Outokumpu Oyj commences an Equity Buyback Plan for 45,000,000 shares, representing 9.85% of its issued share capital, under the authorization approved on March 31, 2022.
November 08, 2022 at 02:00 am EST
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Outokumpu Oyj (HLSE:OUT1V) commences share repurchases on November 7, 2022, under the program mandated by the Annual General Meeting held on March 31, 2022. As per the mandate, the company is authorized to repurchase up to 45,000,000 shares representing 9.85% of its issued capital. The shares may be repurchased only by using unrestricted equity. The share repurchase program will expire at the next Annual General Meeting, but no later than May 31, 2023. As of March 6, 2022, the company has 4,164,711 shares in treasury.
On November 3, 2022, the company initiated a repurchase program. Under the program, the company will repurchase up to 20,000,000 shares, representing 4.4% of its share capital, for €100 million. The purpose of the program is to mitigate and manage the dilutive impact of the company's outstanding convertible bonds. The repurchased shares will be initially held by the company as treasury shares and may be used to meet its obligations under the convertible bonds. Alternatively, the company may decide to cancel any or all of the repurchased shares and reduce its capital accordingly. The program will commence at the earliest on November 7, 2022 and end no later than on March 24, 2023.
On March 24, 2023, the company concluded the Market Repurchase. Under the program, the company repurchased 19,836,205 shares, for €100 million.
Outokumpu Oyj is one of the world's leading manufacturers of stainless steels. Net sales break down by activity as follows:
- sales of generic steel products (95.3%): rolled products, plates, flat steels, etc. The group also develops ferrochrome production activity. Net sales break down by geographical area between Europe (71.6%) and America (28.4%);
- ferrochrome production (3%);
- other (1.7%): primarily holdings in industrial groups.
Net sales are distributed geographically as follows: Finland (3.5%), Europe (61.2%), North America (28.7%), Asia/Pacific (5.3%) and other (1.3%).
Outokumpu Oyj commences an Equity Buyback Plan for 45,000,000 shares, representing 9.85% of its issued share capital, under the authorization approved on March 31, 2022.
OUTOKUMPU OYJ 
