Finland-based stainless steel producer Outokumpu has stated that it has been following the developments in Ukraine following the invasion by Russia, and does not expect any material impacts from the situation on its operations in the short term.
In addition, the company said that its procurement of raw material and energy gases may be impacted if the situation continues. Outokumpu acquires energy gases in the European market, while Russia is one of the indirect supplier countries. The company is testing alternative sources of supply.
The company has no dependency on Russia or Ukraine in recycled steel, which is Outokumpu’s main raw material, and only a limited amount of its total nickel requirements is currently sourced from Russia. Supplies of additional raw materials have only a limited exposure to Russian origin materials.
Meanwhile, Outokumpu has an indirect stake in the Fennovoima nuclear plant project in Finland which is being built by Russian-owned company Rosatom.