The second half of the year was difficult for Outokumpu. Adjusted for non-recurring items, the operating result in October–December was clearly lower than last year.
Steel company Outokumpu achieved the best result in its history last year. Adjusted operating profit for the whole year was 1.01 billion euros, while the previous year operating profit was 728 million euros.
This was despite the fact that the second half of the year was difficult for the company, and the result was lower than last year. Operating profit adjusted for non-recurring items was EUR 48 million in October–December, compared to EUR 234 million a year ago.
The company explains the turnaround by the cooling of the economic cycle.
“There has been an exceptional tailwind in the market for the past two years, but now we have entered a time marked by the weakening of the global economy. In terms of deliveries, 2022 started strongly, but deliveries decreased towards the end of the year, and overall our stainless steel deliveries decreased by 7 percent from the previous year”, CEO Heikki Malinen says in the announcement.
Record result can also be seen as a growing dividend for the owners. The company’s board of directors proposes that the owners be paid a basic dividend of EUR 0.25 per share and an additional dividend of EUR 0.10 per share, for a total of EUR 0.35 per share.
From the previous year, a dividend of EUR 0.15 per share was distributed.
The news is updated.
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