Finland-based stainless steel producer Outokumpu has announced that it has lowered its second quarter earnings outlook, expecting its adjusted EBITDA to be approximately €200 million, declining from the adjusted EBITDA of €294 million recorded in the first quarter of the current year.
According to the company’s statement, the second quarter earnings were negatively impacted mainly by low ferrochrome production volumes and deliveries due to the delayed maintenance in one of its ferrochrome furnaces. The change in outlook is also a result of timing impacts due to reduced raw material prices. However, Outokumpu expects the healthy underlying stainless steel demand to continue in the third quarter this year.