HELSINKI, July 24 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
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)