Swedish Industrial Giants LKAB and SSAB Report Strong Q3 2026 Profit Turnarounds

Two major Swedish industrial companies, LKAB and SSAB, have posted significant financial improvements in the third quarter of 2026, showcasing the strength of Sweden’s industrial sector. LKAB, the state-owned mining company, reported an operating profit of 1.60 billion SEK for Q3 2026, reversing last year’s loss of 2.42 billion SEK in the same quarter. This turnaround was driven by an increase in net revenue to 8.05 billion SEK from 7.58 billion SEK and a rise in delivery volume to 6.8 million tons, despite a slight decrease in production volume to 6.7 million tons. Last year's performance was adversely impacted by higher costs related to the community transformation project in Kiruna. However, an important government decision in August now allows LKAB to acquire land necessary for continuing this project, which involves constructing new housing, businesses, and community facilities, with the land ownership eventually transferring to Kiruna municipality.

Meanwhile, SSAB, the renowned Swedish steel manufacturer, posted an operating profit of 2.2 billion SEK for Q3 2026, up from 1.9 billion SEK a year earlier. SSAB’s revenue grew to 25.6 billion SEK from 23.0 billion SEK, aligning with analyst expectations who forecasted an average revenue of 25.4 billion SEK. This financial uplift reflects SSAB’s ongoing development and expansion, including the advancement of its new steel mill project in Luleå.

Together, these results highlight a robust recovery and growth phase for two of Sweden's key industrial players, reinforcing their critical role in the national economy and industrial innovation.