OUTOKUMPU OYJ
STOCK EXCHANGE RELEASE
May 27, 2015 at 1.00 pm EET
At its Capital Market Days in Berlin, Germany, Outokumpu will share today an update on its progress in the company turnaround to sustainable profitability and give an overview on stainless steel markets. Company targets and outlook remain unchanged.
Mika Seitovirta, Outokumpu CEO: “Our performance is heading in right direction. Our largest business area, Coil EMEA, is on track to sustainable profitability. Coil Americas’ long-term potential remains intact even though we are facing headwinds at the moment. Demand in the US is negatively impacted by high imports, elevated stock levels and subdued nickel price. Thus, while our Calvert operations are running smoothly, the order intake continues to be disappointing. We are working on multiple fronts to overcome the setbacks in Americas and turn the business area profitable.”
Reinhard Florey, Outokumpu CFO: “Outokumpu turnaround shows in the gradually improving profitability, strengthened balance sheet and good progress in synergy and efficiency programs. Deleveraging the company remains one of the main focus areas with a targeted net debt of below EUR 1.5 billion by the end of 2017 and reduced financing costs. Another priority is to maintain moderate capital expenditure and to continuously improve net working capital efficiency. The good track record in savings programs proves our ability to achieve the targeted savings of EUR 550 million by the end of 2017, and we are confident that we can further improve Outokumpu cost structure and competiveness.”
Online live webcast from Outokumpu Capital Markets Day will be held today at 2.15 pm EET, at 1.15 pm CET. Link to the webcast. Presentations are available at www.outokumpu.com/en/investors/IR-events/CMD-2015
For more information:
Investors: Johanna Henttonen, tel. +358 9 421 3804, mobile +358 40 530 0778
Media: Saara Tahvanainen, tel. +358 40 589 0223
Outokumpu Group
Outokumpu is a global leader in stainless steel. We create advanced materials that are efficient, long lasting and recyclable – thus building a world that lasts forever. Stainless steel, invented a century ago, is an ideal material to create lasting solutions in demanding applications from cutlery to bridges, energy and medical equipment: it is 100% recyclable, corrosion-resistant, maintenance-free, durable and hygienic. Outokumpu employs more than 12 000 professionals in more than 30 countries, with headquarters in Espoo, Finland and shares listed in Nasdaq Helsinki. www.outokumpu.com
