Finland based leading global stainless steel producer Outokumpu’s sales increased to EUR 2.951 billion in the April-June 2022 quarter as compared to EUR 2.760 billion in April-June 2021 quarter and adjusted EBITDA amounted to EUR 547 million as compared to EUR 377 million in prior year quarter. Outokumpu’s President & CEO Mr Heikki Malinen said “Our strong performance continued in the second quarter. The past months have been eventful for Outokumpu. To mention a few of the key events of the second quarter, we launched the second phase of our strategy, introduced emission-minimized stainless steel product line Circle Green and announced our aim to achieve carbon neutrality at our Kemi chrome mine by 2025. In July, we announced that we will divest the majority of Long Products business area. This divestment represents a successful closing of the turnaround program, which was started two years ago.”Total stainless steel deliveries in Q2 declined by 7% while realized prices for stainless steel continued to further strengthen in Europe and also in Americas. Profitability was negatively impacted by increased maintenance costs and higher variable costs, mainly due to significant cost inflation in freight and consumable prices. Raw material-related inventory and metal derivative gains were significantly higher compared to the previous quarter, mainly due to positive timing impacts, and amounted to EUR 86 million During the first-half of 2022, Outokumpu’s sales increased to EUR 5.712 billion and adjusted EBITDA amounted to EUR 923 million. Total stainless steel deliveries in the first-half of 2022 were 1% higher compared to the same period last year. In 2022, profitability was driven by remarkably increased realized prices for stainless steel in both Europe and Americas and a higher ferrochrome sales price. However, fixed and variable costs increased compared to the previous year. Especially significant cost inflation in energy, freight and consumable prices burdened profitability. Raw material-related inventory and metal derivative gains amounted to EUR 43 million in the first-half of 2022Outlook for Q3 2022 “Group stainless steel deliveries for continuing operations* in the third quarter are expected to decrease by 10–20% compared to the second quarter. Prices for stainless steel in the already received orders have remained at a high level. The European ferrochrome benchmark price decreased to USD 1.80/lb for the third quarter. Energy costs are expected to increase in the third quarter and impact especially negatively business area Ferrochrome. Planned maintenance costs in the third quarter are expected to increase by approximately EUR 10 million compared to the second quarter. With current raw material prices, significant raw material-related inventory and metal derivative losses are expected to be realized in the third quarter. Adjusted EBITDA for continuing operations in the third quarter of 2022 is expected to be lower compared to the second quarter. Continuing operations is excluding the Long Products business units to be divested, which will be classified as assets held for sale, reported and restated as discontinued operations in Q3 of2022. Continuing operations represents approximately 90% of Group second-quarter adjusted EBITDA.”Outokumpu’s history began in 1910 with the discovery of copper in Kuusjärvi, Finland on a hill called Outokumpu, which literally means strange hill. Over the years, Outokumpu mined and refined various metals in Finland and abroad, before focusing solely on stainless steel in the 2000s.