Within high-strength steels, customers were cautious in the wake of turbulence triggered by tariffs and trade barriers in several markets, but somewhat higher activity was noticed in Europe.
Demand for standard steel in Europe was cautious during the fourth quarter and activity was low during the public holidays at the end of the quarter. Inventory levels at distributors are assessed to be somewhat high. Some production capacity in Europe was temporarily idled during the quarter, partly due to maintenance among steel producers. Import volumes continued to be significant.
Market prices for strip and heavy plate recovered from very low levels, driven by expectations of more restrictions on imports into the European market. At the beginning of the quarter, the EU Commission proposed new trade measures, which are intended to replace the current safeguard measures and the next step is for the European Parliament and the Council of Ministers to examine and decide on the proposal. In January 2026, the EU’s Carbon Border Adjustment Mechanism (CBAM) became fully operational with the goal of creating a more level playing field.
In North America, there was slightly better activity on the heavy plate market in the fourth quarter and prices were stable. Inventory levels at North American distributors are assessed to be somewhat low.
Market prices in China for strip and heavy plate were stable during the fourth quarter.
In the light of seasonally better demand, SSAB’s shipments are forecast to improve in the first quarter compared to the previous quarter.
Compared with the fourth quarter of 2025, SSAB Special Steels’ shipments are assessed to be significantly higher with stable prices.
SSAB Europe’s shipments are expected to be higher during the first quarter of 2026 compared to the fourth quarter of 2025. Prices are assessed to be somewhat higher.
For SSAB Americas, both shipments and prices are assessed to be somewhat higher.
The costs of raw materials for SSAB Special Steels and SSAB Europe are expected to be stable compared to the prior quarter, whereas for SSAB Americas, costs are expected to be somewhat higher.
| Q1 2026 vs. Q4 2025 | ||
|---|---|---|
| Shipments | Realized prices | |
| SSAB Special Steel | Significantly higher | Stable |
| SSAB Europe | Higher | Somewhat higher |
| SSAB Americas | Somewhat higher | Somewhat higher |
Definitions: Significantly lower (>10 %), Lower (5-10 %), Somewhat lower (0-5 %), Stable (~0 %), Somewhat higher (0-5 %), Higher (5-10 %), Significantly higher (>10 %)