Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Investing

Stainless steel maker Outokumpu shares up more than 6% on strong Q1

2022 05 05T133234Z 2 LYNXNPEI4406Z RTROPTP 4 EU STEEL OUTOKUMPU - Global Banking | Finance

HELSINKI (Reuters) -Finnish stainless steel maker Outokumpu saw its shares soar more than 6% on Thursday after reporting stronger-than-expected quarterly profits, boosted by higher prices for stainless steel and ferrochrome.

The company said it expects the strong performance to continue in the second quarter, seeing a further rise in its adjusted earnings from the first quarter but stainless steel deliveries at a similar level.

“We are doing well in the Americas,” Chief Financial Officer Pia Aaltonen-Forsell told Reuters, adding that she expected sales there to continue to be strong although the company is already operating close to its maximum capacity in the region.

The group’s global stainless steel deliveries increased more than 6% year-on-year in the first quarter and 10% from the previous quarter, beating analysts’ expectations.

“However, imports from Asia into Europe increased to a significant level of 35%, creating uncertainty going forward,” Chief Executive Heikki Malinen said in a statement.

Aaltonen-Forsell said Asian sellers were looking to European markets due to a slowdown in Asian economies following their strong rebound from the COVID-19 pandemic.

The company’s adjusted earnings before interest, tax, depreciation and amortisation rose to 377 million euros ($400 million) in the January-March quarter from 177 million a year earlier.

That beat the median forecast of 354.8 million euros from 12 analysts in a company-provided poll.

“The positive impact from higher prices more than offset the negative impact from significant cost inflation,” the company said in its report.

In Finland, Outokumpu is preparing for the possibility of Russian liquefied natural gas (LNG) supplies being sanctioned by the European Union by taking steps to replace them with propane.

“We are preparing for this in all seriousness, and we have several backup plans,” Aaltonen-Forsell said.

($1 = 0.9429 euros)

(Reporting by Anne Kauranen; Editing by Jason Neely and Jan Harvey)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post