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BRIEF-Steel firm SSAB says to make 700 mln SEK op loss in Q3
September 17, 2012 / 6:08 AM / 5 years ago

BRIEF-Steel firm SSAB says to make 700 mln SEK op loss in Q3

STOCKHOLM, Sept 17 (Reuters) - SSAB : * Weak demand negatively impacts on ssab’s third-quarter earnings * Says volume growth, especially within strip products, has been much weaker

than the assessment which was made in connection with publication of the

report for the second quarter of 2012 * Says in addition to normal maintenance outages during the summer, so far

during the third quarter capacity utilization within SSAB emea’s strip

operations has been slightly less than 60% * Says customers have been extremely hesitant in both northern and southern

Europe * Says the assessment is that underlying demand will gradually result in

improved capacity utilization compared with the trend so far during the third

quarter. * Says iron ore prices have fallen , the price change is expected to impact on

ssab’s earnings during the first quarter of 2013 * Says SSAB is expected to report an operating loss for the third quarter of

2012 of approximately SEK -700 million * Says savings program has now been accelerated * Says estimated that the program will generate annual savings of SEK 800

million * Says the number of white collar employees within SSAB emea will be reduced by

10%

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