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    OUT1V   FI0009002422

OUTOKUMPU OYJ

(OUT1V)
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Stainless steel maker Outokumpu raises outlook as high prices lift profit

11/04/2021 | 02:36am EDT

* Outokumpu benefits from rising stainless steel prices

* Deliveries decreased 8%

* Lifts savings target by 50 million euros

HELSINKI, Nov 4 (Reuters) - Finnish stainless steel maker Outokumpu said on Thursday it expects profitability to improve in the last three months of the year after it posted stronger than expected third-quarter profits, driving its shares up more than 8%.

The coming months looked promising for Outokumpu thanks to an exceptional rise in stainless steel prices driven by surging demand as economies recover from the pandemic, offsetting high higher energy and raw material costs, Inderes analyst Petri Gostowski told Reuters.

"Outokumpu is going into annual contract negotiations with the high prices but the question is at what point the prices will turn," he said.

Outokumpu sees high demand continuing across all sectors and aims to offset raw material cost increases with higher prices, Chief Executive Heikki Malinen told Reuters in an interview.

"We try to operate at full capacity, everything we can get out of the plants, we take," he said.

Malinen added the 8% drop in third quarter stainless steel deliveries Outokumpu flagged three weeks ago, compared with the second quarter, was mainly due to planned maintenance.

The company expects deliveries to remain at a similar level in the fourth quarter.

Outokumpu increased its savings target to improve the run-rate in earnings before interest, tax, depreciation and amortisation (EBITDA) to 250 million euros ($289 million) from 200 million by the end of 2022.

Quarterly adjusted EBITDA rose to 295 million euros from 10 million euros a year earlier, beating the 254.5 million euros analysts had estimated in a company-provided poll.

($1 = 0.8638 euros) (Reporting by Essi Lehto Editing by Emelia Sithole-Matarise and Mark Potter)


© Reuters 2021
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Analyst Recommendations on OUTOKUMPU OYJ
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Financials
Sales 2022 10 807 M 11 401 M 11 401 M
Net income 2022 821 M 866 M 866 M
Net cash 2022 241 M 254 M 254 M
P/E ratio 2022 2,76x
Yield 2022 8,24%
Capitalization 2 203 M 2 332 M 2 324 M
EV / Sales 2022 0,18x
EV / Sales 2023 0,19x
Nbr of Employees 9 197
Free-Float 79,6%
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 4,87 €
Average target price 6,72 €
Spread / Average Target 38,0%
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Managers and Directors
Heikki Pekka Mikael Malinen President & Chief Executive Officer
Pia Aaltonen-Forsell Chief Financial Officer
Kari Alpo Erik Jordan Chairman
Stefan Erdmann Chief Technology Officer
Niklas Wass EVP-Operations Business Europe region
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