Outokumpu CEO Roeland Baan commented our Q3 results on October 26, 2018:
Outokumpu CEO's review
CEO Roeland Baan:
“During the third quarter, we were able to strengthen our market leadership position in a tough environment. Our financial performance was solid with adjusted EBITDA amounting to EUR 128 million. Despite the US steel tariffs, high stainless steel imports and record low prices, business area Europe maintained healthy profitability driven by richer product mix. Business area Long Products continued strong performance fueled by focused efficiency and productivity measures. In the Americas, base price increases have materialized as expected, but the higher input and freight costs as well as heavy distributor destocking burdened the business area’s profitability.
The overall uncertainty on the stainless steel markets is expected to continue. The EU’s provisional safeguard measures are forecast to become permanent within a few months, but their real impact in balancing the import situation in the European steel markets is expected to start materializing only during next year.
Thanks to our strong focus on customers, improved reliability and efficiency, our financial performance continues to be on the right trajectory to reach our long-term financial targets. Putting aside the current market uncertainties, the long-term growth prospects for stainless steel are sound, and as the market leader, we are well positioned to capture our fair share of this growth.”