Finland-based stainless steel producer Outokumpu has announced its financial results for the fourth quarter and full year of 2023.
In the given quarter, the company registered a net loss of €242 million, compared to a net loss of €55 million in the previous quarter and a net profit of €312 million in the same quarter of 2022, while its sales revenues declined by 1.2 percent quarter on quarter and by 20.2 percent year on year to €1.51 billion. In the fourth quarter of 2023, the company’s adjusted EBITDA was €72 million, compared to €51 million in the third quarter and €110 million in the same quarter of 2022.
In the full year, Outokumpu reported a net loss of €111 million, compared to a net profit of €1.09 billion in the previous year, while its sales revenues amounted to €6.96 billion, falling by 26.7 percent year on year. In 2023, the company’s adjusted EBITDA came to €517 million, compared to €1.26 billion in 2022.
In the meantime, the company’s stainless steel deliveries in the fourth quarter amounted to 450,000 mt, moving up by 0.2 percent quarter on quarter and remaining unchanged from the same quarter of the previous year. In 2023, stainless steel deliveries came to 1.91 million mt, declining by 9.5 percent year on year.
According to the company’s statement, in the fourth quarter realized prices for stainless steel were significantly lower in Europe and declined in the Americas as well.
Outokumpu expects its consolidated stainless steel deliveries in the first quarter this year to increase by 5-15 percent compared to the fourth quarter of 2023. The company has also stated that the market environment started to weaken at the end of the fourth quarter in the Americas and a slow recovery is expected to continue in Europe, while the scrap market has recently tightened. The company forecasts its adjusted EBITDA in the first quarter will be in line with the fourth quarter.