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Swedish manufacturer Sandvik reported first-quarter invoiced sales of SEK 22.1 billion (US$2.6 billion), a 5 percent decrease compared to the same period a year earlier. Profit decreased 41 percent to SEK 1.5 billion (US$174.7 million).
“Sandvik’s business areas generally reported stable or slightly improved market conditions, apart from Sandvik Mining, which continued to be affected by weaker demand and uncertainty from the mining industry” said president and CEO Olof Faxander.