Finland-based stainless steel producer Outokumpu has announced its financial results for the third quarter of the current year, registering a net profit of €36 million, compared to a net loss of €24 million in the same quarter of the previous year. Outokumpu’s adjusted EBITDA totaled €128 million, increasing by 128.6 percent from an adjusted EBITDA of €56 million recorded in the same quarter of 2017, while the company's sales in the given quarter increased by 17 percent year on year to €1.73 billion.
Outokumpu's stainless steel deliveries in the third quarter this year decreased by 6.6 percent year on year to 582,000 mt.
In the first nine months of the current year, Outokumpu’s sales was €5,28 billion, increasing by eight percent compared to €4,89 billion in the same period of the previous year while its adjusted EBITDA in the given period decreased to €397 million from €549 million in the same period of the last year due to a weaker market. During the first nine months of 2018, european base prices declined by 14% on year-on-year basis.
Outokumpu stated that the overall uncertainty on the stainless steel markets is expected to continue and fourth-quarter stainless steel deliveries in business area Europe are expected to remain stable at the third-quarter level while deliveries in the Americas are expected to decline in the fourth quarter.
Meanwhile, Outokumpu expects its fourth quarter adjusted EBITDA to be at similar level to the same quarter of the previous year. The company’s adjusted EBITDA was €82 million in the fourth quarter of 2017.