SSAB made record profit in 2022

Luleå Swedish steel company SSAB reports an adjusted operating profit of SEK 29.3 billion for the full year 2022, the highest in the company's history.

Including an impairment of goodwill of SEK 33.3 billion, the operating result is SEK -4.4 billion.

The adjusted operating profit of 29.3 billion compares with 18.8 billion the previous year.

The goodwill impairment is related to the acquisitions of Ipsco and Rautaruukki in 2007 and 2014. The impairment did not affect cash flow. The background to the impairment was the rise in interest rates and a more cautious approach to impairment testing.

Revenue in 2022 was SEK 128.7 billion (95.9 the previous year).

The Board proposes a dividend of SEK 8.70 per share (5.25 the previous year). The Board will also propose to the AGM an authorisation for a share buyback programme.

SSAB has production facilities in Luleå, Borlänge and Oxelösund in Sweden, Tavastehus och Brahestad in Finland and in Montpelier and Mobile in the USA.

Lennart Håkansson

editor@northswedenbusiness.com