2024-07-24 09:03:08 ET
SSAB AB (publ) (SSAAF)
Q2 2024 Earnings Conference Call
July 24, 2024 03:30 AM ET
Company Participants
Per Hillström - Head of Investor Relations
Martin Lindqvist - President & Chief Executive Officer
Leena Craelius - Chief Financial Officer
Conference Call Participants
Alain Gabriel - Morgan Stanley
Adrian Gilani - ABG Sundal Collier
Tom Zhang - Barclays
Tristan Gresser - BNP Paribas
Dominic O’Kane - JPMorgan
Bastian Synagowitz - Deutsche Bank
Maxime Kogge - ODDO BHF
Presentation
Per Hillström
Good morning, and welcome to this presentation of the SSAB Q2 Report. My name is Per Hillström. I'm Head of Investor Relations at SSAB. And presenting today we have Martin Lindqvist, President and CEO; and CFO, Leena Craelius. And the agenda as normal Martin will start to talk about the quarter shortly, Leena will then go into the financials in more details and then Martin comes back with the outlook and a summary. And then we will have good time for questions at the end.
So by that please Martin start.
Martin Lindqvist
Thank you, Per and good morning and welcome to this quarterly presentation. If I start with the highlights, I would say that the result was fairly stable just south of SEK 3 billion in operating profit and it was lower versus the same quarter last year mainly due to lower US plate prices and I will come back to that.
We continue to see a good development of one of our most important focuses to become the safest steel company in the world. We are now at an LTI frequency per million working hour including contractors at 0.64 and we also see the total recordable continue to decrease. The quarter we made a decent cash flow generation. We had an operating cash flow of SEK 3.2 billion during the quarter and Leena will come back to that.
A short update on the transformation to fossil-free steelmaking that continues. During the second quarter in North America we produced and sold 40,000 tonnes of SSAB Zero. And SSAB Zero as you might remember is produced out of scrap, but with Zero Scope 1 and 2 emissions. So 0.0 kilo carbon dicide emissions per kilo produced steels.
We have also updated our science-based targets when it comes to reducing greenhouse gas emissions and they were approved by science-based targets initiative. We have also put in place a new combined green and sustainability-linked finance framework, which provides an opportunity for us then in the future to issue both green and sustainability-linked financing instruments.
And we have also signed an early service agreement with the supplier of equipment for the mini-mill in Luleå consisting of two electric arc furnaces secondary metallurgy caster and strip mill strip rolling mill. So that is also -- did also take place during the second quarter....
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SSAB AB (publ) (SSAAF) Q2 2024 Earnings Call Transcript