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SSAB to trim Europe unit as US picks up

February 11, 2012 - 00:09 GMT Location: New York

KEYWORDS: SSAB , SSAB Americas , steel , plate

Global steelmaker SSAB AB has launched an across-the-board cost-cutting initiative for its European, Middle Eastern and African (EMEA) business unit, even as its North American operations continue to show "clear signs" of recovery.

SSAB said it expects to see the full financial impact of the initiative during 2013.

"Demand in Europe remains weak, with low price levels. We have thus initiated an efficiency program within EMEA," chief executive officer Martin Lindqvist said in the company’s year-end earnings results.

But while SSAB said the outlook for Europe "remains uncertain due to the sovereign debt crises," the company’s North American operations are showing renewed strength.

"There are clear signs that a recovery has begun in North America," Lindqvist said. "Toward the end of the (fourth) quarter, the first signs of a demand...

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