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Outokumpu Reports 2019 Results

Steel News - Published on Fri, 21 Feb 2020

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In 2019, Outokumpu’s sales decreased to EUR 6,403 million (EUR 6,872 million). Adjusted EBITDA decreased to EUR 263 million (EUR 485 million). Stainless steel deliveries were 10% lower compared to 2018, but product mix was significantly better in 2019 for both business area Europe and business area Americas. Business area Ferrochrome’s profitability was suffering from lower ferrochrome benchmark price, but production was above 2018 level. Raw material-related inventory and metal derivative losses were EUR 64 million, significantly higher than the losses of EUR 16 million in 2018. Other operations and intra-group items’ adjusted EBITDA amounted to EUR -15 million (EUR 7 million). Other operations and intra-group items’ result includes a EUR -14 million expense related to a settlement between Outokumpu and Thyssenkrupp regarding a tax consolidation claim in Italy, as well as other earlier claims from the merger between Outokumpu and Inoxum, which are reported as an adjustment to EBITDA.

Highlights of 2019
Stainless steel deliveries were 2,196,000 tonnes (2,428,000 tonnes).
Adjusted EBITDA was EUR 263 million (EUR 485 million).
EBITDA was EUR 266 million (EUR 496 million).
Net result was EUR -75 million (EUR 130 million).

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Posted By : Rabi Wangkhem on Fri, 21 Feb 2020
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