Outokumpu Q1 financial performance benefited from higher prices of stainless steel and ferrochrome
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Update time : 2022-05-06 20:04:53
Benefited by rising prices of stainless steel and ferrochrome, Outokumpu, a leading stainless steel manufacturer in Europe, reported its first-quarter profit was higher than expected.
The adjusted EBITDA reached EUR 377 million in the first quarter, a year-on-year surge of 113%, also higher than the median forecast of EUR 354.8 million by analysts. The positive impact brought by rising prices well offset the negative impact caused by significant cost inflation.
The company said that the performance in the second quarter will keep strong while the delivery of stainless steel will be a similar level as that in the first quarter.
Production of LME deliverable KAS-branded aluminium at Kazakhstan’s Eurasian Resources Group has reached the four-million-tonnes milestone
