Finland-based stainless steel producer Outokumpu has announced its financial results for the second quarter of 2013. Outokumpu's net loss widened to €250 million in the given quarter compared to a net loss of €152 million in the first quarter this year. In the second quarter, Outokumpu recorded an operating loss of €164 million compared to an operating loss of €190 million in the second quarter last year. The group's sales during the second quarter of the current year decreased by 19.2 percent year on year to €2.06 billion.
Outokumpu's stainless steel deliveries in the second quarter decreased by 8.8 percent to 656,000 mt compared to the second quarter of the previous year. In the first half of the current year, the stainless steel deliveries of the company amounted to 1.36 million mt, declining by 8.05 percent year on year. Demand in Europe was negatively affected by the overall sluggish market and declining nickel prices.
According to Outkoumpu, global stainless steel demand was up by 3.8 percent in the second quarter, but stainless steel demand in the important Europe, Middle East and Africa (EMEA) region declined by 1.9 percent compared to the previous quarter. European stainless steel base prices decreased by four percent and the average nickel price declined by 14 percent, both quarter on quarter. The first half of 2013 has not seen any significant changes in stainless steel demand in the EMEA region compared to the same period of the previous year.