Outokumpu, a leading stainless steel manufacturer in Europe based in Finland, has withdrawn its investment plans to expand stainless steel capacity in the US and its nuclear production project in Finland due to weak stainless steel market conditions and high import pressures on earnings.

The company said an unpredictable market environment was the reason for halting its planned expansion of stainless steel production in the US. Meanwhile, it is seeking external partners for a small modular reactor project at its Tornio plant in Finland.

Chief Financial Officer Marc-Simon Schaar clarified that the US investment decision was made before the recently announced new steel tariffs but said that Outokumpu remains interested in the US market. He also noted that the US tariffs, which restrict Asian imports to Europe and the US, are generally beneficial for the company.