Outokumpu Q3 interim statement update

12 November 2019

Outokumpu Q3 interim statement: Outokumpu’s sales decreased to € 1,590M (€ 1,733M) and adjusted EBITDA to € 45M (€ 128M). Profitability decreased significantly primarily due to 8% lower stainless steel deliveries reflecting a weak stainless steel market particularly in Europe, as well as raw material-related inventory and metal derivative losses of € 31M (gains of € 3M) caused by a sharp rise of the nickel price. Ferrochrome profitability was negatively impacted by the lower benchmark price. Raw material mix, on the other hand, improved in both business area Europe and the Americas. Other operations and intra-group items’ adjusted EBITDA was € 14M (€ -4M), positively impacted by gains from derivatives and the sale of emission allowances.

During the first nine months of 2019, Outokumpu’s sales decreased to € 5,006M (€ 5,286M). Adjusted EBITDA decreased to € 190M (€ 397M). Deliveries during the first nine months of the year were 8% lower compared to the same period last year. Other operations and intra-group items’ adjusted EBITDA amounted to € 4M (€ 11M).