Finland-based stainless steel producer Outokumpu has announced that it will collaborate with the world’s leading food processing and packaging solutions company Tetra Pak in order to decarbonize the industry with its low-carbon stainless steel product Circle Green®.
Accordingly, Tetra Pak will utilize Circle Green® steel, which has up to a 93 percent lower carbon footprint, to produce machines for processing food and beverage products. Also, within the scope of the agreement, both companies will explore other applications of the steel product in question across the Tetra Pak equipment portfolio. Thanks to its high resistance to corrosion, stainless steel is essential in ensuring durability and hygiene in the food processing industry.
Meanwhile, Outokumpu has also shared its financial and operational results for the first quarter of this year.
In the given quarter, the company registered a net loss of €23 million, compared to a net loss of €242 million in the previous quarter and a net profit of €103 million in the same quarter of last year, while its sales revenues declined by 2.2 percent quarter on quarter and by 26.3 percent year on year to €1.48 billion. In the first quarter, Outokumpu’s adjusted EBITDA amounted to €38 million, compared to €72 million in the fourth quarter and €135 million in the same quarter of 2023.
In the meantime, the company’s stainless steel deliveries in the same quarter came to 444,000 mt, moving down by 1.3 percent quarter on quarter and by 12.1 year on year.
Outokumpu stated that its adjusted EBITDA decreased by €60 million, compared to the previous estimation of €80 million, due to the political strike aimed against the Finnish government and hence the shutdown of its operations. For the second quarter, the company expects that its stainless steel deliveries will increase by 5-15 percent quarter on quarter. Also, its adjusted ABITDA is forecast to decline by about €30 million in the second quarter due to the impact of the political strike.