Outokumpu Reports Surge in Q2 EBITDA in Strong Market
Outokumpu Oyj President & CEO Heikki Malinen said “The stainless steel market has rebounded from the global COVID-19 pandemic across multiple segments. In this strong market environment, we increased our adjusted EBITDA to EUR 223 million in the second quarter. Our mills have been running at a high utilization rate and group stainless steel deliveries grew by 3% compared to previous quarter. I am very pleased that we have achieved EUR 400 million of adjusted EBITDA in the first half of this year, which is markedly higher than last year’s total. All business areas improved their performance compared to the previous quarter.”
Highlights in Q2 2021
Stainless steel deliveries were 626,000 tonnes (523,000 tonnes)
Adjusted EBITDA increased to EUR 223 million (EUR 45 million).
EBITDA was EUR 223 million (EUR 45 million).
Highlights in January–June 2021
Stainless steel deliveries were 1,234,000 tonnes (1,111,000 tonnes).
Adjusted EBITDA amounted to EUR 400 million (EUR 151 million).
EBITDA was EUR 400 million (EUR 151 million).
Net result was EUR 212 million (EUR -15 million).
Outlook for Q3 2021
Group stainless steel deliveries in the third quarter are expected to decrease by 0–10% compared to the second quarter, in line with the seasonal pattern. The European ferrochrome benchmark price remained stable at USD 1.56/lb for the third quarter. 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 and exchange rates, significant raw material-related inventory and metal derivative gains or losses are not expected in the third quarter. Adjusted EBITDA in the third quarter of 2021 is expected to be at a similar level compared to the second quarter.