Finland-based stainless steel producer Outokumpu has announced its financial results for the fourth quarter and the full year of 2021.
The company registered a net profit of €159 million in the fourth quarter compared to a net loss of €39 million in the same quarter of the previous year and a net profit of €182 million in the previous quarter. In the given quarter, the company’s sales revenues increased by 63.7 percent year on year and by 13.3 percent quarter on quarter to €2.21 billion. In the fourth quarter last year, the company’s adjusted EBITDA was €314 million, compared to €30 million in the same quarter of 2020.
In 2021, the company registered a net profit of €553 million compared to a net loss of €116 million in 2020, while the company’s sales revenues in the full year rose by 36.7 percent year on year to €7.71 billion. In the given period, Outokumpu’s adjusted EBITDA was €1 billion, compared to €191 million in 2020.
According to the company’s statement, profitability in the fourth quarter and the full year was supported by higher realized prices for stainless steel in both Europe and the US as well as higher ferrochrome sales prices, partly offset by significantly increased energy and higher fixed costs.
Outokumpu’s stainless steel deliveries in the fourth quarter last year increased by 12.0 percent year on year to 586,000 mt, while in the full year the company’s stainless steel deliveries rose by 12.7 percent year on year to 2.39 million mt.
The company stated that its stainless steel deliveries in the first quarter are expected to increase compared to the fourth quarter. The company’s adjusted EBITDA in the first quarter is expected to be similar or higher compared to the fourth quarter.
