Signs of recovery and increasing steel prices going forward

The fourth quarter of 2025 continued to be characterized by a weak steel market in the Nordic region with low demand. The Group’s net sales decreased by 10 percent to SEK 925 M (1,033). The underlying result amounted to SEK -52 M (-15), which reflects the challenging market environment and the impact that the transition to the new business system has had on the Finnish operations. The operating result amounted to SEK -52 M (-69). Cash flow from operating activities amounted to -5 MSEK (53) despite the weak operating result, reflecting working capital discipline.

Demand from the manufacturing industry was weak, particularly in the subcontractor segment, where deliveries decreased by 8 percent. However, sales to OEM customers were unchanged. At the same time, the recovery in the construction segment continued, with volumes increasing by 8 percent.

The joint venture ArcelorMittal BE Group SSC AB (AMBE), operating within the thin sheets segment, deliver satisfactory results despite a persistently challenging economic and market environment.

For the full-year 2025, net sales decreased by 16 percent to SEK 3,934 M (4,667) and the underlying operating result amounted to SEK -113 M (51). The result was negatively impacted by items affecting comparability of SEK -471 M (-47) mainly related to write-down of goodwill, capitalized expenses for a new business system and the restructuring of business that have been implemented. Cash flow from operating activities amounted to SEK 2 M (105).

Market outlook

The recovery within the construction segment is expected to continue, and forecasts from a number of industrial customers also point towards a more favorable economic environment going forward, subject to the uncertain global situation. At the same time, we assess that steel prices in Europe and the Nordic region are pushed upwards by several interacting factors, including the introduction of CBAM (Carbon Border Adjustment Mechanism) and other protective measures. We now see steel prices rising by approximately 3–4 percent at the beginning of the first quarter of 2026 as a consequence of this.

Our focus going forward

Our focus is on maintaining strict capital discipline, ensuring full impact from implemented structural and cost measures, restoring efficiency in the Finnish operations and developing the business in segments where demand is showing positive development. In parallel, we have taken important steps within sustainability during 2025 by directing sourcing towards materials with lower carbon emissions and by making relevant sustainability data more accessible to our customers.

Christoffer Franzén
Acting President and CEO