Outokumpu posts net profit for H1

Monday, 09 August 2021 13:35:48 (GMT+3)   |   Istanbul
       

Finland-based stainless steel producer Outokumpu has announced its financial results for the second quarter and the first half of the current year, registering a net profit of €129 million in the second quarter compared to a net loss of €37 million in the same quarter last year and a net profit of €82 million in the previous quarter. In the given quarter, the company’s sales revenues increased by 31.7 percent year on year and by 11.9 percent quarter on quarter to €1.87 billion. In the second quarter this year, the company’s adjusted EBITDA was €223 million, compared to €45 million in the same quarter of last year.

In the first half this year, the company registered a net profit of €212 million compared to a net loss of €15 million in the same half of the previous year, while the company’s sales revenues in the first half this year rose by 17.2 percent year on year to €3.55 billion. In the given period, Outokumpu’s adjusted EBITDA was €400 million, compared to €151 million in the first half of 2020.

According to the company’s statement, demand for stainless steel continued to be strong in the second quarter. Outokumpu’s stainless steel deliveries in the second quarter this year increased by 19.7 percent year on year to 626,000 mt, while in the first half this year the company’s stainless steel deliveries rose by 10.8 percent year on year to 1.23 million mt, as the first half last year was negatively impacted by the global pandemic.

The company stated that its stainless steel deliveries in the third quarter are expected to decrease 0-10 percent compared to the second quarter, in line with the seasonal pattern. The company’s adjusted EBITDA in the third quarter is expected to be at a similar level compared to the second quarter.


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