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SSAB
(OTC:SSAAY)
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Rating:59Neutral
Price Target:
$5.00
â–¼(-7.58% Downside)
Action:Reiterated
Date:10/28/26
The score is driven primarily by solid underlying financial health (notably a strong balance sheet) and a cautiously constructive earnings outlook on pricing and key end-markets, but it is held back by negative/volatile free cash flow and weak technical momentum (downtrend signals with oversold conditions). Valuation is fair rather than compelling, with a moderate dividend yield.
Positive Factors
Strong balance sheet
A strong net cash position and conservative leverage give SSAB financial flexibility through steel-market cycles. This supports continued investment in strategic projects, helps absorb cost volatility, and reduces dependence on external financing while operating conditions remain uneven.
Negative Factors
Weak free cash flow
Negative and volatile free cash flow limits the amount of internally generated cash available after investment needs, even though operating cash flow remains solid. Sustained capital spending could constrain distributions, increase funding requirements, or reduce flexibility if steel conditions weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet
A strong net cash position and conservative leverage give SSAB financial flexibility through steel-market cycles. This supports continued investment in strategic projects, helps absorb cost volatility, and reduces dependence on external financing while operating conditions remain uneven.
Read all positive factors
SSAB (SSAAY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.48B
Dividend Yield2.26%
Average Volume (3M)53.00
Price to Earnings (P/E)16.8
Beta (1Y)1.09
Revenue Growth9.38%
EPS Growth35.59%
CountryUS
Employees14,609
SectorBasic Materials
Sector Strength58
IndustrySteel
Share Statistics
EPS (TTM)2.86
Shares Outstanding591,932,700
10 Day Avg. Volume0
30 Day Avg. Volume53
Financial Highlights & Ratios
PEG Ratio-0.57
Price to Book (P/B)1.03
Price to Sales (P/S)0.77
P/FCF Ratio-21.46
Enterprise Value/Market Cap0.88
Enterprise Value/Revenue0.08
Enterprise Value/Gross Profit0.59
Enterprise Value/Ebitda0.70
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.38
Revenue Forecast (FY)$10.57B
SSAB Business Overview & Revenue Model
Company Description
SSAB AB (publ) engages in the production and sale of steel products in Sweden, Finland, Germany, Poland, Denmark, Asia, the Rest of Europe, the United States, and internationally. It operates through five segments: SSAB Special Steels, SSAB Europe...
How the Company Makes Money
SSAB makes money primarily by manufacturing and selling steel products to industrial customers. Its core revenue stream is the sale of steel by product category and grade (e.g., high-strength and advanced high-strength steels, heavy plate, strip, ...
SSAB Earnings Call Summary
Earnings Call Date:Oct 28, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 28, 2027
Earnings Call Sentiment Positive
The call was cautiously positive. SSAB reported improved year-on-year shipments, revenue and profitability, record-low safety metrics, a strong net cash position, higher prices and strong demand in Special Steels and the U.S. plate market. These positives were partly offset by maintenance-related volume reductions, substantial increases in CO2 allowance and other input costs, weak construction and European automotive demand, and regulatory and ramp-up risks related to major investments.Positive Updates
Record-Low Safety Metrics
Lost time injury frequency continued to decline, while total recordable incidents reached 4.8, described as a record low for SSAB.
Negative Updates
Quarterly Shipment and Revenue Decline
Shipments decreased by 230 kilotonnes or 13% from Q2, while revenue decreased by SEK 1.9 billion or 7%. The decline was attributed to seasonality and planned maintenance outages.
Read all updates
Q3-2026 Updates
Positive
Negative
Record-Low Safety Metrics
Lost time injury frequency continued to decline, while total recordable incidents reached 4.8, described as a record low for SSAB.
Read all positive updates
Company Guidance
For Q4, SSAB guides for somewhat lower shipments and somewhat higher prices in Special Steels, higher shipments and a somewhat higher price situation in SSAB Europe, and stable shipments with somewhat higher prices in SSAB Americas; freight and those costs are expected to remain on a high level, while raw material is moving up and the pellet premium goes up quarter-on-quarter. Full-year CapEx guidance was reduced from SEK 13.5 billion by SEK 2 billion, including strategic CapEx of SEK 8.2 billion, of which Luleå is SEK 4.2 billion, Oxelösund just below SEK 3 billion and Alabama Mill SEK 0.3 billion; CO2 emission allowances are estimated at around SEK 780 million to SEK 800 million, IT projects continue to spend around SEK 200 million more compared to '25, and other is expected to remain at SEK 1.4 billion negative contribution for the year at the EBITDA level. The Oxelösund EAF production start-up is planned for Q2 next year, with 6 to 9 months of double production and ramp-up, while CO2 emission allowance cost next year is expected to be fairly similar to this year level, plus/minus something.SSAB Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
78
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 100.56B | 90.45B | 100.48B | 119.49B | 124.98B | 95.89B |
| Gross Profit | 14.07B | 11.56B | 11.56B | 22.55B | -2.12B | 23.47B |
| EBITDA | 11.95B | 9.66B | 13.25B | 21.26B | 32.62B | 22.21B |
| Net Income | 5.67B | 4.90B | 13.03B | 13.03B | -10.88B | 14.66B |
Balance Sheet | ||||||
| Total Assets | 116.24B | 106.13B | 110.73B | 107.84B | 109.71B | 112.02B |
| Cash, Cash Equivalents and Short-Term Investments | 19.77B | 22.77B | 27.81B | 28.92B | 24.90B | 13.80B |
| Total Debt | 10.96B | 11.34B | 10.15B | 10.62B | 10.68B | 12.51B |
| Total Liabilities | 42.71B | 38.31B | 39.71B | 39.89B | 42.52B | 38.51B |
| Stockholders Equity | 73.48B | 67.78B | 70.97B | 67.87B | 67.12B | 73.48B |
Cash Flow | ||||||
| Free Cash Flow | -474.00M | -3.25B | 3.68B | 14.91B | 13.21B | 11.49B |
| Operating Cash Flow | 12.20B | 9.47B | 11.90B | 21.47B | 18.16B | 14.87B |
| Investing Cash Flow | -11.11B | -10.11B | -6.61B | -5.29B | -3.89B | -2.27B |
| Financing Cash Flow | -2.06B | -2.81B | -5.20B | -12.77B | -723.00M | -5.03B |
SSAB Technical Analysis
Negative
5.41
Price Trends
5.20
Negative
5.17
Negative
4.74
Negative
Market Momentum
-0.09
Positive
34.25
Neutral
6.06
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SSAAY, the sentiment is Negative. The current price of 5.41 is above the 20-day moving average (MA) of 5.03, above the 50-day MA of 5.20, and above the 200-day MA of 4.74, indicating a bearish trend. The MACD of -0.09 indicates Positive momentum. The RSI at 34.25 is Neutral, neither overbought nor oversold. The STOCH value of 6.06 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SSAAY.
SSAB Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $61.66B | 17.28 | 16.47% | 0.82% | 21.79% | 121.03% | |
76 Outperform | $35.55B | 18.37 | 20.97% | 0.84% | 26.00% | 79.81% | |
64 Neutral | $44.37B | 24.93 | 3.31% | 1.20% | 3.25% | -27.63% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | $9.48B | 16.76 | 8.10% | 2.26% | 9.38% | 35.59% | |
59 Neutral | $15.63B | 15.83 | 2.39% | 2.97% | -3.30% | 164.60% | |
55 Neutral | $7.95B | -15.66 | -8.14% | 6.42% | 8.10% | 75.20% |
* Basic Materials Sector Average
SSAAY
SSAB
4.71
1.50
46.64%
MT
ArcelorMittal
60.30
21.73
56.33%
CLF
Cleveland-Cliffs
13.94
-0.15
-1.06%
NUE
Nucor
271.79
119.15
78.06%
PKX
POSCO
52.14
-5.33
-9.27%
STLD
Steel Dynamics
249.99
88.26
54.57%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.