Finland-based stainless steel producer Outokumpu has announced its financial results for the third quarter and the first nine months of the current year, registering a net profit of €182 million in the third quarter compared to a net loss of €63 million in the same quarter last year and a net profit of €129 million in the previous quarter. In the given quarter, the company’s sales revenues increased by 55.4 percent year on year and by 4.1 percent quarter on quarter to €1.95 billion. In the third quarter this year, the company’s adjusted EBITDA was €295 million, compared to €22 million in the same quarter of last year.
In the first nine months this year, the company registered a net profit of €394 million compared to a net loss of €78 million in the same period of the previous year, while the company’s sales revenues in the January-September period this year rose by 28.2 percent year on year to €5.49 billion. In the given period, Outokumpu’s adjusted EBITDA was €695 million, compared to €172 million in the first nine months of 2020.
According to the company’s statement, profitability in the third quarter and the first nine months this year was supported by increased realized prices for stainless steel in both Europe and the US as well as higher ferrochrome sales prices.
Outokumpu’s stainless steel deliveries in the third quarter this year increased by 17.8 percent year on year to 575,000 mt, while in the first nine months this year the company’s stainless steel deliveries rose by 13.8 percent year on year to 1.81 million mt.
The company stated that its stainless steel deliveries in the fourth quarter are expected to remain at a similar level compared to the third quarter. The company’s adjusted EBITDA in the fourth quarter is expected to be higher compared to the third quarter.