Finland-based stainless steel producer Outokumpu has announced its financial results for the fourth quarter and full year of 2022.
The company registered a net profit of €312 million in the fourth quarter compared to a net profit of €150 million in the same quarter last year and a net profit of €207 million in the previous quarter. In the given quarter, the company’s sales revenues decreased by 9.3 percent year on year and by 19.2 percent quarter on quarter to €1.89 billion. In the fourth quarter this year, the company’s adjusted EBITDA was €110 million, compared to an EBITDA of €312 million in the same quarter of the previous year.
For the whole of 2022, the company registered a net profit of €1.08 billion compared to a net profit of €526 million in the previous year, while the company’s sales revenues last year rose by 31 percent year on year to €9.5 billion. In the given period, Outokumpu’s adjusted EBITDA was €1.25 billion, compared to €968 million in 2021.
Outokumpu’s stainless steel deliveries in the fourth quarter this year decreased by 18 percent year on year and were down by 8.3 percent quarter on quarter to 450,000 mt, while in the full year the company’s stainless steel deliveries fell by seven percent year on year to 2.1 million mt.
According to Outokumpu, stainless steel deliveries in the first quarter of 2023 are expected to increase by 10–20 percent compared to the fourth quarter. Ferrochrome production continues at 50–60 percent of its full capacity as a result of the planned optimization due to high electricity prices and recent disruptions at one of the company’s three furnaces. Inflation in energy and consumable prices is expected to continue in the first quarter.
