Outokumpu Oyj Reports Financials: Profit Decline and Lower Deliveries
Outokumpu Oyj has released financial data indicating a significant profit decrease in 2023, accompanied by a reduction in stainless steel deliveries compared to the previous year.
Helsinki-based stainless steel producer Outokumpu Oyj has disclosed its financial figures, revealing a loss before tax of €133 million for 2023. This marks a substantial decline from the €933 million profit reported for 2023.
Sales also saw a decrease, amounting to €6,961 million for the year, down from €9,494 million in the prior year. The company's stainless steel deliveries fell to 1,906 thousand tonnes, compared to 2,106 thousand tonnes delivered in 2022.
Operating profit (EBIT) turned negative, reaching -€100 million in 2023, a sharp contrast to the €992 million EBIT recorded in 2022. This performance aligns with broader industrial slowdowns and increased production costs.
Outokumpu maintained its capital expenditure, investing €170 million in maintaining and developing its production capacity in 2023. The company's workforce remained relatively stable, with approximately 8,400 employees.