Outokumpu posts net loss, expects modest demand improvement in Q1

Finland-based stainless steel producer Outokumpu has announced its financial results for 2013, while stating that it expects a modest improvement in the underlying market demand for the first quarter of the current year. The company estimates sequentially higher delivery volumes and some improvement in base prices. Progress in cost efficiency initiatives and synergies is estimated to be steady.
 
According to its financial results, in 2013 Outokumpu recorded a net loss of €1 billion, while the company's sales for the year decreased by 15 percent year on year to €6.74 billion.
                     
Outokumpu's stainless steel deliveries in 2013 decreased by 5.3 percent year on year to 5.58 million mt. In 2013, global stainless steel demand increased by 5.6 percent compared to 2012. In the Americas and in the Asia Pacific region, consumption rose by four percent and 7.9 percent respectively. Consumption in the EMEA (Europe, Middle East and Africa) region remained weak. In 2013, the European stainless steel base price declined by 2.8 percent and the nickel price declined by 18.2 percent, both year on year, negatively affecting the company's financial performance.