Outokumpu has net loss in Q2 & H1 2024
Time:Tue, 13 Aug 2024 09:57:07 +0800
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Outokumpu, a leading stainless steel manufacturer in Europe based in Finland, posted a net loss of EUR 5 million for the second quarter of 2024, compared to a net loss of EUR 23 million in the previous quarter and a net profit of EUR 89 million in the same quarter last year.
During the period, Outokumpu's sales revenue fell by 19.4% year on year to EUR 1.54 billion year on year. The total stainless steel deliveries slid by 6.8% year on year to 468,000 tons. The decrease in deliveries in Europe was partly offset by higher deliveries in Americas.
The company’s adjusted EBITDA in the period decreased by 70.5% year on year to EUR 56 million. The adjusted EBITDA was impacted by the political strike in Finland by around EUR 30 million.
In the first half of the year, Outokumpu had a net loss of EUR 28 million. Stainless steel deliveries totaled 912,000 tons, a year-on-year drop of 9.4%. The adjusted EBITDA slid to EUR 94 million, down by 76.1% year on year. The negative financial impact of the political strike in Finland was about EUR 60 million.
