | 1,729 | - | 1,729 |
Ruukki Construction operations | - | - | - | - | 1,390 | 1,390 |
Slabs, by-products and scrap | 24 | 301 | - | - | - | 324 |
Other | 73 | 25 | 0 | - | 0 | 99 |
Total | 3,515 | 5,140 | 2,708 | 1,729 | 1,390 | 14,481 |
External revenue, Q3, 2019 | Business segments | |||||
SSAB | ||||||
Special | SSAB | SSAB | Ruukki | |||
SEK millions | Steels | Europe | Americas | Tibnor | Construction | Total |
Geographical areas | ||||||
Sweden | 44 | 1,252 | - | 809 | 470 | 2,575 |
Finland | 57 | 996 | - | 366 | 510 | 1,929 |
Denmark | 32 | 308 | - | 465 | 26 | 831 |
Germany | 342 | 591 | - | 7 | 0 | 940 |
Poland | 158 | 504 | - | 55 | 253 | 970 |
Italy | 184 | 240 | - | - | - | 425 |
Great Britain | 155 | 335 | - | - | -9 | 481 |
Other EU-27 | 575 | 991 | - | 108 | 339 | 2,014 |
Norway | 19 | 133 | - | 321 | 144 | 617 |
Other Europe | 253 | 256 | - | 5 | 46 | 560 |
USA | 951 | 343 | 4,148 | 0 | 0 | 5,442 |
Canada | 257 | -1 | 228 | - | 1 | 486 |
Rest of the world | 1,358 | 199 | 7 | 6 | 0 | 1,570 |
Total | 4,386 | 6,146 | 4,384 | 2,143 | 1,782 | 18,840 |
Product area | ||||||
Steel products | 4,243 | 5,728 | 4,384 | - | 0 | 14,355 |
Trading operations | - | - | - | 2,143 | - | 2,143 |
Ruukki Construction operations | - | - | - | - | 1,791 | 1,791 |
Slabs, by-products and scrap | 77 | 393 | - | - | - | 470 |
Other | 66 | 25 | -1 | - | -10 | 80 |
Total | 4,386 | 6,146 | 4,384 | 2,143 | 1,782 | 18,840 |
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Divestments
During the second quarter of 2020, the divestment of Ruukki Construction's project business, Building Systems was completed. An adjustment to the transaction price was done during the third quarter of 2020. During 2019, related assets and liabilities was classified as Assets and Liabilities held for sale.
The divestment contributed with a positive cash flow of SEK 105 million and a profit of SEK 21 million.
Value of assets and liabilities divested during 2020
SEK millions | Sep. 30 2020 |
Fixed assets | 265 |
Current assets | 485 |
Liabilities | -472 |
Total divested net assets1) | 278 |
Accumulated exchange rate difference at the time of the divesture | -20 |
Total divested net assets, excluding exchange rate differences | 258 |
Result divested assets and liabilities | -111 |
Reported result in the consolidated statement of profit and loss, 2019 | -132 |
Reported result in the consolidated statement of profit and loss, 2020 | 21 |
Cash and cash equivalents in divested companies | -2 |
Final payment receivable, preliminary | -40 |
Net cash received and impact on the Group's cash and cash equivalents, September 30 2020 | 105 |
- Of the net assets, SEK 664 million was reported as Assets held for sale and SEK 371 million as Liabilities held for sale in the balance sheet on. December 31, 2019.
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Relevant reconciliations of non-IFRS-based performance measures
SSAB has applied the guidelines issued by ESMA (European Securities and Markets Authority) on alternative performance measures (AFMs). These performance measures are not defined or specified in accordance with IFRS, but provide complementary information to investors and company management about the company's financial position and development. Besides the definitions below, definitions of the non-IFRS-based performance measures below can be found in the Annual Report.
Operating profit/loss before depreciation/amortization, EBITDA
2020 | 2019 | 2020 | 2019 | 2019 | |
SEK millions | Q3 | Q3 | Qs 1-3 | Qs 1-3 | Full year |
Operating profit/loss | -973 | 150 | -881 | 3,140 | 1,961 |
Depreciation and impairment | 907 | 1,027 | 2,806 | 3,211 | 4,216 |
Operating profit/loss before depreciation/amortization, EBITDA | -66 | 1,177 | 1,925 | 6,351 | 6,177 |
Operating profit/loss before depreciation/amortization, EBITDA, excl. items affecting comparability
2020 | 2019 | 2020 | 2019 | 2019 | |
SEK millions | Q3 | Q3 | Qs 1-3 | Qs 1-3 | Full year |
Operating profit/loss before depreciation/amortization, EBITDA | -66 | 1,177 | 1,925 | 6,351 | 6,177 |
Items affecting comparability | - | 150 | - | 150 | 197 |
Operating profit/loss before depreciation/amortization, EBITDA, excl. | |||||
items affecting comparability | -66 | 1,327 | 1,925 | 6,501 | 6,375 |
Return on capital employed before tax, rolling 12 months
Oct 19- | Oct 18- | 2019 | |
SEK millions | Sep 20 | Sep 19 | Full year |
Operating profit | -2,059 | 4,147 | 1,961 |
Financial income | 1,283 | 794 | 457 |
Total | -776 | 4,940 | 2,418 |
Average capital employed | 80,120 | 78,375 | 79,121 |
Return on capital employed before tax, % | -1% | 6% | 3% |
Return on equity after tax, rolling 12 months
Oct 19- | Oct 18- | 2019 | |
SEK millions | Sep 20 | Sep 19 | Full year |
Profit for the period, after tax | -2,076 | 3,032 | 1,093 |
Average equity | 61,150 | 62,018 | 62,544 |
Return on equity after tax, % | -3% | 5% | 2% |
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Operating cash flow
2020 | 2019 | 2020 | 2019 | 2019 | |
SEK millions | Q3 | Q3 | Qs 1-3 | Qs 1-3 | Full year |
Cash flow from operating activities | 477 | 1,111 | 817 | 3,506 | 5,341 |
Reversal received and paid interests | 164 | 140 | 460 | 383 | 432 |
Reversal tax paid | -3 | 262 | 178 | 1,218 | 1,315 |
Maintenance expenditures1) | -332 | -456 | -1,016 | -1,209 | -1,875 |
Other investing activities2) | 5 | -18 | 91 | -25 | -19 |
Operating cash flow | 313 | 1,038 | 530 | 3,872 | 5,194 |
- See the definition of Maintenance capital expenditures in the Annual Report.
- Other investing activities primarily refer to cash flow from long-term receivables and investments and purchase of emission allowances.
Net debt
2020 | 2019 | 2019 | |
SEK millions | 30 Sep | 30 Sep | 31 Dec |
Interest-bearing assets1) | 6,801 | 5,026 | 4,189 |
Interest-bearing liabilities2) | 19,727 | 16,450 | 15,885 |
Net debt | 12,926 | 11,424 | 11,696 |
- Interest-bearingassets primarily refer to long-term and current interest-bearing receivables and investments, together with derivatives and cash and cash equivalents.
- Interest-bearingliabilities primarily consist of long-term and current interest-bearing debt, pension liability and derivatives.
Financial information, per quarter
The Group's result per quarter, excluding items affecting comparability
SEK millions | 1/18 | 2/18 | 3/18 | 4/18 | 1/19 | 2/19 | 3/19 | 4/19 | 1/20 | 2/20 | 3/20 | ||
Revenue | 17,388 | 19,263 | 19,038 | 19,251 | 20,017 | 20,654 | 18,840 | 16,973 | 18,772 | 15,155 | 14,481 | ||
Operating expenses | -15,572 | -16,699 | -16,487 | -17,295 | -17,295 | -18,269 | -17,524 | -17,086 | -17,500 | -14,442 | -14,543 | ||
Depreciation/ | -907 | ||||||||||||
amortization | -920 | -952 | -961 | -938 | -1,081 | -1,102 | -1,028 | -1,005 | -942 | -956 | |||
Affiliated companies | 21 | 18 | 11 | 16 | 33 | 33 | 12 | -14 | 13 | -7 | -5 | ||
Financial items | -147 | -202 | -153 | -34 | -91 | -86 | -99 | -114 | -123 | -114 | -102 | ||
Result before tax | 769 | 1,427 | 1,447 | 1,001 | 1,583 | 1,230 | 201 | -1,245 | 221 | -365 | -1,075 |
Revenue per quarter and division
SEK millions | 1/18 | 2/18 | 3/18 | 4/18 | 1/19 | 2/19 | 3/19 | 4/19 | 1/20 | 2/20 | 3/20 |
SSAB Special Steels | 4,674 | 5,142 | 4,684 | 4,369 | 4,874 | 5,139 | 4,509 | 3,973 | 4,536 | 3,983 | 3,569 |
SSAB Europe | 8,051 | 8,892 | 7,754 | 8,099 | 8,577 | 8,814 | 7,637 | 6,702 | 8,139 | 6,189 | 6,153 |
SSAB Americas | 3,363 | 4,040 | 4,713 | 4,762 | 4,871 | 4,555 | 4,446 | 3,588 | 3,878 | 3,219 | 2,715 |
Tibnor | 2,058 | 2,253 | 1,949 | 2,173 | 2,264 | 2,534 | 2,179 | 2,172 | 2,421 | 2,037 | 1,752 |
Ruukki Construction | 1,088 | 1,578 | 1,799 | 1,674 | 1,274 | 1,690 | 1,794 | 1,752 | 1,480 | 1,439 | 1,391 |
Other | - | - | - | - | - | - | - | - | - | - | - |
Group adjustments | -1,846 | -2,642 | -1,861 | -1,827-1,843-2,077-1,725 | -1,215-1,681-1,712 | -1,099 | |||||
Total | 17,388 | 19,263 | 19,038 | 19,251 | 20,017 | 20,654 | 18,840 | 16,973 | 18,772 | 15,155 | 14,481 |
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Operating profit/loss before depreciation/amortization, EBITDA, per quarter and division, excluding items affecting comparability
SEK millions | 1/18 | 2/18 | 3/18 | 4/18 | 1/19 | 2/19 | 3/19 | 4/19 | 1/20 | 2/20 | 3/20 |
SSAB Special Steels | 569 | 656 | 670 | 52 | 842 | 703 | 509 | 28 | 614 | 639 | 228 |
SSAB Europe | 998 | 1,259 | 814 | 1,082 | 738 | 469 | -67 | -194 | 413 | -133 | -221 |
SSAB Americas | 283 | 526 | 951 | 699 | 1,119 | 1,037 | 697 | -1 | 294 | 178 | -263 |
Tibnor | 87 | 103 | 73 | 50 | 78 | 73 | 47 | 8 | 50 | 65 | 42 |
Ruukki Construction | -29 | 92 | 136 | 111 | 30 | 141 | 179 | 116 | 55 | 128 | 185 |
Other | -71 | -53 | -81 | -24 | -52 | -3 | -37 | -83 | -140 | -172 | -37 |
Total | 1,836 | 2,582 | 2,563 | 1,971 | 2,755 | 2,419 | 1,327 | -127 | 1,286 | 705 | -66 |
Operating profit/loss per quarter and division, excluding items affecting comparability
SEK millions | 1/18 | 2/18 | 3/18 | 4/18 | 1/19 | 2/19 | 3/19 | 4/19 | 1/20 | 2/20 | 3/20 | ||
SSAB Special Steels | 434 | 522 | 536 | -72 | 678 | 544 | 358 | -126 | 458 | 485 | 73 | ||
SSAB Europe | 657 | 907 | 460 | 733 | 347 | 66 | -480 | -609 | 0 | -566 | -631 | ||
SSAB Americas | 129 | 365 | 790 | 553 | 956 | 872 | 522 | -222 | 106 | -10 | -435 | ||
Tibnor | 67 | 83 | 53 | 28 | 38 | 29 | 2 | -39 | 12 | 29 | 6 | ||
Ruukki Construction | -62 | 59 | 103 | 78 | -14 | 95 | 134 | 67 | 11 | 86 | 145 | ||
Depreciation on surplus | -16 | ||||||||||||
values, IPSCO | -179 | -192 | -198 | -203 | -201 | -207 | -118 | -39 | -25 | -20 | |||
Depreciation on surplus | -66 | ||||||||||||
values, Rautaruukki | -54 | -56 | -57 | -57 | -64 | -66 | -67 | -67 | -66 | -69 | |||
Other | -76 | -58 | -86 | -24 | -67 | -18 | -52 | -97 | -153 | -186 | -50 | ||
Total | 916 | 1,630 | 1,600 | 1,035 | 1,674 | 1,316 | 300 | -1,131 | 343 | -251 | -973 |
Items affecting comparability in operating profit/loss, per quarter and business segment
SEK millions | 1/18 | 2/18 | 3/18 | 4/18 | 1/19 | 2/19 | 3/19 | 4/19 | 1/20 | 2/20 | 3/20 |
SSAB Special Steels | - | - | - | - | - | - | - | - | - | - | - |
SSAB Europe | - | - | - | - | - | - | - | - | - | - | - |
SSAB Americas | - | - | - | - | - | - | - | - | - | - | - |
Tibnor | - | - | - | - | - | - | - | -52 | - | - | - |
Ruukki Construction | - | - | - | - | - | - | - | - | - | - | - |
Other | - | - | -213 | -27 | - | - | -150 | 5 | - | - | - |
Total | - | - | -213 | -27 | - | - | -150 | -47 | - | - | - |
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Production and shipments
Thousand tonnes | 1/18 | 2/18 | 3/18 | 4/18 | 1/19 | 2/19 | 3/19 | 4/19 | 1/20 | 2/20 | 3/20 | ||
Crude steel production | 295 | 102 | |||||||||||
-SSAB Special Steels | 234 | 305 | 217 | 162 | 385 | 343 | 355 | 142 | 293 | ||||
- SSAB Europe | 1,175 | 1,147 | 1,049 | 1,205 | 993 | 1,120 | 930 | 926 | 1,130 | 872 | 837 | ||
- SSAB Americas | 652 | 629 | 645 | 609 | 621 | 637 | 617 | 554 | 658 | 612 | 580 | ||
- Total | 2,061 | 2,081 | 1,911 | 1,976 | 2,000 | 2,100 | 1,902 | 1,621 | 2,081 | 1,779 | 1,519 | ||
Rolling production | 156 | 60 | |||||||||||
- SSAB Special Steels | 121 | 138 | 145 | 89 | 145 | 130 | 134 | 83 | 151 | ||||
- SSAB Europe | 1,180 | 1,200 | 1,031 | 1,082 | 1,162 | 1,198 | 980 | 876 | 1,190 | 836 | 864 | ||
- SSAB Americas | 607 | 603 | 612 | 582 | 581 | 597 | 581 | 526 | 614 | 580 | 515 | ||
- Total | 1,909 | 1,941 | 1,788 | 1,753 | 1,889 | 1,926 | 1,696 | 1,484 | 1,955 | 1,573 | 1,438 | ||
Steel shipments | 266 | 259 | |||||||||||
- SSAB Special Steels | 346 | 339 | 320 | 293 | 338 | 339 | 299 | 249 | 305 | ||||
- SSAB Europe | 939 | 963 | 810 | 850 | 907 | 909 | 794 | 752 | 955 | 695 | 751 | ||
- SSAB Americas | 523 | 509 | 517 | 491 | 500 | 475 | 521 | 478 | 527 | 460 | 462 | ||
- Total | 1,808 | 1,811 | 1,646 | 1,634 | 1,744 | 1,722 | 1,614 | 1,479 | 1,787 | 1,422 | 1,472 |
Note:
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.
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I N T E R I M R E P O R T J A N U A R Y - S E P T E M B E R 2 0 2 0
For further information:
Per Hillström, Head of Investor Relations, Tel. +46 70 2952 912 Mia Widell, Head of Group Communications, Tel 076- 527 25 01
Year-end report for January-December 2020
The Year-end report for 2020 will be published on January 29, 2021
SSAB AB (publ)
P.O. Box 70, SE-101 21 Stockholm, Sweden Telephone +46 8-4545 700. Telefax +46 8-4545 725 Visiting address: Klarabergsviadukten 70 D6, Stockholm E-mail: info@ssab.com
www.ssab.com
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SSAB AB published this content on 22 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 October 2020 08:39:02 UTC