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Steel maker, SSAB issued profit warning - shares dive
Monday, 17 September 2012Swedish steel giant, SSAB gave a profit warning today Monday and this led to a tough opening of its shares on the stock market in early trading.
Shares fell 10 percent as the steel giant issues a profit warning on Monday morning.
The company now predicts an operating loss for the third quarter of 2012 to be in the region of Skr700 million.
Average forecast of analysts was that operating profit of Skr 265 million for the third quarter would be attained. Then the profit warning came in and killed the whole momentum because the announcement meant that there was sell sell sell of the shares and thus shares fell sharply in the opening.
So far this year, SSAB's share value has dropped by over 15 percent.
By Scancomark.com Team
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