Outokumpu announces Q3 results

Outokumpu announces Q3 results

Finland's metal and mining group Outokumpu has announced its net profit as €1 million in the third quarter of 2003 compared to a €20 million net profit recorded in the same period last year. The decline seen in net profit is in relation with weak market, according to company officials. However, the company's revenue increased to €1.5 billion in the aforementioned period. Better financial results are expected in the fourth quarter of 2003 with increased production. As previously reported by SteelOrbis, stainless steel producer AvestaPolarit which is the subsidiary of Outokumpu, has announced that it planned to close its Panteg plant in Wales by the end of March 2004 due to poor financial performance. The closure will cause around 136 job cuts.