Outokumpu Oyj Reports Significant Profit Decline for 2023
Outokumpu Oyj reported a substantial drop in its 2023 financial results, with a net result of -111 million euros. This marks a significant decrease from the 1086 million euros profit recorded in the previous year.
Steel company Outokumpu Oyj has released its financial results for the full year 2023, revealing a significant decline compared to the previous year. The company's net result turned negative, standing at -111 million euros, a sharp contrast to the 1086 million euros profit reported in 2022.
Sales also saw a considerable decrease, amounting to 6961 million euros in 2023, down from 9494 million euros in the prior year. Stainless steel deliveries were also reduced, falling to 1906 thousand tonnes from 2106 thousand tonnes in 2022.
The company's earnings before interest and taxes (EBIT) reached -100 million euros, a reversal from the positive EBIT of 992 million euros in 2022. The result before taxes was -133 million euros, compared to 933 million euros a year earlier.
Return on capital employed (ROCE) was negative at -2.1 percent, indicating a challenging year for the company. At the end of 2023, the capital employed stood at 4204 million euros.