Outokumpu Optimizing Ferrochrome Production Amid Rising Electricity Costs

Outokumpu Optimizing Ferrochrome Production Amid Rising Electricity Costs

(PRESS RELEASE) HELSINKI, 19-Jan-2023 — /EuropaWire/ — Outokumpu (HEL: OUT1V), the largest producer of stainless steel in Europe, and a leading producer of ferrochrome, has announced plans to restart one of its three furnaces earlier than expected. The furnace had been temporarily shut down in September due to high electricity prices, with the original plan being to delay its restart until the end of the first quarter of 2023.

However, the company has decided to bring the furnace back online on February 15, 2023, in order to optimize production in the current electricity market and compensate for recent disruptions in one of the other ferrochrome furnaces.

The optimization of ferrochrome production based on electricity prices will continue for all three furnaces, with production capacity remaining at 50-60% of normal. The restart of the third furnace will also bring back employees who had been working in Outokumpu’s stainless steel operations in Tornio.

Martti Sassi, President of Business Area Ferrochrome, said, “The restart of the third ferrochrome gives us more possibilities for optimizing the production in the current situation in the electricity market. As the furnace will be restarted, also the employees of that furnace will return to work at the ferrochrome operations. The majority of them have been working in Outokumpu’s stainless steel operations in Tornio.”

Outokumpu will provide more information on its outlook for the first quarter of 2023 alongside the publication of its 2022 financial statements on February 9, 2023.

More information:

Investors: Linda Häkkilä, Head of Investor Relations, tel. +358 400 719 669

Media: Päivi Allenius, VP – Communications and Brand, tel. +358 40 753 7374 or Outokumpu media desk, tel. +358 40 351 9840

SOURCE: Outokumpu Oyj