Finland headquartered stainless steel leader Outokumpu announced that it aims to improve its energy efficiency significantly in 2023 and 2024 amidst the European energy crisis and decided to significantly increase its energy efficiency improvement target and prioritize related investments in 2023 and 2024. It said “So far, Outokumpu’s target has been to improve energy efficiency by 0.5% annually. Until the end of 2024, Outokumpu now aims to improve its energy efficiency by 8% across the group compared to the January–September 2022 level. These measures would correspond to energy saving of approximately 600,000 MWh which is equal to annual electricity usage of 15,000 households. Outokumpu’s Chief Technology Officer Mr Stefan Erdmann said “The European energy crisis has created a turbulent operating environment. To tackle the uncertainty, we have decided to take immediate action on our own energy efficiency. This means that we will prioritize investments to improve our energy efficiency and also increase related annual capital expenditure by EUR 20 million in 2023 and 2024. The new efficiency measures will support Outokumpu to achieve our ambitious climate targets.” These additional investments do not impact Outokumpu’s capital expenditure frame of EUR 600 million for the second phase of the strategy by the end of 2025. For 2023 and 2024, the annual capital expenditure remains EUR 200 million.