Outokumpu Completes EUR 100m Share Buyback Program

Outokumpu Completes EUR 100m Share Buyback Program

(IN BRIEF) Finnish stainless steel producer, Outokumpu, has announced the completion of its share buyback program, which began in November 2022 and ended in March 2023, having repurchased a total of 19,836,205 of its own shares at an average price of approximately €5.04 per share, using a total of €100m. Following the buyback, Outokumpu now holds a total of 23,109,206 treasury shares, representing 5.06% of the company’s total shares. The share repurchases were funded by using funds from unrestricted equity and executed through public trading. The program was aimed at mitigating the dilutive impact of the company’s outstanding convertible bonds, and the repurchased shares are initially held by Outokumpu as treasury shares to meet its obligations under the bonds or may be canceled to reduce its capital accordingly.

(PRESS RELEASE) HELSINKI, 27-Mar-2023 — /EuropaWire/ —  Outokumpu (HEL: OUT1V), the largest producer of stainless steel in Europe, announced the completion of its share buyback program on March 24, 2023, which was initiated on November 7, 2022, following its announcement on November 3, 2022. The company has repurchased a total of 19,836,205 of its own shares (ISIN FI0009002422) for a total of EUR 100 million during the program. The average price per share was approximately EUR 5.04.

Outokumpu now holds a total of 23,109,206 treasury shares, representing 5.06% of the company’s total number of shares, after the completion of the share buyback program. The program was funded through the use of unrestricted equity, and the share repurchases were executed through public trading on the regulated market of Nasdaq Helsinki and selected multilateral trading facilities.

The Board of Directors of Outokumpu approved the share buyback program of up to EUR 100 million on November 3, 2022, under the authorization of the Annual General Meeting on March 31, 2022. The program was aimed at repurchasing a maximum of 45,000,000 of Outokumpu’s own shares, representing approximately 9.85% of the total number of shares. The maximum number of shares to be repurchased under the program was 20 million, representing approximately 4.4% of the company’s total number of shares.

Through the share buyback program, Outokumpu intended to mitigate and manage the dilutive impact of the company’s outstanding convertible bonds. The repurchased shares are initially held by Outokumpu as treasury shares, which may be used to meet its obligations under the convertible bonds. Alternatively, Outokumpu may decide to cancel any or all of the repurchased shares and reduce its capital accordingly.

Prior to the announcement of the share buyback program, Outokumpu held 4,164,711 treasury shares, representing 0.91% of the company’s total number of shares.

For more information:

Investors: Linda Häkkilä, Head of Investor Relations, tel. +358 40 071 9669

Media: Corporate communications, tel. +358 40 351 9840

SOURCE: Outokumpu Oyj