(IN BRIEF) Outokumpu, a global leader in sustainable stainless steel, has released its interim report for January to September 2023, highlighting both the challenges and successes during this period. In Q3 2023, the company experienced a challenging market environment in Europe, resulting in a decrease in stainless steel deliveries and profitability. However, a solid performance in the Americas partially compensated for these challenges. Notably, adjusted EBITDA for Q3 was EUR 51 million, and stainless steel deliveries amounted to 449,000 tonnes. The report also details the company’s financial performance, including figures for sales, earnings, and debt. Outokumpu is focused on improving its competitiveness in Europe, and as part of its long-term sustainability strategy, it is taking actions to support its circular economy and secure access to high-quality scrap materials near its European sites. The report provides insights into Outokumpu’s efforts to reduce carbon emissions, strengthen its supply chain, and maintain its industry-leading position in the stainless steel market. Additionally, the company discusses its outlook for Q4 2023, anticipating some recovery in Europe and addressing planned maintenance in its Ferrochrome business.
(PRESS RELEASE) HELSINKI, 7-NOV-2023 — /EuropaWire/ —
Highlights in Q3 2023
• Stainless steel deliveries were 449,000 tonnes (491,000 tonnes)*.
• Adjusted EBITDA amounted to EUR 51 million (EUR 304 million).
• EBITDA was EUR 18 million (EUR 304 million).
• ROCE amounted to 5.3% (26.8%).
• Operating cash flow was EUR -11 million (EUR 238 million incl. discontinued operations).
• Net debt amounted to EUR 29 million (June 30, 2023: EUR -9 million).
• Earnings per share was EUR -0.13 (EUR 0.46).
• Gearing amounted to 0.7% (June 30, 2023: -0.2%).
• Divestment of the remaining Long Products business was completed on August 1, 2023, and Outokumpu has now fully exited the Long Products business.
Highlights in January–September 2023
• Stainless steel deliveries were 1,455,000 tonnes (1,656,000 tonnes).
• Adjusted EBITDA amounted to EUR 445 million (EUR 1,146 million).
• EBITDA was EUR 401 million (EUR 1,146 million).
• Operating cash flow amounted to EUR 89 million (EUR 489 million incl. discontinued operations).
• Earnings per share was EUR 0.30 (EUR 1.71).
• Dividend of EUR 152 million was paid in April.
• Share buyback program of EUR 100 million was completed in March.
• Divestment of the majority of the Long Products business was completed on January 3, 2023. Since September 2022, these businesses were classified as assets held for sale and reported as discontinued operations. Comparative figures include discontinued operations if separately stated.
Key figures, continuing operations | Q3/23 | Q3/22 | Q2/23 | Q1-Q3/23 | Q1-Q3/22 | 2022 | |
Sales | EUR million | 1,531 | 2,339 | 1,911 | 5,447 | 7,598 | 9,494 |
EBITDA | EUR million | 18 | 304 | 185 | 401 | 1,146 | 1,248 |
Adjusted EBITDA 1) | EUR million | 51 | 304 | 190 | 445 | 1,146 | 1,256 |
EBIT | EUR million | -45 | 241 | 124 | 214 | 961 | 992 |
Adjusted EBIT 1) | EUR million | -12 | 241 | 129 | 261 | 961 | 1,010 |
Result before taxes | EUR million | -60 | 225 | 119 | 187 | 920 | 933 |
Net result for the period | EUR million | -55 | 207 | 89 | 131 | 775 | 1,086 |
Earnings per share | EUR | -0.13 | 0.46 | 0.21 | 0.30 | 1.71 | 2.40 |
Diluted earnings per share | EUR | -0.11 | 0.42 | 0.19 | 0.29 | 1.58 | 2.22 |
Return on capital employed, rolling 12 months (ROCE) 2) | % | 5.3 | 26.8 | 11.4 | 5.3 | 26.8 | 22.6 |
Capital expenditure | EUR million | 31 | 37 | 38 | 84 | 98 | 158 |
Stainless steel deliveries | 1,000 tonnes | 449 | 491 | 502 | 1,455 | 1,656 | 2,106 |
Personnel at the end of period, full-time equivalent | 8,512 | 8,602 | 8,457 | 8,512 | 8,602 | 8,357 | |
Key figures, including discontinued operations | Q3/23 | Q3/22 | Q2/23 | Q1-Q3/23 | Q1-Q3/22 | 2022 | |
Net result for the period | EUR million | -56 | 189 | 89 | 136 | 825 | 1,140 |
Earnings per share | EUR | -0.13 | 0.42 | 0.21 | 0.31 | 1.82 | 2.52 |
Diluted earnings per share | EUR | -0.11 | 0.39 | 0.19 | 0.30 | 1.68 | 2.33 |
Return on capital employed, rolling 12 months (ROCE) | % | 5.8 | 28.7 | 11.8 | 5.8 | 28.7 | 24.5 |
Net cash generated from operating activities | EUR million | -11 | 238 | 25 | 89 | 489 | 778 |
Net debt at the end of period | EUR million | 29 | 90 | -9 | 29 | 90 | -10 |
Debt-to-equity ratio at the end of period (gearing) | % | 0.7 | 2.2 | -0.2 | 0.7 | 2.2 | -0.3 |
1) Adjusted EBITDA or EBIT = EBITDA or EBIT – Items classified as adjustments.
2) The balance sheet component in 2022 includes the equity component of discontinued operations.
*Figures in parentheses refer to the corresponding period for 2022, unless otherwise stated.
President & CEO Heikki Malinen
The third quarter of 2023 reflects the cyclical nature of the stainless steel business. We experienced a very challenging market environment in Europe, but thanks to our geopolitically diversified asset portfolio and a solid performance in the Americas, we delivered EUR 51 million of adjusted EBITDA in the third quarter. Our stainless steel deliveries decreased by 11% from the second quarter, in line with the seasonal pattern.
For business area Europe, the market environment was even more difficult than during the pandemic. Stainless steel deliveries decreased from the second quarter and adjusted EBITDA amounted to EUR -29 million. We are on a journey to improve our competitiveness in Europe and have taken prompt actions. Today, we announced that we are streamlining our operations in Germany to ensure that we are utilizing our assets in the most efficient way.
For business area Americas, the market environment remained more favorable, and we continued to generate solid results. Adjusted EBITDA amounted to EUR 53 million, while stainless steel deliveries decreased compared to the second quarter. Our strategic plans in Calvert, Alabama are progressing well and the feasibility study to assess both our hot rolling and cold rolling operations is ongoing.
In business area Ferrochrome, third-quarter adjusted EBITDA amounted to EUR 21 million. We reached a great milestone in October when we had the inauguration of the Kemi mine expansion. We have now ensured the supply of chrome ore until at least the end of the 2040s. We are also taking determined steps toward our aim that the Kemi mine will become the first carbon-neutral mine globally by 2025.
Within decarbonization, our focus has been on energy efficiency improvements. These are crucial for energy-intensive industries such as stainless steel as they will reduce both our emissions and costs. We aim to improve our energy efficiency by 8% by the end of 2024 and have now achieved over 20% of that target, resulting in EUR 9 million savings. Our teams have provided innovative solutions to drive this great improvement. It is already now evident that we will overachieve our 8% target but it will take more time.
As part of our long-term ambition to decarbonize the company, we have taken strong actions to support our sustainability leadership. Our business is based on the circular economy and scrap is our most important raw material. 94% of all our raw material is recycled, and this is a critical factor in keeping our carbon footprint the lowest in the industry. Today, we announced we will acquire a 10% share of a large scrap dealer CRONIMET’s Northeastern business. By acquiring a share, we will strengthen our long-term partnership further and ensure access to high quality scrap near our European sites.
Earlier, we signed a letter of intent with Greenland Resources Inc. to strengthen our future supply of low-emission high-quality molybdenum. We have also acquired a share of FPX Nickel to ensure access to low-carbon nickel in the future. All these actions are part of our strategic plans to strengthen our value chain integration to ensure a sufficient future supply of critical raw materials with a low carbon footprint.
The market environment in Europe has been challenging, but it seems that the bottom is now behind us, and we have already seen some positive signals. Market recovery, however, is expected to take time.
I want to thank our employees for their resilience and dedication. Stainless steel is a volatile industry, but I am confident that as a team we will overcome the turbulent times. Our strong balance sheet and good liquidity will carry us through the cycle and ensure that we will create value also in more challenging conditions.
Outlook for Q4 2023
Group stainless steel deliveries in the fourth quarter are expected to increase by 0-10% compared to the third quarter as we see some recovery in Europe.
The planned maintenance break in business area Ferrochrome is expected to have an approximately EUR 10 million negative impact on the business area’s adjusted EBITDA.
With current raw material prices, some raw material related inventory and metal derivative losses are expected to be realized in the fourth quarter.
Guidance for Q4 2023:
Adjusted EBITDA in the fourth quarter of 2023 is expected to be at a similar or higher level compared to the third quarter.
Results
Q3 2023 compared to Q3 2022
Outokumpu’s sales in the third quarter of 2023 decreased to EUR 1,531 million (EUR 2,339 million). Adjusted EBITDA amounted to EUR 51 million (EUR 304 million) and the decrease compared to the reference period was driven by a substantially weaker market environment, especially in Europe. As a result of lower profitability, ROCE for the rolling 12 months was 5.3% (26.8%).
In the third quarter of 2023, total stainless steel deliveries were 9% lower compared to the reference period. The significant decrease in profitability was mainly driven by substantially lower realized prices for stainless steel in Europe. Realized prices for stainless steel decreased also in Americas and the ferrochrome sales price was lower. Profitability was, however, supported by decreased variable costs, mainly due to lower electricity and ferrosilicon prices. Raw material-related inventory and metal derivative losses amounted to EUR 27 million (losses of EUR 107 million). Other operations and intra-group items’ adjusted EBITDA totaled EUR 5 million (EUR 7 million). Both net result and earnings per share turned negative for the quarter and were driven by weak EBITDA development. Net result was EUR -55 million in the third quarter of 2023 (EUR 207 million).
Q3 2023 compared to Q2 2023
Outokumpu’s sales decreased to EUR 1,531 million in the third quarter of 2023 (Q2/2023: EUR 1,911 million) and adjusted EBITDA amounted to EUR 51 million (Q2/2023: EUR 190 million). The decrease in adjusted EBITDA was mainly driven by the challenging market environment in Europe. As a result of lower profitability, ROCE for the rolling 12 months was 5.3% (11.4%).
In the third quarter, total stainless steel deliveries decreased by 11% from the second quarter, in line with the seasonal pattern. In addition to decreased volumes, profitability was also negatively impacted by lower realized prices for stainless steel in both Europe and Americas as well as the lower ferrochrome sales price. Positive impact in the third quarter compared to the previous quarter came from lower costs in business areas Europe and Ferrochrome. Raw material-related inventory and metal derivative losses increased to EUR 27 million in the third quarter (Q2/2023: losses of EUR 12 million). Other operations and intra-group items’ adjusted EBITDA totaled EUR 5 million (Q2/2023: EUR -8 million). Net result in the third quarter was EUR -55 million (Q2/2023: EUR 89 million).
January–September 2023 compared to January–September 2022
During January–September 2023, Outokumpu’s sales decreased to EUR 5,447 million (EUR 7,598 million) and adjusted EBITDA amounted to EUR 445 million (EUR 1,146 million). The market environment, especially in Europe, was significantly weaker in 2023 compared to the previous exceptionally strong year. ROCE for the rolling 12 months was 5.3% (26.8%).
In January–September 2023 total stainless steel deliveries were 12% lower compared to the same period last year. Weaker profitability was mainly driven by substantially lower realized prices for stainless steel in Europe while there was a decrease in Americas as well. Also, the lower ferrochrome sales price negatively impacted profitability in 2023. Variable costs decreased mainly due to the fact that the negative impact from the higher electricity price was more than offset by the lower ferrosilicon price. Raw material-related inventory and metal derivative losses amounted to EUR 45 million in January–September 2023 (losses of EUR 83 million). Other operations and intra-group items’ adjusted EBITDA totaled EUR -4 million (EUR -33 million). EBIT amounted to EUR 214 million (EUR 961 million) and net result EUR 131 million (EUR 775 million) in January–September 2023.
A live webcast and conference call today, November 7, at 3.00pm EET
A live webcast and conference call to analysts, investors and representatives of media will be arranged today at 3.00 pm EET at https://outokumpu.videosync.fi/2023-q3-results, hosted by President and CEO Heikki Malinen and CFO Pia Aaltonen-Forsell.
To ask questions, please participate in the conference call by registering at https://palvelu.flik.fi/teleconference/?id=10010351. After registration you will receive phone number and a conference ID to access the conference call. If you wish to ask a question, please dial *5 on your telephone keypad to enter the queue.
All the interim report materials, a link to the webcast and later on its recording will be available at www.outokumpu.com/en/investors.
Media Contact:
Investors:
Linda Häkkilä
Head of Investor Relations
tel.: +358 400 719 669
Media:
Päivi Allenius
VP – Communications & Brand
tel.: +358 40 753 7374
Outokumpu media desk:
+358 40 351 9840
SOURCE: Outokumpu Oyj
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- 'I Love fruit & veg from Europe': Weihnachten in der Schweiz ist gesund und voller Aromen
- Fidupar Now Live on Framework’s Core Solution
- Maya Miranda Ambarsari launches InterconnectDATA information platform for authentic data
- Digi Communications N.V. Announces that the offer of the Company’s Romanian subsidiary was designated winner of the auction organised for the allocation of certain radio frecquency entitlements
- New dating site aimed at people with mental health problems launches in Switzerland
- BITSCore Tests Satellite Cyber-Security and Ride-Share Algorithms on Australian Rocket
- StatusMatch.com ed Emirates collaborano per aiutare i frequenti viaggiatori italiani a tornare in volo
- StatusMatch.com and Emirates partner up to help Italian frequent flyers get back in the air
- MinDCet drivers and FTEX powertrain solutions enable EV GaN applications
- Digi Communications NV announces the release of the Q3 2021 Financial Results
- Origami and citoQualis Team up for Startups
- Digi Communications NV announces Investors Call for the Q3 Financial Results presentation
- Digi Communications N.V. announces the extraordinary general meeting’s resolution from 4 November 2021, approving the appointment of KPMG N.V. as the Company’s statutory auditor for the 2021 financial year
- Digi Communications N.V. announces The solution reached by the Bucharest Court of Appeal regarding the investigation conducted by the Romanian National Anticorruption Directorate with respect to RCS & RDS S.A., Integrasoft S.R.L. and certain of their directors
- Digi Communications N.V. Announces the results of the auction organised by the Portuguese Authority for Telecommunications
- Haizol expands its capabilities to include component assembly and product development
- EIC, the World’s Largest Multinational Innovation Program, to Invest €13.4M in Wi-Charge, a Game Changing Wireless Power Company
- European Weightlifting Federation on its way for Electoral Congress
- “Without women, We are unable to solve the world’s greatest challenges” — She Loves Tech 12 Hot Finalists ready to get their chance at the Local Pitch in South Europe!
- Significant improvement in increasing Time In Range and reducing hypoglycemia among people equipped with Diabeloop DBLG1
- Digi Communications N.V. Announces the Convocation of the Company’s Extraordinary General Meeting of Shareholders on 4 November 2021 in order to appoint KPMG N.V. as the Company’s new statutory auditor for the financial year 2021
- Unit of Measure enters partnership with Stibo Systems
- Haizol, metal manufacturing giant, launch a brand new website which is both user friendly and interactive
- Groundbreaking Immersive Experience from Samsung and Artist Michael Murphy Reveals a New Perspective for Visual Entertainment Through the Stunningly Slim Neo QLED TV
- Collaboration between Airbus and Neural Concept
- Archpriest Nikolay Balashov on Patriarch Bartholomew’s speeches in Kiev
- ABB's Peter Voser joins Xynteo's Europe Delivers partnership as it new Chairman
- Digi Communications NV announces that a new stock option programme was approved
- Leverage the benefits of digital manufacturing with Haizol
- Digi Communications NV announces the release of the H1 2021 Financial Results
- Digi Communications NV announces Investors Call on the Financial Results for H1 2021
- Rockegitarist-Sensasjon Rocky Kramer Har Fått Hovedrollen I Mutt Productions Filmen Rockin’ In Time
- Dispatch.d Offers Unique US Market Entry Services for European Impact Brands
- CSA Research’s New Localization Intelligence Analyzer, powered by LocHub, Helps Organizations Improve their Website’s Effectiveness for Global Customers
- Customer Data Platform Industry Accelerated During Pandemic: CDP Institute Report
- Digi Communications N.V. announces that two of its subsidiaries entered into two facility agreements
- Introducing Cap Expand Partners, Helping Business Leaders Break International Barriers
- Hong Kong’s Innovation and Technology Venture Fund Becomes Strategic Financial Investor of Ignatica
- Cure for prostate cancer on the horizon
- Fanpictor signs multi-year partnership with Royal Belgian Football Association
- Fanpictor unterzeichnet mehrjährige Partnerschaft mit dem Königlich Belgischen Fussballverband
- Fanpictor signe un partenariat pluriannuel avec la Royal Belgian Football Association
- Fanpictor firma una colaboración de varios años con la Real Federación Belga de Fútbol
- Fanpictor firma una partnership pluriennale con la Royal Belgian Football Association
- Fanpictor tekent meerjarige partnership met Koninklijke Belgische Voetbalbond
- Launch of the New Akenza Platform
- De zelflerende algoritme DBLG1®: eenvoudig te gebruiken voor een optimale en gepersonaliseerde behandeling van diabetes type 1
- Launch of the Anna Lindh Foundation Virtual Marathon for Dialogue!
- Digi Communications N.V. announces the exercise of stock options by the Executive Director of the Company pursuant to the decision of the Company’s general meeting of shareholders dated 30 April 2020 and in accordance with the stock option plan approved at the level of the Company in 2017
- New research unlocks long tail growth opportunity for the tech industry
- Digi Communications NV announces the availability of the instructions on the 2020 share dividend payment
- Digi Communications NV announces that conditional stock options were granted to several Directors of the Company based on the approval of the general meeting of shareholders from 18 May 2021
- Digi Communications N.V. Announces the Company’s General Shareholders Meeting resolutions adopted on 18 May 2021 approving, amongst others, the 2020 Annual Accounts
- Digi Communications N.V. (“Digi”) announces the Q1 2021 Financial results
- Digi Communications NV announces Investors Call for the Q1 2021 Financial Results
- Digi Communications N.V. announces an Amendment to the 2021 Financial Calendar
- Fastpayhotels Hits an Industry Milestone by Connecting 500 Hotels Per Day Through DerbySoft Technology
- 4 ways to build a more flexible supply chain
- Join the world's leading virtual CBD event for FREE
- DEEPENING STRATEGIC RELATIONSHIP BETWEEN UBC AND PIONEERING DECENTRALISED PLATFORM, MANYONE
- Mono Solutions recognizes Norwegian small business agency with best website 2021 award
- Mono Solutions and Xrysos Odigos unlock new opportunities for small businesses
- Behind the scenes of a 10,000-people online conference: creating a live-event atmosphere and leveraging cybersecurity software
- Largest Supply Chain for Face masks, FFP2, FFP3 and cloth masks
- TRANSMAR AND TRANSMETRICS SIGN DEAL FOR STATE-OF-THE-ART LOGISTICS COLLABORATION
- Amendment of Digi Communications N.V. Financial Calendar for 2021
- 4iG and Digi Communications NV’s Romanian subsidiary have entered into a term sheet with regards to a potential acquisition by 4iG of DIGI Group’s Hungarian operations
- “Building Healthy Relationships and Enhancing Gender Equality”: Young women from Cyprus, Egypt, Lebanon and Jordan come together
- Bring Ventures investit dans Crossborderit (CBIT), DDP et une solution de commerce électronique
- Bring Ventures investiert in Crossborderit (CBIT), eine DDP (geliefert verzollt) und E-Commerce Lösung
- Bring Ventures invests in Crossborderit (CBIT), DDP and ecommerce solution
- Lionspeed GP with Patrick Kolb and Lorenzo Rocco joins forces with CarCollection Motorsport in 2021
- Eurekos, ein klassenbester LMS-Anbieter, hat seine Position im renommierten Fosway 9-Grid™ für Lernsysteme verbessert
- Eurekos, en førsteklasses LMS-udbyder, har forstærket sin position på den prestigefyldte Fosway 9-Grid™ for læringssystemer
- Eurekos, ein erstklassiger LMS-Anbieter, hat seine Position auf dem renommierten Fosway 9-Grid™ für Lernsysteme weiter ausgebaut
- Digi Communications N.V. announces Share transaction made by an executive director of the Company with class B shares
- Digi Communications N.V.: Announces an Amendment to the Financial Calendar for 2021
- Ideanomics Invests $13M in Italian EV Motorcycle Company, Energica
- DigiSky and Asman Technology Announce Global Reseller Agreement
- Neowintech - O Marketplace Da Sua Próxima Solução Financeira
- Neowintech - Il Marketplace per la tua prossima soluzione finanziaria
- PIONEERING DECENTRALISED SECURE MESSAGING PLATFORM MANYONE ANNOUNCES STRATEGIC RELATIONSHIP WITH UNIVERSITY COLLEGE LONDON CENTRE BLOCKCHAIN TECHNOLOGY
- Digi Communications NV announces the release of the 2020 Preliminary Financial Results
- Fraunhofer IGD develops automated robotic arm to scan cultural objects in 3D, now cooperating with Phase One
- Adapt Fast or Disappear – Choosing the Right Supplier
- Digi Communications NV announces Investors Call for the 2020 Preliminary Financial Results
- A URSAPHARM Arzneimittel e a CEBINA anunciam uma parceria com vista a reaproveitar o anti-histamínico azelastina para combater a COVID-19
- URSAPHARM Arzneimittel et CEBINA annoncent un partenariat pour reconvertir l'antihistaminique azélastine afin de lutter contre la COVID-19
- URSAPHARM Arzneimittel y CEBINA anuncian una colaboración para readaptar el antihistamínico azelastine para combatir la COVID-19
- URSAPHARM Arzneimittel and CEBINA announce partnership to repurpose the antihistamine azelastine to combat COVID-19
- ANIL UZUN Will Launch Bass Guitar Lessons Series on Youtube
- Henrik Stampe Appointed CEO for Mono Solutions
- Anna Mossberg leder Nordens största privata AI-lab i Sverige: "Utan AI riskerar svenska företag att förlora sin konkurrensfördel."
- What COVID-19 has taught us about manufacturing & the importance of a digital online marketplace
- Digi Communications N.V. announces: the Supreme Court of Hungary dismissed the Company’s appeal related to the 5G Tender procedure
- Customer Data Platform Industry to Reach $1.5 Billion in 2021: CDP Institute Report
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GreenMantra Technologies Announces Exclusive Distribution Relationship with HARKE GROUP