Sweden Metals Report Q1 2015

Date: December 17, 2014
Pages: 46
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF), Download

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Includes 3 FREE quarterly updates

BMI View: The recent financial results reported by Sweden's largest steel producer, SSAB, are further evidence of an improving operating environment. After six consecutive quarters of negative results, the company returned to profitability in the first quarter of 2014 and has since shown further improvement in terms of its financial performance. The producer reported sales of SEK13.31bn (USD1.81bn) in Q314, up from SEK8.7bn (USD) in Q313. The firm posted operating profit, excluding items affecting comparability, of SEK510mn (USD69.31mn), operating cash flow of SEK77mn (USD10.46mn) and EBITDA of SEK1.25bn (USD169.86mn) in the reported quarter.

The recovery in SSAB's financial performance chimes with the stabilisation in Sweden's overall steel production volumes following the significant fluctuation in output seen in recent years. After contracting by 11.5% year-on-year (y-o-y) in 2012, output grew by 1.8% in 2013 and growth is forecast to accelerate to 2.8% in 2008. While the sector looks to have turned a corner, we caution that producers will continue to adopt cautious strategies over the coming months as they look for signs of a sustainable recovery in demand. Indeed, the country's steel exports contracted sharply in both 2012 and 2013, falling by 20% and 18% respectively.
BMI Industry View
Metals SWOT
Industry Forecast
Steel: Consolidating The Recovery
  Table: Sweden - Steel Production & Consumption
  Table: Sweden - Steel Industry Historical Data
Regulatory Development
Commodities Forecast
Monthly Metals Strategy
Ferrous Metals
Non-Ferrous Metals
  Table: Select Commodities - Performance And BMI Forecasts
Steel: Prices To Head Higher From 2016
  Table: BMI Steel Price Forecast
Short-Term Outlook (three-to-six months)
Long-Term Outlook
Production: Chinese Rationalisation Measures To Bite
Consumption: Slowing Demand Growth On The Horizon
Burgeoning Chinese Exports Will Not Last
Eurozone Growth Downgrade Highlights Long Road To Recovery
Risks To Price Forecast
  Table: Steel Data & Forecasts
Competitive Landscape
  Table: Main Steel Producers In Sweden
  Table: European Steelmakers By Market Cap
Company Profile
Latest Results
  Table: Rusal - Supply Chain Analysis
  Table: RUSAL - Key Financial Data
Cross Checks
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