As previously stated and as a result of the company's decision to focus solely on the mining, smelting and minerals processing business, Ruukki's financial performance is dependent on the general market conditions of this sector, particularly in the chrome industry.

There have been significant price fluctuations in the ferroalloys market during the first three quarters of 2011. Global financial markets have been very volatile, exacerbated by the recent Eurozone crisis and economic conditions for the fourth quarter of 2011 are extremely uncertain. Demand for chrome ore and charge chrome is expected to remain weak during the fourth quarter and Ruukki has adjusted its production volumes accordingly. Demand and prices for speciality alloys have been more stable, however uncertainty remains in the fourth quarter too.

Ruukki expects the revenue from continuing operations in 2011 to increase considerably compared with the full year 2010 and whilst the Group's EBITDA from continuing operations is expected to improve compared with 2010, it is expected to be slightly negative for the full year 2011.

Fluctuations of exchange rates between the Euro, the South African Rand, the Turkish Lira and the US Dollar can significantly impact the Company's financial performance.

Previously the company's outlook, published for the second quarter results on 18 August 2011, stated that "There have been significant price fluctuations in the ferroalloys market during the first half of 2011. Global financial markets remain turbulent and economic conditions uncertain. Ruukki is no longer expecting higher prices for its products in the second half of 2011, and believes that prices will continue to be under pressure. However, Ruukki does anticipate its production volumes to be higher for 2011 compared to 2010 and this is expected to result in increased revenue and improved financial performance."