Outokumpu reports record earnings for 2022
Stainless steel producer Outokumpu saw a significant increase in 2022 earnings, ending the year with a net-debt-free balance sheet.
Outokumpu Oyj released its 2022 financial statements, reporting an EBITDA of 1,248 million euros, up from 968 million in 2021. The net result for the year grew to 1,086 million euros, compared to 526 million in the previous year.
The year was characterized by a strong performance in the early quarters, although the fourth quarter saw a slowdown. Stainless steel deliveries for the final quarter reached 450,000 tonnes, with adjusted EBITDA falling to 110 million euros as market conditions cooled.
By the end of the year, the company had successfully transitioned to a net-debt-free position, reporting a net debt of -10 million euros. Consequently, the Board of Directors has proposed a total dividend distribution of 0.35 euros per share, combining base and extra components.
Strategically, the company focused on restructuring its portfolio, including the divestment of the majority of its Long Products business. Going forward, management continues to monitor market volatility, geopolitical instability, and energy price fluctuations impacting the broader steel industry.