SSAB Says Direct Tariff Impact Has Been Limited So Far

By Dominic Chopping

STOCKHOLM--SSAB said the direct impact of U.S. steel tariffs on the company has so far been limited, as local production accounts for most of its sales on the U.S. market.

However, certain special products, mainly high-strength steel for the automotive industry, are exported from the Nordics, it added.

President Trump set out a 50% tariff on steel imports in June. SSAB said the turbulence triggered by the duties and other trade barriers continued to have a negative effect on many of the company's special steels' markets during the quarter.

The company said in July that it would cut production and staffing as many customers adopted a wait-and-see approach amid turbulence triggered by trade barriers and tariffs.

"The third quarter was characterized by a cautious market, partly due to seasonally weak demand," the company said.

"The outlook for the fourth quarter is uncertain, where the market in Europe is normally affected by a certain seasonal slowdown towards the end of the year."

The Swedish steelmaker posted a third-quarter net profit of 1.49 billion Swedish kronor ($158.1 million) from 1.05 billion kronor a year earlier as revenue fell 5.8% to 22.96 billion kronor.

Analysts polled by FactSet had expected net profit of 1.45 billion kronor on sales of 23.5 billion kronor.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

October 22, 2025 02:27 ET (06:27 GMT)