Finland-based stainless steel producer Outokumpu has announced its financial results for the first quarter of the current year, indicating a net profit of €182 million compared to a net loss of €41 million in the same quarter of the previous year, while the company's sales in the first quarter this year increased by 26.7 percent year on year to €1.76 billion, as a result of higher prices and deliveries.
In the given quarter, the company’s adjusted EBITDA was €294 million, compared to €29 million in the first quarter of 2016. The improved performance was a result of successful continuation of productivity and efficiency improvement measures, supported by strong market fundamentals and higher ferrochrome prices.
Outokumpu's stainless steel deliveries in the first quarter this year rose by 4.75 percent year on year to 639,000 mt.
According to Outokumpu, underlying stainless steel demand is expected to remain robust in both Europe and the US in the second quarter and stainless steel base prices are expected to continue to improve. Outokumpu’s second-quarter stainless steel deliveries of both business area Europe and the Americas are expected to remain at the same level as in the first quarter.