Finland's Outokumpu trims loss on cost cuts
HELSINKI Feb 13 (Reuters) - Stainless steelmaker Outokumpu reported a smaller-than-expected underlying loss for the fourth quarter and forecast an improvement in the current quarter after cost cuts helped to limit the impact of weaker stainless steel prices.
Outokumpu trimmed its quarterly underlying operating loss to 90 million euros ($122 million) from 169 million euros in the same quarter a year earlier. Analysts on average expected a loss of 122 million euros, according to a Reuters poll.
The company said it would likely report a loss in the first quarter, but a smaller one than in the previous quarter due to higher market demand and some improvement in base prices.
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