Outokumpu CEO Roeland Baan commented our Q2 results on July 24, 2018:
Outokumpu CEO's review
CEO Roeland Baan:
“Despite market volatility and the global uncertainty created by the US steel tariffs, we maintained our market position and financial performance during the second quarter. Our adjusted EBITDA amounted to EUR 136 million supported by record-high stainless steel deliveries. Business area Americas’ result improved as expected, and business area Europe was able to maintain its good performance in a challenging market environment with unprecedented price pressure.
The impacts of the US steel tariffs implemented in early May have been two-fold. On the downside, we have witnessed surging imports to Europe resulting in heavy price pressure while in the Americas, base prices have risen throughout the spring benefiting local manufacturers including us. The provisional safeguard measures imposed by the European Commission as of July 19 are a logical reaction to restore balance in the European steel markets and stem the flow of low-priced steel imports. We expect the provisional safeguards to be commuted into permanent safeguards within the next 200 days.
We are halfway through our journey to become the best value creator in stainless steel. Despite substantial market headwinds during the past months, we delivered one of our strongest quarters in our history. This development highlights the significant progress we have made to achieve our 2020 targets.”