SSAB, a Swiss-based steelmaker, reported that its net loss was SEK 29.99 billion in the fourth quarter of 2022, compared to a net profit of SEK 5.46 billion in the period a year ago.

Meanwhile, the company’s sales revenues dropped by 4.3% quarter on quarter but rose by 10% year on year to SEK 30.14 billion, and the adjusted operating result was SEK 3.8 billion.

In 2022, SSAB posted a net loss of SEK 10.87 billion, compared to a net profit of SEK 14.67 billion in 2021. The sales revenues rose by 34.2% year on year to SEK 128.75 billion. The adjusted operating profit amounted to SEK 29.28 billion in the same period, up by 55.4% year on year.

The European market was still weak in the fourth quarter of last year. SSAB adjusted production and did maintenance at a blast furnace in Raahe, Finland, and restarted it at the beginning of this year in spite of continued uncertainty in the market.