This article first appeared on GuruFocus .
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EBITDA:SEK3.2 billion for Q1 2026.
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Net Cash Position:SEK9.6 billion.
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Proposed Dividend:SEK2 per share.
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Steel Shipments:1,736 kilotonnes, a 15% increase from Q4 2025.
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Revenue:SEK25.3 billion, a 15% increase from Q4 2025.
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Operating Result:SEK2.2 billion, an improvement of SEK1.4 billion from Q4 2025.
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Special Steels Shipments:356,000 tonnes, higher than previous years for Q1.
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SSAB Europe Shipments:Increased by 18% compared to Q4 2025.
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Cash Flow:Net cash position decreased due to strategic investments and FX impact.
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Strategic CapEx:Expected to be around SEK10 billion for 2026.
Release Date: April 28, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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SSAB AB (publ) ( SSAAF ) reported a strong EBITDA of SEK3.2 billion for Q1 2026, indicating stable earnings and improvements in both Europe and Americas.
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The company maintained a strong net cash position of SEK9.6 billion, despite seasonal cash outflows typically seen in the first quarter.
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SSAB Special Steels continued to deliver solid performance with high shipment levels, surpassing previous years' first-quarter figures.
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The conversion project at Oxelosund is progressing on time and within budget, with completion expected by early 2027.
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SSAB AB (publ) ( SSAAF ) proposed a dividend of SEK2 per share, reflecting confidence in its financial stability and performance.
Negative Points
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The Lulea transformation project faced a construction pause due to illness reports, although the additional costs and timeline impacts are currently not significant.
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Ruukki Construction's financial performance was negatively impacted by a longer-than-usual winter season, delaying order intake.
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The European steel market faces potential price volatility due to inventory build-up ahead of new tariffs, which could temporarily affect spot prices.
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The company anticipates slightly higher raw material costs in Q2 2026, particularly for iron ore and coking coal, which may impact margins.
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Concerns over cautious customer behavior in the construction segment due to inflation and interest rate uncertainties could affect future demand.
Q & A Highlights
Q: Regarding the illness reports in Lulea, if vanadium-containing slag is the cause, what would be the impact on the restart timeline and environmental permits? A: Johnny Sjostrom, President and CEO, stated that they are not speculating and want facts first. If vanadium is found, it would be in a small area and handled according to guidelines. The timeline and costs are uncertain, but past experience suggests it may not be significant. The main priority is worker safety.
Q: If the Lulea issue persists, will strategic CapEx be pushed into next year? A: Johnny Sjostrom explained that the project was already delayed by a year due to a power station issue, providing more time for such events. Even a three-month delay is not expected to have a significant impact on costs or timelines.
Q: Can you explain the recent increase in lead times in the US plate market? A: Johnny Sjostrom noted that distributors are running out of stock and need to restock, leading to increased demand and longer lead times. Prices are expected to rise as demand increases.
Q: Why is the pricing guidance for the US market conservative despite strong spot prices? A: Johnny Sjostrom mentioned that while they see price increases in the order book, there is a lag due to half-year and quarterly contracts. The guidance is based on current order book average prices.
Q: How does the cautious client behavior affect your order book, and are there any signs of order cancellations? A: Johnny Sjostrom stated that while there is cautious behavior due to geopolitical tensions, the order intake remains strong, driven by supply and demand dynamics rather than segment improvements.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
