Rautaruukki and Outokumpu slip after missing estimates
Saturday, 24 Oct 2009
Bloomberg reported that Rautaruukki Oyj and Outokumpu Oyj fell in Helsinki trading as a building slump pushed earnings below analyst estimates.
Outokumpu posted a net loss of EUR 55 million, its fifth straight quarterly loss and wider than the median estimate of a Bloomberg survey of 10 analysts for a deficit of EUR 39.7 million. Rautaruukki reported a net loss of EUR 45 million as compared with the EUR 27.3 million median estimate of nine analysts.
Rautaruukki said that its Ruukki Metals unit plans to cut about 175 jobs in Finland and merge some sites. Another 670 employees will be affected by temporary layoffs.
Outokumpu dropped EUR 1.09 or 8% to EUR 12.57, the biggest decline since June 17th 2009. A year earlier, it reported a loss of EUR 74 million. Sales slumped 54% to EUR 587 million.
