Finland-based stainless steel producer Outokumpu has announced its financial results for the third quarter of the current year, registering a net profit of €13 million, compared to a net loss of €115 million in the same quarter of the previous year, while the company's sales in the given quarter this year decreased by 4.6 percent year on year to €1.42 billion.
In the first nine months this year, Outokumpu recorded a net loss of €48 million, decreasing from the net loss of €222 million recorded in the same period of 2015. In the same period, the company’s sales totaled €4.18 billion, down 15.5 percent year on year.
Outokumpu's stainless steel deliveries in the third quarter increased by 6.6 percent to 608,000 mt, while in the January-September period the company’s stainless steel deliveries rose 2.3 percent to 1.84 million mt, both year on year.
According to Outokumpu, underlying stainless steel demand is expected to remain healthy in both Europe and the US in the fourth quarter. However, a typical softening of distributor demand is expected towards the end of the year, particularly in the US, due to the holiday season. With the seasonal slowdown in the US, fourth quarter stainless steel deliveries of business area Americas are expected to be significantly lower compared to the third quarter, while in Europe stainless steel deliveries are expected to remain flat quarter on quarter.