Outokumpu’s operations have economic impacts on the local, national and global communities. We contribute to the well-being of the communities we operate in through direct and indirect employment, through paying taxes and other means of community involvement.
Outokumpu operates in a competitive industry where demand and supply meet in global markets. On the other hand, our production sites are often located in relatively small cities or towns. This means that Outokumpu is significant to the economies of the small local communities, and often one of very few private-sector employers in the area.

Outokumpu surveys its stakeholders view on what are material issues in sustainability. For more information on our sustainability performance please see our latest Annual Report.

 

Economic impact

Being a global leader in stainless steel means that a large share of the global stainless steel demand is satisfied by Outokumpu. Therefore, because of our sustainability practices, the global society benefits overall. Our main areas of direct economic impact are our financial interactions with customers, suppliers, employees, the public sector, and shareholders. Outokumpu contributes to the well-being of local, national and international communities through tax payments, through direct and indirect employment and by participating in other societal activities.

See more about our economic impact in our sustainability data tool.

 

Our tax approach

As a global corporate citizen, we are fully committed to report and pay taxes in a timely manner, in compliance with local regulations in the countries where we create value. All transactions must have a solid business rationale in accordance with the corporate strategy. Our objective is to ensure predictability in all tax matters. We support competitive business growth in a tax efficient manner without compromising on tax compliance principles.

Outokumpu acknowledges that aggressive tax planning and artificial arrangements purely aiming at achieving tax benefits are not in line with good corporate citizenship and constitutes a direct threat to the company’s brand and reputation. Such arrangements are therefore strictly prohibited. No transaction is to be executed solely based on tax planning schemes. Tax is an integrated part of business processes.

Double taxation, i.e. when the same income is taxed in more than one country, is costly. If it occurs, mutual agreement procedures and other legal proceedings are used in order to eliminate double taxation.

Read our entire tax statementFor more information in the UK, please see our UK Tax Strategy 2020 (20192018, 2017).