Swedish manufacturer Sandvik reported sales for 2015 of SEK 85.8 billion (US$10.7 billion), down 5 percent from the prior-year period. Profit for the period declined 63 percent to SEK 2.2 billion (US$723.6 million).

The company reported sales for the fourth quarter of SEK 20.9 billion (US$2.8 billion), a 6 percent decrease over the same period a year ago. The company reported a loss of SEK 171 million (US$2.8 million), as compared to a profit of SEK 1.5 billion (US$180.9 million) the previous year.

“Order intake was hampered by weakened business activity, particularly in Asia and North America, as well as generally in the energy segment," said President and CEO Bjorn Rosengren. "In China, an overall slowdown across most segments was noted. In the U.S., the low oil price adversely impacted demand in the energy segment, with a negative indirect effect on demand in the general engineering segment."