Finland-based stainless steel producer Outokumpu has announced its financial results for the second quarter of the current year, registering a net loss of €62 million, up from a net loss of €48 million in the same quarter of the previous year, while the company's sales in the given quarter decreased by 3.4 percent year on year to €1.7 billion.
Outokumpu's stainless steel deliveries in the second quarter decreased by 8.7 percent year on year to 616,000 mt.
Outokumpu expects stainless steel end-user demand will remain relatively healthy in the third quarter. However, the European markets will be seasonally slow during the summer months, while in the Americas the pressure from Asian imports continues and the low nickel price puts constraints on distributor sector buying, pricing and the rebound of the market. In the Asia-Pacific region, the situation in the stainless steel market remains difficult. Outokumpu estimates somewhat lower delivery volumes quarter on quarter with a seasonal decline in Europe and a gradual increase in the Americas.