Key Developments: Outokumpu Oyj (OUT1V.HE)

OUT1V.HE on Helsinki Stock Exchange

6.57EUR
25 Jul 2014
Price Change (% chg)

€-0.33 (-4.78%)
Prev Close
€6.90
Open
€6.86
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€6.88
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€6.55
Volume
2,796,641
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2,304,716
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€7.50
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€3.03

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Latest Key Developments (Source: Significant Developments)

Outokumpu Oyj gives Q3 2014 EBIT guidance
Thursday, 24 Jul 2014 02:00am EDT 

Outokumpu Oyj:Expects Q3 2014 sequentially slightly worse underlying EBIT primarily due to seasonal impact.  Full Article

Outokumpu Oyj reaches settlement in damages contribution claims pursuant to EU sanitary copper tube cartel decision
Monday, 14 Jul 2014 09:00am EDT 

Outokumpu Oyj:Says that on July 14 Outokumpu together with number of other companies have reached full and final settlement agreement on sanitary copper tube cartel claims.In 2012 Outokumpu was served with a damages contribution claim in the English court by IMI (IMI Plc and IMI Kynoch Ltd) and Boliden AB, after Boliden AB and IMI were served claims for financial loss by members of the Travis Perkins Group.These claims related to a 2004 ruling by the European Commission which concluded that a number of companies were involved in price fixing and market sharing in the sanitary copper tube sector in Europe between June 1988 and March 2001.Outokumpu considered the claim for damages in the English court proceedings to lack merit, but has decided to contribute to the settlement in order to bring this matter to an end.In addition to Outokumpu the settlement covers also all former Outokumpu subsidiaries included in the claims.The settlement amount is not significant, and it will be booked as a non-recurring item in the third quarter 2014 results.  Full Article

Outokumpu renews operational model
Wednesday, 18 Jun 2014 03:00am EDT 

Outokumpu Oyj:Announces changes in its operational model.As of Sep. 1, Outokumpu will consist of five business areas with sales, production, and profit responsibility: Coil EMEA, Coil Americas, APAC, Quarto Plate and Long Products.  Full Article

Outokumpu plans to outsource part of its IT services
Wednesday, 11 Jun 2014 10:30am EDT 

Outokumpu Oyj:Plans to outsource part of its IT services.Signed an agreement with Wipro regarding the development, maintenance and support of IT legacy applications.Approximately 90 employees globally are expected to transfer from Outokumpu IT to Wipro, initially continuing at their current locations with roles and tasks that remain largely unchanged.  Full Article

Outokumpu delivers 4,000 tonnes of stainless steel to Husab mine in Namibia
Wednesday, 14 May 2014 03:00am EDT 

Outokumpu Oyj:Delivers about 4,000 tonnes of LDX 2404 duplex stainless steel for the Husab uranium mine project in Namibia, Africa.The steel will be used in tanks, pressure vessels, clarifiers and columns.Deliveries have started and will continue until September.No financial details.  Full Article

Outokumpu still expects EBIT loss for Q1 2014
Monday, 14 Apr 2014 07:30am EDT 

Outokumpu Oyj:Reiterates forecast for the underlying EBIT in Q1 2014 to be sequentially better, but still negative.Q1 2014 EBIT negative 53.41 million euros-Thomson reuters I/B/E/S Estimates.  Full Article

Outokumpu announces final results of rights offering
Friday, 4 Apr 2014 05:00am EDT 

Outokumpu Oyj:Says the company's rights offering was oversubscribed by 23 percent.Raised net proceeds of about 640 million euros.Total number of shares in Outokumpu to increase to 10,386,615,824 shares.Danske Bank, Nordea and SEB acted as Joint Global Coordinators and Joint Bookrunners for the rights offering.BNP Paribas, Credit Agricole CIB, J.P. Morgan and Swedbank acted as Joint Bookrunners.  Full Article

Outokumpu announces preliminary results of EUR 665 mln offering
Monday, 31 Mar 2014 11:45am EDT 

Outokumpu Oyj:Says the company's 665 million euro rights offering was subscribed for in about 123.5 percent.Says the offering consisted of 8,308,534,476 new shares.Expects to announce the final results of the rights offering on April 4.  Full Article

Outokumpu concludes negotiations with IG Metall on the industrial plan; cuts 1,000 jobs
Sunday, 30 Mar 2014 02:15pm EDT 

Outokumpu Oyj:Concludes negotiations regarding industrial plan with employee representatives and unions in Germany.Resolves to close Bochum meltshop in 2015, following a production transfer process.Decides to invests 108 million euro to the Krefeld cold rolling center in Germany between 2014 and 2016 through the ferritic production optimization (NIFO-project).Expects to close Benrath cold rolling mill in 2016 after the production transfer to Krefeld has been completed.Says the agreed industrial concept results in a reduction of 1,000 jobs, thereby bringing the total reduction of jobs to 3,500 jobs globally by the end of 2017.  Full Article

Outokumpu delivers 22,000 tons of duplex to natural gas field project in Oman
Tuesday, 25 Mar 2014 05:00am EDT 

Outokumpu Oyj:Delivers 22,000 tons of Outokumpu Duplex 2205 stainless steel to a natural gas field project in Oman.Deliveries will start during H1 2014 and continue until 2016.Material from Outokumpu will be welded to tubes by Sosta and Inox Tech.No financial details.  Full Article

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