Finland-based stainless steel producer Outokumpu has announced its financial results for the first quarter of 2022.
The company registered a net profit of €251 million in the first quarter compared to a net profit of €82 million in the same quarter of the previous year and a net profit of €159 million in the previous quarter. In the given quarter, the company’s sales revenues increased by 65.2 percent year on year and by 24.8 percent quarter on quarter to €2.76 billion. In the first quarter this year, the company’s adjusted EBITDA was €377 million, compared to €177 million in the same quarter of 2021.
According to the statement, realized prices for stainless steel continued to increase in the given period, overcompensating for the increase in costs. Energy costs did not increase compared to the previous quarter as the negative impact was mitigated with successful energy hedging activities.
Outokumpu’s stainless steel deliveries in the first quarter increased by 6.4 percent year on year to 647,000 mt.
The company stated that its stainless steel deliveries in the second quarter are expected to remain at a similar level compared to the first quarter. The company’s adjusted EBITDA in the second quarter is expected to be higher compared to the first quarter.