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Outokumpu Oyj (OUT1V.HE)

OUT1V.HE on Helsinki Stock Exchange

8.01EUR
11:29am EST
Change (% chg)

€0.14 (+1.78%)
Prev Close
€7.86
Open
€7.93
Day's High
€8.12
Day's Low
€7.91
Volume
4,622,326
Avg. Vol
3,121,118
52-wk High
€8.12
52-wk Low
€2.06

Latest Key Developments (Source: Significant Developments)

Outokumpu Q3 underlying EBIT at EUR 32 million, above estimates
Thursday, 3 Nov 2016 06:00am EDT 

Outokumpu Oyj : Q3 sales 1.42 billion euros ($1.58 billion) versus 1.44 billion euros seen in Reuters poll . Q3 underlying EBIT 32 million euros (Reuters poll 18.0 million euros) . Underlying stainless steel demand is expected to remain healthy in both Europe and US in Q4 . Typical softening of distributor demand is expected towards end of year, particularly in US, due to holiday season . Says Q4 stainless steel deliveries of business area Americas are expected to be significantly lower compared to Q3 . In Europe, stainless steel deliveries are expected to remain flat in Q4 . Expects base price improvements to have a slight positive impact on Q4 profitability . Sees Q4 underlying EBIT to remain at similar level to Q3 .Underlying EBIT for full year 2016 is expected to be clearly positive.  Full Article

Outokumpu Q2 underlying EBIT loss narrows more than expected
Tuesday, 26 Jul 2016 05:00am EDT 

Outokumpu Oyj : Q2 sales 1.38 billion euros ($1.52 billion) versus Reuters poll 1.46 billion euros . Q2 underlying EBIT loss 5 million euros (Reuters poll loss 12.9 million euros) . Expects sequentially flat delivery volumes for Q3 . Says ferrochrome operations will be impacted by major maintenance work during Q3 . Expects underlying EBIT to turn positive in Q3 .CEO: "While we still have a long way to go to realize our full potential, I am encouraged by the momentum and convinced of our ability to reach our vision and target of 500 million euro EBIT in 2020.  Full Article

Outokumpu's rebar chosen for cryogenic LNG project in Netherlands
Friday, 10 Jun 2016 02:00am EDT 

Outokumpu Oyj : Outokumpu rebar chosen for cryogenic LNG project in the Netherlands .Stainless steel rebar produced by Outokumpu is being used to reinforce a spill basin at new LNG gate terminal on Rotterdam's North Sea coast.  Full Article

Outokumpu to issue EUR 250 million bond
Friday, 10 Jun 2016 01:28am EDT 

Outokumpu Oyj : Said on Thursday intends to issue 250 million euros ($282.43 million) senior secured bond . Issue to be targeted mainly to institutional investors . Bond to mature on June 16, 2021 and to carry fixed coupon interest rate of 7.25 percent per annum, payable semi-annually . Bond is callable before its final maturity .Proceeds to be used primarily for prepayment of financial indebtedness.  Full Article

Outokumpu considers issuance of EUR 200 mln bond
Monday, 6 Jun 2016 03:20am EDT 

Outokumpu Oyj : Considers the issuance of a new bond . Target size of issue is about 200 million euros ($227.02 million) . Proceeds intended to be used primarily for prepayment of financial indebtedness . Potential issue is expected to take place in near future subject to market conditions .Danske Bank A/S and Nordea Bank Finland Plc act as coordinators and lead managers for bond issue.  Full Article

Outokumpu completes share repurchase
Friday, 27 May 2016 07:00am EDT 

Outokumpu Oyj : Completed share repurchase .Repurchased 2 million own shares via public trading at Nasdaq Helsinki, with average price 3.51 euros per share.  Full Article

Outokumpu agrees on the final terms and conditions of the SKS transaction
Monday, 16 May 2016 06:00am EDT 

Outokumpu Oyj : Agrees on the final terms and conditions of the SKS transaction . Final transaction price for Outokumpu's 5 pct rises to 90 million euros ($102 million) from earlier estimated 62 million euros, taking into account all adjustments . Recorded a capital gain of 412 million euros net of taxes for sale of its entire 60 pct share in SKS .Expects to close transaction during Q4 of 2016.  Full Article

Outokumpu to start repurchase of own shares
Friday, 13 May 2016 08:00am EDT 

Outokumpu Oyj : Outokumpu to start repurchase of own shares . Maximum number of shares to be repurchased in one or more instalments is 2,000,000 corresponding to about 0.48 percent of total number Outokumpu shares . Price for shares will be based on price prevailing on market on day of repurchase in public trading . Authorization is valid until end of next annual general meeting, however expiring at latest on May 31, 2017 .Share repurchases will commence on May 17, 2016 at earliest.  Full Article

Outokumpu Oyj announces job cuts and bold profit targets - Reuters News
Tuesday, 5 Apr 2016 12:40am EDT 

Outokumpu Oyj:The new chief executive of Europe's largest stainless steel marker Outokumpu announced job cuts and ambitious profit targets on Tuesday in a bid to turn the loss-making Finnish company around. - RTRS.Outokumpu, which is 26 percent state owned, has struggled since the financial crisis and an unsuccessful acquisition of Thyssenkrupp's TKAG.DE Inoxum unit in 2012, failing to make annual underlying operating profit since 2008.Roeland Baan, a former executive at aluminium firm Aleris who took over in January, said Outokumpu was planning to cut up to 600 jobs worldwide, save 100 million euros ($114 million), and outsource operations that would affect 100 employees.Outokumpu also said it was aiming to reach an operating profit of 500 million euros by the end of 2020 at the latest, a far more ambitious target than expected by market analysts."The true profitability potential of the company is far higher than the current financial performance shows. To bridge that gap, we must significantly improve our competitiveness," Baan said in a statement.The stock, which set a high 76 euros in 2008, rose 6.8 percent after the announcements to hit 3.6 euros by 1029 GMT.According to Thomson Reuters estimates, analysts on average are forecasting annual operating profit of about 270 million euros by 2017.  Full Article

Outokumpu and Böllinghaus Steel to partner in special shapes bar
Monday, 4 Apr 2016 03:00am EDT 

Outokumpu Oyj:Outokumpu Long Products has a long standing relationship with Böllinghaus Steel, a leading special shapes bar supplier, for some 20 years.The parties announce a sales and marketing partnership by appointing Böllinghaus Steel as a distributor for cold drawn and hot rolled bars in hexagons, squares and flats.As part of the cooperation, the overall Böllinghaus Steel products will be complemented with Outokumpu’s shapes produced in Sheffield, UK.  Full Article