On October 20, Finland-based stainless steel producer Outokumpu announced financial results for the third quarter ended on September 30, 2011, reporting an operating loss of €53 million compared to a loss of €49 million in the same quarter of 2010.
According to Outokumpu's statement, the stainless steel markets remained soft in the third quarter and demand was low due to global economic uncertainty causing distributors to be hesitant about placing orders. The third quarter operating loss also included the raw material-related inventory losses of €38 million.
Outokumpu's deliveries in the third quarter decreased to 340,000 mt compared to the previous quarter. In the given period, capacity utilization was slightly above 75 percent. For the fourth quarter, the company forecasts delivery volumes to continue decreasing due to weakened demand.