SSAB's profit at same level as last year

10/25/2001 7:07 AM EST

SSAB today reported its result for the first three quarters of the year.
Excluding non-recurring items, profit after financial items was largely
unchanged at SEK 790 (816) million. Cash flow was positive and amounted
to SEK 237 (-514) million.

- Notwithstanding that prices for sheet have been under pressure and
that raw materials costs have increased substantially, we are able to
report a largely unchanged result for the first nine months of the year,
says CEO Anders Ullberg in a comment on the accounts. Naturally, we have
benefited greatly from the weaker Swedish krona which has improved
margins in the steel operations, but we have also been able to defend
our prices more successfully than during previous slowdowns in the
economy. It is also pleasing to note that, following a weak trend at the
beginning of the year, deliveries of our niche products once again
picked up during the third quarter.

- Processing costs continue to be 5% higher than last year. In order to
curtail this trend, we have commenced a number of cost-saving projects.
However, these will not produce any noteworthy effects until next year,
says Anders Ullberg.

- Prices for most of our steel products are under pressure.
However, generally speaking it has been possible to maintain largely
unchanged prices in local currencies for deliveries to ordinary markets
during the fourth quarter. However, the inflow of orders has slowed down
somewhat. Thus, in addition to ordinary markets we have also conducted a
few transactions of a more spot-trading nature and, as a result, should
be able to maintain the same pace of deliveries in the steel operations
as we achieved during the second and third quarters, concludes Anders
Ullberg.

Public Affairs
Ivar Ahlberg
Telephone +46 8-45 45 734