Swedish steelmaker SSAB reported a sharp decline in first-quarter earnings but still exceeded analyst expectations, supported by strong performance in its special steel division. EBITDA fell to 2.37 billion Swedish crowns from 4.14 billion a year earlier, yet surpassed the Factset consensus by 13%.

SSAB attributed its resilience to specialized steel products and the strategic location of its facilities in Europe and the US, which helped shield it from the effects of recent US tariffs. CEO Johnny Sjostrom said the company has not faced order cancellations; in fact, the US demand in heavy industries like energy and oil remains strong.

While consumer-related steel demand has weakened, SSAB expects higher shipments across its Special Steels, Europe, and Americas divisions.