Outokumpu Reports Strong Performance in 2021

Global stainless steel giant Outokumpu’s sales grew by 37% compared to the previous year and amounted to EUR 7,709 million in 2021 as compared to EUR 5,639 million in 2020.In the exceptionally strong market environment, adjusted EBITDA reached EUR 1,021 million in 2021 as compared to EUR 250 million in 2020. Outokumpu President & CEO Mr Heikki Malinen said “The year 2021 was a great success for Outokumpu. In an exceptionally strong market environment, we delivered our best annual financial results in recent history. I am very pleased that Outokumpu’s adjusted EBITDA exceeded the remarkable EUR 1.0 billion milestone and amounted to EUR 1,021 million, while net debt decreased to EUR 408 million. Our strong earnings per share were also a highlight of the past year. Total stainless steel deliveries grew by 13% and profitability was supported by higher realized prices for stainless steel in Europe and Americas, and a higher ferrochrome sales price. Fixed and variable costs increased from the previous year and profitability was especially impacted by significantly higher energy and consumable prices.Outlook for Q1 2022 Group stainless steel deliveries in the first quarter are expected to increase compared to the fourth quarter.The European ferrochrome benchmark price remained stable at USD 1.80/lb for the first quarter.Higher stainless steel prices are reflected in the already received orders and more than offset the increase in energy and consumable prices.COVID-19 remains a risk and could potentially impact operations and logistics.Adjusted EBITDA in the first quarter of 2022 is expected to be on a similar or higher level compared to the fourth quarter.

Outokumpu Reports Strong Performance in 2021

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