Outokumpu Reports Q3 2024 Results Amid Market Challenges

Helsinki, Finland – Outokumpu Oyj, a global leader in stainless steel, reported its third-quarter financial results on October 30, 2024, highlighting resilience in a challenging market environment. The company posted an adjusted EBITDA of EUR 86 million for the period.

The company's stainless steel deliveries remained stable and in line with previous guidance. However, the performance of the Americas business area was impacted by deteriorated market conditions. Conversely, business areas Europe and Ferrochrome demonstrated improved profitability, with Europe benefiting from effective margin management and Ferrochrome showing solid operational results.

CEO Kati ter Horst stated that the company is focused on advancing its strategy, maintaining sustainability leadership, and delivering shareholder value. "We are honored to lead Outokumpu into its next strategy phase," ter Horst commented. The company is on track with its profitability improvement program and noted steady progress in its sustainability initiatives, including maintaining a high recycled material content.

CFO Marc-Simon Schaar emphasized the company's commitment to cash generation and financial discipline. Net debt stood at EUR 212 million, supported by EUR 241 million in cash and cash equivalents, contributing to total liquidity reserves of EUR 1.0 billion. Planned capital expenditures for 2024 are set at EUR 210 million, maintaining the 2023-2025 capital expenditure frame at EUR 600 million, adjusted for market conditions. The company remains committed to total shareholder returns.

Outokumpu reiterated its objective to achieve a EUR 350 million EBITDA run-rate improvement by the end of 2025, driven by initiatives such as improved raw material efficiencies and incremental yield improvements across its operations.