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Outokumpu posts net loss for Q2 and H1

Friday, 09 August 2024 13:43:23 (GMT+3)   |   Istanbul
       

Finland-based stainless steel producer Outokumpu has announced its financial results for the second quarter and the first half of 2024.

The company registered a net loss of €5 million in the second quarter compared to a net profit of €89 million in the same quarter last year and a net loss of €23 million in the previous quarter. In the given quarter, the company’s sales revenues decreased by 19.4 percent year on year and were up by 4.1 percent quarter on quarter to €1.54 billion. In the second quarter this year, the company’s adjusted EBITDA was €56 million, compared to €190 million in the same quarter of last year.

In the first half this year, the company registered a net loss of €28 million compared to a net profit of €186 million in the same half of the previous year, while the company’s sales revenues in the first half this year fell by 22.9 percent year on year to €3.02 billion. In the given period, Outokumpu’s adjusted EBITDA was €94 million, compared to €394 million in the first half of 2023.

Outokumpu’s stainless steel deliveries in the second quarter this year decreased by 6.8 percent year on year to 468,000 mt, while in the first half this year the company’s stainless steel deliveries fell by 9.4 percent year on year to 912,000 mt.

Outokumpu expects its stainless steel deliveries in the third quarter to remain stable compared to the second quarter. The slow market recovery in Europe is expected to continue, while the Americas market is expected to remain soft. The company forecasts its adjusted EBITDA in the third quarter to be at a similar or higher level compared to the second quarter.


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