Global stainless steel giant Outokumpu has completed the first phase of the strategy with a strong focus on de-risking the company and strengthening the balance sheet. The first phase of the three phase strategy was focused on three key priorities: Commercial Excellence, Cost and Capital Discipline and Lean and Agile Organization. The company has made significant progress in all areas and strategy execution has proceeded ahead of plans. Outokumpu has already achieved its financial targets, EUR 250 million EBITDA run-rate improvements and net debt to EBITDA ratio to below 3.0. Strong performance and diligent strategy execution in the first phase provide a solid foundation for the second phase until 2025.It has now set key strategic priorities, business area targets and related changes in the leadership team in the second phase of strategy. The second phase will focus on three key priorities: sustainability, growth from productivity and customer-focused steering. As part of the company’s ambitious sustainability journey, Outokumpu aims to reduce its CO2 emissions by 14% by the end of 2025 compared to the 2021 level, in line with its SBTi 1.5 degree climate target. Also, capital discipline and strong shareholder returns will be at the core of the company’s long-term strategy going forwards.For the second phase of the strategy, Outokumpu has launched two customer differentiated strategies for business area Europe. The company aims to strengthen cost leadership in high-volume stainless steel products and a global market leadership in advanced products. Business area Europe will strengthen its position as the customer’s first choice in sustainable stainless steel, while in business area Americas the focus will be on sustaining the high profitability levels. At the core of business area Ferrochrome’s strategy is carbon neutrality.President and CEO Mr Heikki Malinen continues to lead the business area Europe. To ensure the execution of the differentiated strategies in Europe, Outokumpu appoints Mr Niklas Wass as President Business Line Stainless Europe to lead high-volume stainless steel products and Mr Thomas Anstots as President Business Line Advanced Materials to lead advanced products. Otherwise, the responsibilities in the Outokumpu leadership team remain unchanged.