Outokumpu Oyj Reports Lower 2023 Revenue and Profit
Steel company Outokumpu Oyj has reported its financial results for 2023, indicating a decrease in both revenue and profit compared to the previous year. The company incurred a significant loss in the fourth quarter.
Helsinki-based steel company Outokumpu Oyj has released its financial results for 2023, showing a considerable decline in both revenue and profit compared to the prior year. The company's revenue for 2023 stood at EUR 6,961 million, down from EUR 9,494 million in 2022.
In the fourth quarter of 2023 (Q4 2023), Outokumpu reported a loss before taxes of EUR 320 million and a net loss of EUR 242 million. The full-year net result for 2023 was also negative at EUR 111 million, a sharp contrast to the positive EUR 1,086 million net profit recorded in 2022.
Deliveries of stainless steel decreased during 2023, amounting to 1,906 thousand tonnes, compared to 2,106 thousand tonnes in the previous year. This reduction in volume directly impacted the company's revenue. The company's profitability was affected by significant one-off items, including impairments totaling EUR 272 million in the final quarter.
Key profitability metrics such as EBIT (Earnings Before Interest and Taxes) were negative for the full year 2023, at EUR -100 million. Return on capital employed and return on equity also turned negative, reflecting a challenging financial performance over the year, with the most significant negative impacts occurring in the fourth quarter.