Outkumpu Says Outlook Is Bleak

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.

Click here to read the full Platts report.