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Platts reported Outokumpu (HEL:OUT1V) profits fell for the second second quarter to $149.5 million because of weaker prices, lower output and higher input costs.
Platts reported Outokumpu (HEL:OUT1V) profits fell for the second second quarter to $149.5 million because of weaker prices, lower output and higher input costs.
As quoted in the market news:
The Helsinki-listed group, which had had an Eur11 million net profit for the first quarter and noted a brighter market outlook, said the market had since deteriorated.
The company said the short-term outlook now appeared bleak.
Outokumpu’s CEO, Mika Seitovirta said:
After a solid start to the year, demand for stainless steel slowed during the second quarter. Economic uncertainty in Europe, a declining nickel price and consequent destocking by distributors all had a negative impact.