Finland headquartered stainless steel leader Outokumpu has reported strong EBITDA of EUR 304 million in July-September quarter of 2022 as compared to EUR 228 million in prior year with sales of 491,000 tonnes, down as compared of 546,000 tonnes in prior year. Outokumpu’s stainless steel deliveries were 1.656 million tonnes in January-September of 2022 down From 1.704 million tonnes in January-September of 2021 and EBITDA of EUR 1.146 billion as compared to EUR 668 million in prior year Outokumpu President & CEO Mr Heikki Malinen said “Our third-quarter performance was solid. We delivered EUR 304 million of adjusted EBITDA, which is the best third-quarter result in Outokumpu’s history. Our stainless steel deliveries fell by 12% in a softening market with exceptionally high imports. Distributors accelerated de-stocking of commodity grades, while end-user demand remained stable.” He said “Due to high electricity prices, we have been optimizing our ferrochrome production, which has led to lower production volumes, and adjusted EBITDA for business area Ferrochrome declined to EUR 34 million. We also decided to delay the restart of one of our three ferrochrome furnaces to at least the end of the first quarter of 2023.” Outlook for Q4 2022 Group stainless steel deliveries in the fourth quarter are expected to decrease by 0–10% compared to the third quarter. The European ferrochrome benchmark price decreased to USD 1.49/lb for the fourth quarter. Ferrochrome production continues at 50–60% of its full capacity due to a furnace shutdown and the optimization of the ferrochrome production, caused by exceptionally high electricity costs. With current raw material prices, raw material-related inventory and metal derivative losses are expected to be realized in the fourth quarter. Adjusted EBITDA in the fourth quarter of 2022 is expected to be lower compared
Finland headquartered stainless steel leader Outokumpu has reported strong EBITDA of EUR 304 million in July-September quarter of 2022 as compared to EUR 228 million in prior year with sales of 491,000 tonnes, down as compared of 546,000 tonnes in prior year. Outokumpu’s stainless steel deliveries were 1.656 million tonnes in January-September of 2022 down From 1.704 million tonnes in January-September of 2021 and EBITDA of EUR 1.146 billion as compared to EUR 668 million in prior year Outokumpu President & CEO Mr Heikki Malinen said “Our third-quarter performance was solid. We delivered EUR 304 million of adjusted EBITDA, which is the best third-quarter result in Outokumpu’s history. Our stainless steel deliveries fell by 12% in a softening market with exceptionally high imports. Distributors accelerated de-stocking of commodity grades, while end-user demand remained stable.” He said “Due to high electricity prices, we have been optimizing our ferrochrome production, which has led to lower production volumes, and adjusted EBITDA for business area Ferrochrome declined to EUR 34 million. We also decided to delay the restart of one of our three ferrochrome furnaces to at least the end of the first quarter of 2023.” Outlook for Q4 2022 Group stainless steel deliveries in the fourth quarter are expected to decrease by 0–10% compared to the third quarter. The European ferrochrome benchmark price decreased to USD 1.49/lb for the fourth quarter. Ferrochrome production continues at 50–60% of its full capacity due to a furnace shutdown and the optimization of the ferrochrome production, caused by exceptionally high electricity costs. With current raw material prices, raw material-related inventory and metal derivative losses are expected to be realized in the fourth quarter. Adjusted EBITDA in the fourth quarter of 2022 is expected to be lower compared
