Outokumpu reports Q3 adjusted EBITDA of EUR 304 million
Stainless steel producer Outokumpu posted a EUR 304 million adjusted EBITDA for the third quarter of 2022. The company significantly reduced its net debt during the period.
Outokumpu Oyj has released its interim report for the first nine months of 2022, highlighting a robust financial performance. For the third quarter, the company recorded an adjusted EBITDA of EUR 304 million, up from EUR 288 million in the corresponding period of 2021. However, stainless steel delivery volumes decreased to 491,000 tonnes, compared to 546,000 tonnes a year earlier.
The company’s balance sheet strengthened considerably by the end of September. Net debt fell to EUR 90 million from EUR 289 million at the end of the second quarter, while return on capital employed (ROCE) rose to 26.8 percent. These figures reflect an improvement in operational efficiency despite shifting market conditions.
Outokumpu continues to execute its strategy, which includes the divestment of its Long Products business. These operations are now classified as held for sale and reported as discontinued operations in the financial statements. The company maintains its focus on its primary stainless steel production activities.
CEO Heikki Malinen noted the company's ability to navigate a complex macroeconomic environment. Future performance remains sensitive to global demand, inflationary pressures, and the geopolitical impact of the ongoing war in Ukraine.