The company expects its Q4 stainless steel deliveries to remain stable at Q3 levels – which slumped to 488,000 mt from 523,000 mt in the previous quarter – as some market areas remain weak, including those impacted by low oil prices, said CEO Heikki Malinen on a Q3 results conference call.
"Our plans factor in a potentially slow market recovery," he said, noting that the company projects only minor increases in product sales in both 2021 and 2022. Seasonal end-year maintenance at the Tornio, Finland, works is expected to have a EUR10 million ($11.81 million) negative impact on the Q4 result.
Outokumpu's sales revenues fell to EUR1.254 billion in the quarter, from EUR1.420 billion in the previous quarter on average lower product prices, it said. Prices of nickel, a major raw material for stainless steel production, however grew 16% from Q2, pressuring costs. Prices of ferrochrome, which the company also sells, remained flat.
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