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MarketScreener Homepage  >  Equities  >  NASDAQ OMX HELSINKI LTD.  >  Outokumpu Oyj    OUT1V   FI0009002422

OUTOKUMPU OYJ

(OUT1V)
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Outokumpu Oyj : Outokumpu provides stainless steel façade for China's highest skyscraper

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08/12/2013 | 02:20am EDT

Outokumpu provides stainless steel façade for China's highest skyscraper

OUTOUKUMPU OYJ
PRESS RELEASE
August 12, 2013 at 9.00 am EET


Outokumpu has won a bid to provide stainless steel for the façade on Ping An Finance Center in Shenzhen, China. The skyscraper's façade will be the largest stainless steel façade in the world. This contract demonstrates Outokumpu's vast experience and advanced expertise in stainless steel. The building is expected to be finished in April 2016, with a height of 660 meters, and it is set to be the highest skyscraper in China and the second highest in the world.

The Ping An Finance Center will cover almost 0.5 square kilometers of building area. It will house the headquarters of Ping An Life Insurance Company of China and bine office functions with shops of high-end international and local brands, fine restaurants and an entertainment plex.

"In our substantive research on the bidders, Outokumpu stood out with its rich global experience and highly efficient and customized products. Outokumpu's vision of 'a world that lasts forever' and the mission of 'creating long lasting and recyclable advanced materials' perfectly match our vision of providing a sustainable landmark to the pioneering spirit of Shenzhen," said the spokesperson for Ping An Finance Center.

The façade is an important part of the structure of a skyscraper, thus requiring high quality of stainless steel. The spokesperson from the architectural firm Kohn Pedersen Fox (KPF) mented on Outokumpu's stainless steel: "The performance of the material is one of the best. It is durable in the most challenging of conditions delivering ever longer project lifecycles. The timely technical support and tailored advice will greatly help us along the construction process as well."

Stainless steel has bee a preferred material for architectural façades because of its qualities. Its mechanical properties allow for a thinner façade and it also keeps the building insulated from the elements as well as sound. Specifically, longevity and corrosion resistance is necessary to avoid material replacement due to esthetic or functional failure. The corrosion resistance of stainless steel also helps other long-life materials such as wood, stone, concrete and masonry to achieve their potential. Stainless steel's solar reflective index on mon finishes shield buildings and structures from both summer heat gain and winter heat loss, reducing energy requirements.

Outokumpu is the leader in developing tailored surface finishes to allow for unique and long lasting building façades, and has a long track record in providing high quality stainless steel to skyscrapers, examples spanning across time and geography, from the 80 years old Chrysler Building to the new Burj Khalifa in Dubai, the tallest building in the world.

For more information:

Dana Yu, tel. +86 13611695625

Outokumpu Communications, tel. +358 50 346 6556

Outokumpu Group

Outokumpu is the global leader in stainless steel and high performance alloys. We create advanced materials that are efficient, long lasting and recyclable - thus building a world that lasts forever. Stainless steel, invented a century ago, is an ideal material to create lasting solutions in demanding applications from cutlery to bridges, energy and medical equipment: it is 100% recyclable, corrosion-resistant, maintenance-free, durable and hygienic. Outokumpu employs more than 15 000 professionals in more than 40 countries, with headquarters in Espoo, Finland and shares listed in the NASDAQ OMX Helsinki. www.outokumpu.



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Sales 2020 5 595 M 6 215 M 6 215 M
Net income 2020 -38,9 M -43,2 M -43,2 M
Net Debt 2020 1 178 M 1 308 M 1 308 M
P/E ratio 2020 -25,8x
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Average target price 2,97 €
Last Close Price 2,69 €
Spread / Highest target 48,5%
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Heikki Pekka Mikael Malinen President & Chief Executive Officer
Kari Alpo Erik Jordan Chairman
Pia Aaltonen-Forsell Chief Financial Officer
Jan Hofmann Executive VP-Business Transformation & IT
Kati ter Horst Independent Director
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