Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

Outokumpu Oyj (0FJ8)

  Print      Mail a friend       Annual reports

Wednesday 20 July, 2011

Outokumpu Oyj

Outokumpu's second quarter 2011 - heavy restruc...






PRESS RELEASE
20 July 2011 at 9.10 am EET

Highlights
  * Underlying operational result some EUR -5 million
  * Non-recurring costs EUR -138 million
  * Operating loss EUR -169 million
  * Capital gains EUR 242 million
  * Profit before taxes and earnings per share positive at EUR 21 million and
    EUR 0.28 per share
  * Customers destocking due to declining nickel price, third-quarter operating
    profit expected to be clearly negative


 Group key figures, EUR million                  II/11   II/10    I/11
------------------------------------------------------------------------


 Sales                                           1 281   1 125   1 371

 Operating profit                                 -169      72      33

 Profit before taxes                                21      64      17

 Net profit for the period                          50      44      16

 Earnings per share, EUR                          0.28    0.24    0.09

 Net cash generated from operating activities      -66    -317     -10



 Stainless steel deliveries, 1000 tonnes           348     339     380

 Stainless steel base price, EUR/t 1)            1 223   1 317   1 215

 Stainless steel transaction price, EUR/t 2)     3 063   3 018   3 115



 1)  CRU: German base price (2mm cold rolled 304 sheet)

 2)  CRU: German transaction price (2mm cold rolled 304 sheet)



Demand for standard grades of stainless steel slowed down in Europe towards the
summer as the nickel price started to decline and led to destocking among
customers. The normal seasonality resulting from the holiday season in Europe
has been impacting the distributors' buying behaviour. Underlying demand however
continues to be relatively stable globally.

Outokumpu's second-quarter deliveries totalled 348 000 tonnes. Deliveries went
down from the first quarter but increased by 3% compared to the second quarter
2010. Base prices declined by 7%. Transaction prices, which also include raw
material costs, increased by 1.5% from the second quarter 2010.This was driven
by the nickel price as the average nickel price was 8% higher than a year ago.
The ferrochrome price was practically unchanged. Outokumpu's sales grew 14% to
EUR 1 281 million in the second quarter.

The higher delivery volume was not sufficient to compensate for the impact from
lower base prices and thus the underlying operational result was marginally
negative at EUR -5 million compared to a small profit of EUR 16 million in the
second quarter 2010. The operating loss for the quarter, EUR -169 million, was
burdened by raw material-related inventory losses of EUR 26 million and non-
recurring impairment and restructuring costs of EUR 138 million. The second
quarter 2010 included EUR 55 million of raw-material related inventory gains,
which took operating profit to EUR 72 million. The impairment and restructuring
costs are related to Outokumpu's short-term agenda, which focuses on improving
the Group's cash flow, improving balance sheet flexibility and restoring
profitability.

The short-term agenda includes turnaround plans for two of Outokumpu's units:
the tubular products business (OSTP) and the Kloster thin strip mill in Sweden.
Based on the plans, Outokumpu booked EUR 125 million of asset impairments for
these units. Additionally, there was EUR 13 million of provisions from the
functional efficiency improvement, which will reduce a total of 350 jobs in
Europe.

As part of the short-term agenda, Outokumpu sold its holding in Tibnor AB and
the listed Talvivaara Mining Company Plc as well as one fifth of its 20% holding
in the unlisted Talvivaara Sotkamo Ltd. In total, these divestments resulted in
EUR 242 million of capital gains and EUR 162 million of cash inflow for the
quarter. The substantial capital gains brought Outokumpu's profit before taxes
to EUR 21 million and earnings per share to EUR 0.28.

In the third quarter, Outokumpu expects delivery volumes and average base prices
to be lower than in the second quarter, which is expected to lead to negative
underlying operational result. Additionally, declined metal prices are expected
to result in raw material-related inventory losses (at current metal prices).
Thus, Outokumpu estimates its third-quarter operating profit to be clearly
negative.

CEO Mika Seitovirta:

"During my first months much of our attention has been on the Group's short-term
agenda, and this has provided us with quick sources of cash and helped attack
the most critical factors burdening Outokumpu's profitability. In the stainless
business, improving sales, generating cash and reducing costs are part of a
never-ending race. Current market circumstances mean that the pressure to move
even faster with this work and related actions is higher."


This press release is a summary of Outokumpu's official second quarter 2011
report.

For further information, please contact:

Päivi Lindqvist, SVP - Communications and IR
tel. +358 9 421 2432, mobile +358 40 708 5351
paivi.lindqvist@outokumpu.com

Ingela Ulfves, VP - Investor Relations and Financial Communications
tel. +358 9 421 2438, mobile +358 40 515 1531
ingela.ulfves@outokumpu.com

Esa Lager, CFO
tel +358 9 421 2516
esa.lager@outokumpu.com

OUTOKUMPU OYJ

Outokumpu is a global leader in stainless steel with the vision to be the
undisputed number one. Customers in a wide range of industries use our stainless
steel and services worldwide. Being fully recyclable, maintenance-free, as well
as very strong and durable material, stainless steel is one of the key building
blocks for sustainable future. Outokumpu employs some 7 500 people in more than
30 countries. The Group's head office is located in Espoo, Finland. Outokumpu is
listed on the NASDAQ OMX Helsinki.
www.outokumpu.com



ENG Q2 2011 Media release: 


http://hugin.info/3010/R/1532098/466461.pdf




This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
    
Source: Outokumpu Oyj via Thomson Reuters ONE

[HUG#1532098]