Strikes in SSAB’s production in Finland impact earnings

Strikes in Finland organised by a number of trade unions in conjunction with negotiations about new collective bargaining agreements, are have weakened SSAB Europe’s fourth quarter earnings by around SEK 250 million.

The strikes, organised in Raahe and Hämeenlinna by The Industrial Union, Trade Union Pro and the Federation of Professional and Managerial Staff YTN, started last week on 9 December and ended on 11 December. The Finnish Electrical Workers’ Union strikes in Raahe and Hämeenlinna continue and there is a risk of further industrial action, according to SSAB. Additionally, there have been negative effects on SSAB Europe’s operations as certain trade unions have introduced over time bans, among other things. One of the blast furnaces in Raahe was idled at the end of November, which was one week ahead of the planned industrial action, due to the electrician strike, and it will remain idled until the year-end.

The industrial action has affected SSAB Europe’s production and shipments and it is estimated that SSAB Europe’s Q4 result will be negatively impacted by around SEK 250 million.