SSAB targets profit growth driven by premium steels, investments through 2030

(Reuters) -Steelmaker SSAB aims to boost its core earnings growth over the next five years through strategic investments and an increased share of premium steels in its product mix, it said in a statement published ahead of its investor day on Tuesday.

The Swedish group said it expects to lift "over-the-cycle" earnings before interest, taxes, depreciation and amortisation to around 23 billion Swedish crowns ($2.4 billion) after 2030, compared to 14 billion crowns in the previous business cycle. It did not specify what years were covered by the prior period and was not immediately available for clarifying questions.

SSAB, whose specialized high-strength steels are used in cars, construction machinery and agricultural equipment, also said it aimed to accelerate growth of its premium offering so that it would make up 65% of its total shipments by 2030 and 75% by 2035.

Premium products, as opposed to commodity steel, make up 55% of SSAB's shipments today.

($1 = 9.4155 Swedish crowns)

(Reporting by Marta Frąckowiak in Gdańsk; Editing by Milla Nissi-Prussak)