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Outokumpu Oyj (0FJ8)

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Wednesday 20 July, 2011

Outokumpu Oyj

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

20 July 2011 at 9.10 am EET

  * 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

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

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

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

For further information, please contact:

Päivi Lindqvist, SVP - Communications and IR
tel. +358 9 421 2432, mobile +358 40 708 5351
[email protected]

Ingela Ulfves, VP - Investor Relations and Financial Communications
tel. +358 9 421 2438, mobile +358 40 515 1531
[email protected]

Esa Lager, CFO
tel +358 9 421 2516
[email protected]


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.

ENG Q2 2011 Media release:

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



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