Finland-based stainless steel producer Outokumpu has announced its financial results for the fourth quarter and full year of 2024.
In the given quarter, the company registered a net loss of €32 million, compared to a net profit of €20 million in the previous quarter and a net loss of €242 million in the same quarter of 2023, while its sales revenues declined by 7.4 percent quarter on quarter and by 7.1 percent year on year to €1.40 billion. In the fourth quarter of 2024, the company’s adjusted EBITDA was negative €3 million, compared to €86 million in the third quarter and €72 million in the same quarter of 2023.
In the full year, Outokumpu reported a net loss of €40 million, compared to a net loss of €111 million in the previous year, while its sales revenues amounted to €5.94 billion, falling by 14.6 percent year on year. In 2024, the company’s adjusted EBITDA came to €177 million, compared to €517 billion in 2023.
In the meantime, the company’s stainless steel deliveries in the fourth quarter amounted to 422,000 mt, moving down by 8.1 percent quarter on quarter and 6.2 percent from the same quarter of the previous year. In 2024, stainless steel deliveries came to 1.79 million mt, declining by 5.9 percent year on year.
In its financial report, the company noted that the historically low stainless steel demand in Europe resulted in weaker results compared to 2023. The company expects stainless steel shipments in the next quarter to increase by 10-20 percent quarter on quarter, while pressure on stainless steel prices will maintain.