Outokumpu’s statement on decision made by the Secretary General of the International Court of Arbitration of the ICC

Outokumpu’s statement on decision made by the Secretary General of the International Court of Arbitration of the ICC

As stated in our financial statements release, published on February 9, 2023, on January 27, 2023, RAOS Project Oy filed with the Secretariat of the International Court of Arbitration of the International Chamber of Commerce (ICC) a request to join Outokumpu Oyj into existing arbitration proceedings related to the termination of the EPC (Engineering, Procurement and Construction) contract between Fennovoima Oy and RAOS Project Oy in May 2022 and its consequences.

The Secretary General of the International Court of Arbitration of the ICC has decided to refer the dispute to an arbitral tribunal. Outokumpu disputes the existence of any contractual relation, obligation, or arbitration agreement between Outokumpu and RAOS Project Oy.

As Outokumpu is not a party to the EPC contract, it also objects to the jurisdiction of the arbitral tribunal to be constituted to decide the matter regarding Outokumpu. The administrative decision made by the Secretary General of the International Court of Arbitration of the ICC is preliminary and non-binding on the arbitral tribunal. Outokumpu disputes the claims made by RAOS Project Oy and will defend itself against the unfounded claims brought by RAOS Project Oy. Outokumpu has not made a provision in its accounting for the matter.

Outokumpu holds 22% of the shares in Voimaosakeyhtiö SF, which holds 97% of the shares in Fennovoima Oy. We have written down in full the value of Outokumpu’s investment in Voimaosakeyhtiö SF in our financial statements of December 31, 2021. 

For more information: 

Päivi Allenius, VP – Communications and Brand, tel. +358 40 753 7374 or Outokumpu media phone +358 40 351 9840, e-mail media@outokumpu.com