Finland-based stainless steel producer Outokumpu has announced its financial results for the third quarter and the first nine months of the current year.
The company registered a net loss of €55 million in the third quarter, compared to a net profit of €89 million in the previous quarter and a net profit of €207 million in the same quarter of last year. In the given quarter, the company’s sales revenues decreased by 19.9 percent quarter on quarter and by 34.5 percent year on year to €1.53 billion. In the third quarter this year, the company’s adjusted EBITDA was €51 million.
In the January-September period, the company registered a net profit of €131 million compared to a net profit of €775 million in the same period of the previous year, while the company’s sales revenues in the first nine months this year declined by 28.3 percent year on year to €5.45 billion. In the given period, Outokumpu’s adjusted EBITDA was €445 million, compared to €1.15 billion in the first nine months of 2022.
Outokumpu’s stainless steel deliveries in the third quarter this year dropped by 10.6 percent quarter on quarter and by 8.6 percent year on year to 449,000 mt, while in the first nine months this year the company’s stainless steel deliveries fell by 12.1 percent year on year to 1.46 million mt.
According to its statement, the planned maintenance shutdown in the ferrochrome unit is expected to have a negative impact of about €10 million on the adjusted EBITDA.
The company stated that its stainless steel deliveries in the fourth quarter are expected to increase by 0-10 percent compared to the third quarter. At current raw material prices, raw material-related inventory losses are expected to be realized in the fourth quarter.
