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Outokumpu Second Quarter Adjusted EBITDA Declines

Steel News - Published on Mon, 10 Aug 2020

Image Source: Outokumpu
Outokumpu’s sales decreased to EUR 1,420 million in the second quarter of 2020 (Q1/20: EUR 1,615 million) due to weaker global stainless steel demand. Adjusted EBITDA decreased to EUR 45 million (Q1/20: EUR 106 million). Volumes were lower in all business areas and the total stainless steel deliveries declined by 11% compared to the previous quarter. Raw material efficiency was weaker compared to the first quarter, but one-off items supported profitability in the second quarter. Raw material-related inventory and metal derivative losses decreased by EUR 6 million compared to the first quarter.

During the first half of 2020, Outokumpu’s sales decreased to EUR 3,035 million (EUR 3,415 million) while adjusted EBITDA increased to EUR 151 million (EUR 145 million). Deliveries in the first half of 2020 declined by 8% compared to the same period last year and realized prices were lower in both Europe and the Americas. Higher nickel price and positive raw material impacts supported profitability while the lower ferrochrome benchmark price had a negative impact on result compared to the first half of 2019. Raw material-related inventory and metal derivative losses were EUR 38 million (losses of EUR 26 million). Other operations and intra-group items’ adjusted EBITDA amounted to EUR -13 million (EUR -10 million).

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Posted By : Yogender Pancholi on Mon, 10 Aug 2020
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