The following is a summary of the SSAB AB (Publ) (SSAAF) Q1 2024 Earnings Call Transcript:
Financial Performance:
SSAB reported a lower result than Q1 '23 due to lower plate prices in North America.
Over SEK 3.2 billion was made in operating profit.
Special Steels reported an operating result of almost SEK 1.8 billion.Despite the negative impact from strikes affecting SEK 350 million in Q1, there were improvements in capacity utilization and lower fixed costs due to no maintenance outages in Q1.
The net cash position remained stable at SEK 18.2 billion, exceeding financial targets, with net debt equity ratio of -25%.
Business Progress:
SSAB launched the world's first emission-free steel powder for commercial deliveries, indicating strong demand for green solutions.
The company is moving ahead with the Oxelosund transformation and the development of SSAB Zero.
They are planning a strategic shift within Special Steels, moving more towards advanced products from the previous focus on Hardox 450.
SSAB has a growing demand for advanced products and is ramping up more platforms and customers.
The company plans to further expand its crude steel capacity by 500,000 tonnes primarily due to demand for their unique products.
SSAB aims for more stability in their product mix to boost profitability.
The company is already qualifying volumes for and is delivering to customers within the automotive sector.
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