Finland's Outokumpu trims quarterly loss on cost cuts
HELSINKI, July 24
HELSINKI, July 24 (Reuters) - Finnish stainless steel maker Outokumpu on Thursday reported a smaller-than-expected underlying loss in the second quarter, helped by cost-cuts, but forecast a slighty bigger loss for the third quarter.
Outokumpu trimmed its underlying operating loss to 6 million euros ($8 million) from 87 million euros in the same quarter a year earlier. Analysts in a Reuters poll on average expected a loss of 13 million euros.
The company, which has struggled with weak stainless steel prices, said it expected third-quarter underlying operating loss to be slightly larger than the one in the second quarter.
Outokumpu, 30-percent owned by the Finnish state, earlier this year raised 640 million euros ($866 million) through a rights offering as part of a larger financing plan that included asset sales. ($1 = 0.7432 Euros) (Reporting by Sakari Suoninen; Editing by Jussi Rosendahl)