Outokumpu expects no short-term war impact on operations

Monday, 28 February 2022 12:27:42 (GMT+3)   |   Istanbul
       

Finland-based stainless steel producer Outokumpu has stated that it has been following the developments in Ukraine following the invasion by Russia, and does not expect any material impacts from the situation on its operations in the short term.

In addition, the company said that its procurement of raw material and energy gases may be impacted if the situation continues. Outokumpu acquires energy gases in the European market, while Russia is one of the indirect supplier countries. The company is testing alternative sources of supply.

The company has no dependency on Russia or Ukraine in recycled steel, which is Outokumpu’s main raw material, and only a limited amount of its total nickel requirements is currently sourced from Russia. Supplies of additional raw materials have only a limited exposure to Russian origin materials.

Meanwhile, Outokumpu has an indirect stake in the Fennovoima nuclear plant project in Finland which is being built by Russian-owned company Rosatom.


Similar articles

Finland’s Outokumpu further cut guidance for Q1 amid ongoing political strike

22 Mar | Steel News

Finland’s Outokumpu expects lower deliveries in Q1 amid political strike

13 Mar | Steel News

Outokumpu to continue procuring hot rolling services from AMNS

04 Dec | Steel News

Outokumpu acquires 20% stake in Envigas to secure biocarbon supply

16 Nov | Steel News

Outokumpu to secure high-quality scrap supply from CRONIMET

09 Nov | Steel News

Outokumpu sees lower sales revenues in H1, expects reduced EBITDA in Q3

07 Aug | Steel News

Finland’s Outokumpu completes exit from longs business via divestment

02 Aug | Steel News

Outokumpu and Fortum partner to accelerate decarbonization in stainless steel production

27 Mar | Steel News

Outokumpu posts increase in sales for 2022

10 Feb | Steel News

Outokumpu completes divestment of majority of long product business

04 Jan | Steel News