May 6, 2020 / 6:18 AM / 25 days ago

Outokumpu Q1 profits rise on cost cuts, Americas turnaround

HELSINKI, May 6 (Reuters) - Finnish stainless steel maker Outokumpu said on Wednesday its first-quarter core operating profit roughy doubled from a year ago on the back of a turnaround at its Americas business as well as cost cuts.

Outokumpu, which last week postponed a decision on its dividend, said its first-quarter adjusted earnings before interest, tax, depreciation and amortisation rose to 106 million euros ($115 million), in line with analysts’ exectations, according to Refinitiv data.

The coronavirus pandemic has battered the global steel sector, especially in Europe, as huge swathes of industry that use steel shut down. ($1 = 0.9228 euros) (Reporting by Tarmo Virki and Anne Kauranen, editing by Louise Heavens)

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