Outokumpu reports decline in 2023 financial results
Steel company Outokumpu Oyj has released its full-year financial results for 2023. The company reported a significant decrease in revenue and profit compared to the previous year, reflecting challenging market conditions.
Outokumpu reports lower financial performance for 2023
Steel manufacturer Outokumpu Oyj has published its financial statements for the year 2023, revealing a substantial drop in both revenue and profit compared to 2022. The company's stainless steel deliveries for the year reached 1,906 thousand tonnes, a decrease from the previous year. Sales amounted to €6,961 million.
In 2023, the company's reported EBIT (earnings before interest and taxes) was -€100 million, a sharp decline from €992 million in 2022. The result before taxes stood at -€133 million, with a net result of -€111 million for the period. This financial performance is attributed to challenging market conditions and a broader slowdown in the industrial sector.
Profitability also saw a considerable decrease. Adjusted EBITDA for the year was €517 million, down from €1,256 million in the prior year. The capital employed at the end of the period was €4,204 million.
Outokumpu also reported on its workforce and capital expenditures. The full-time equivalent personnel count was 8,453 at the end of the year. Capital expenditure for 2023 totaled €170 million, representing 2.4% of sales.