Inside information: Outokumpu downgrades its guidance for Q1 2024 – adjusted EBITDA expected to be at a similar or lower level compared to Q4 2023 due to the political strike in Finland

Inside information: Outokumpu downgrades its guidance for Q1 2024 – adjusted EBITDA expected to be at a similar or lower level compared to Q4 2023 due to the political strike in Finland

Outokumpu downgrades its guidance for the first quarter of 2024 due to the political strike in Finland. The political strike is aimed against the Finnish government and is not related to Outokumpu’s labor relations.

Majority of Outokumpu’s stainless steel and ferrochrome operations as well as Tornio port in Finland will be shut down for two weeks during a period of March 11–25, 2024. The strike is also expected to impact indirectly Outokumpu’s operations in other countries through internal material flows.

As a result of the political strike, Outokumpu’s stainless steel deliveries in the first quarter of 2024 will be lower than earlier expected and remain at a similar level compared to the fourth quarter of 2023.

Assuming the strike will last for 14 days, the negative impact on adjusted EBITDA for Outokumpu is estimated to be approximately EUR 40 million. Approximately half of this negative financial impact is expected to be realized in the first quarter and the remaining in the second quarter.

Outokumpu’s adjusted EBITDA in the first quarter 2024 is expected to be at a similar or lower level compared to the fourth quarter of 2023. The company had earlier expected its first-quarter adjusted EBITDA to be at a similar level compared to the fourth quarter of 2023 (Q4/23: EUR 72 million).

Outokumpu will publish its January–March 2024 results on May 7, 2024.

For more information:

Investors: Linda Häkkilä, Head of Investor Relations, tel. +358 40 071 9669

Media: Päivi Allenius, SVP – Brand and Communications, tel. +358 40 753 7374, or media desk, +358 40 351 9840, email: media(at)outokumpu.com