Helsinki, 29. September 2020:
Outokumpu concludes the strategic review of Long Products and initiates a turnaround program for the business area
September 29, 2020 at 9.05 am EEST
Outokumpu has concluded the strategic review of business area Long Products that was initiated in February 2020 and accelerated in July by the new management. As a result of the review, Outokumpu will initiate a turnaround program to develop the Long Product business internally.
The turnaround program will be started immediately with personnel measures that might lead to a reduction of approximately 100 positions. Other turnaround actions include the implementation of Outokumpu’s manufacturing excellence methodology at the Long Products’ sites to increase operational efficiency. The actions also include commercial measures such as expanding the current product mix and focus on higher value specialty grades. The progress of the turnaround program will be closely monitored by a designated steering group to ensure successful implementation.
In 2019, business area Long Products’ net sales amounted to EUR 642 million and adjusted EBITDA was EUR -7 million. In the first half of 2020, the business area’s net sales amounted to EUR 289 million and adjusted EBITDA was EUR -5 million.
For more information:
Corporate Communications, tel. +358 9 421 3840
Investors: Linda Häkkilä, Manager, Investor Relations, tel. +358 40 071 9669
Outokumpu is the global leader in stainless steel. We aim to be the best value creator in stainless steel through customer orientation and efficiency. The foundation of our business is our ability to tailor stainless steel into any form and for almost any purpose. Stainless steel is sustainable, durable and designed to last forever. Our customers use it to create civilization’s basic structures and its most famous landmarks as well as products for households and various industries. Outokumpu employs 10,000 professionals in more than 30 countries, with headquarters in Helsinki, Finland and shares listed in Nasdaq Helsinki. www.outokumpu.com
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