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Outokumpu financial statements release 2024 – Full-year adjusted EBITDA EUR 177 million with historically low stainless steel deliveries

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HELSINKI, Feb. 13, 2025 /PRNewswire/ — 

Highlights in Q4 2024

Stainless steel deliveries were 422,000 tonnes (450,000 tonnes)*.Adjusted EBITDA amounted to EUR -3 million (EUR 72 million).EBITDA was EUR -12 million (EUR 15 million).ROCE amounted to -1.2% (-2.1%).Free cash flow was EUR 33 million (EUR 156 million incl. discontinued operations).Earnings per share was EUR -0.07 (EUR -0.56).On October 1, 2024, Kati ter Horst started as the new President and CEO of Outokumpu.On December 12, 2024, Outokumpu issued a negative profit warning as its fourth-quarter adjusted EBITDA was expected to be close to break-even or turn negative.

Highlights in 2024

Stainless steel deliveries were 1,793,000 tonnes (1,906,000 tonnes)*.Adjusted EBITDA amounted to EUR 177 million (EUR 517 million).EBITDA was EUR 162 million (EUR 416 million).ROCE amounted to -1.2% (-2.1%).Free cash flow was EUR -71 million (EUR 290 million incl. discontinued operations).Earnings per share was EUR -0.09 (EUR -0.26)The impact of the political strike in Finland in the first half of 2024 was approximately EUR -60 million.The dividend of EUR 110 million from the year 2023 was paid in the second quarter.The most recent share buyback program was completed on February 29, 2024, and Outokumpu repurchased 8,357,545 shares during 2024.Outokumpu Board of Directors proposes that a dividend of EUR 0.26 per share to be paid for the year 2024 in two installments.

*Figures in parentheses refer to the corresponding period for 2023, unless otherwise stated.

Key figuresEUR million, or as indicated

Q4/24

Q4/23

Q3/24

2024

2023

Sales

1,405

1,513

1,518

5,942

6,961

EBITDA

-12

15

81

162

416

Adjusted EBITDA 1)

-3

72

86

177

517

Operating profit (EBIT)

-65

-314

32

-51

-100

Adjusted EBIT 1)

-58

13

31

-43

274

Result before taxes

-74

-320

22

-89

-133

Net result for the period

-32

-242

20

-40

-111

Earnings per share, EUR

-0.07

-0.56

0.05

-0.09

-0.26

Return on capital employed, rolling 12 months (ROCE), % 2)

-1.2

-2.1

-7.1

-1.2

-2.1

Capital expenditure

83

86

37

216

170

Free cash flow3)

33

156

-113

-71

290

Stainless steel deliveries, 1000 tonnes

422

450

459

1,793

1,906

Net result for the period from all operations incl. discontinued operations

-32

-242

20

-40

-106

1) Adjusted EBITDA or EBIT = EBITDA or EBIT – Items affecting comparability.

2) The balance sheet component in 2022 includes the equity component of discontinued operations.

3) The 2023 reference periods include discontinued operations.

During 2022, Outokumpu announced that it had signed an agreement to divest the majority of the Long Products business operations to Marcegaglia Steel Group and Outokumpu reclassified its Long Products businesses to assets held for sale and discontinued operations. The divestment was completed on January 3, 2023, and the gain on sale of EUR 5 million was reported in discontinued operations. In this report, all the comparative numbers are reported as continued operations without the impact of the gain on sale, if not otherwise stated.

President & CEO Kati ter Horst

In the challenging year 2024, we generated EUR 177 million of adjusted EBITDA in a weak market with high import pressure. Stainless steel demand in Europe was historically low. We maintained our leadership, securing the top market position in Europe and second place in North America.

During the current weak stainless steel cycle, we will focus on the factors we can control to improve profitability and maintain a healthy financial condition. I am pleased to acknowledge that our EUR 350 million EBITDA run-rate improvement actions are progressing well, and we achieved a EUR 101 million enhancement in 2024. In addition, we have initiated decisive short-term cost-saving measures of EUR 50 million to be delivered during 2025 and continue to work on our long-term plans to improve our competitiveness. Further, we have cut our planned capital expenditure to EUR 160 million for the year 2025. 

Despite weak earnings in a challenging market environment, our financial position remained strong. Therefore, the Board of Directors is proposing a dividend of EUR 0.26 per share, to be paid in two installments. I am pleased that we can reward our shareholders for their commitment to Outokumpu.

We have actively managed our working capital, net debt and liquidity, and we will continue to do so. At year-end, our inventory levels were higher than usual as we prepared for the union strikes in Finland, which started at the end of January. These strikes are very unfortunate for the Finnish industry, including Outokumpu.

In the fourth quarter of 2024, Outokumpu’s adjusted EBITDA decreased to EUR -3 million and deliveries fell by 8% compared to the previous quarter.

In business area Europe, adjusted EBITDA decreased to EUR -32 million, and stainless steel deliveries fell by 9% compared to the previous quarter. This is a disappointing result for our biggest business area, and the adverse development was mainly driven by weaker-than-expected market conditions. Poor demand and increased imports have kept prices low. The European Union must be fast to react and protect its critical steel industry from unfair competition – current trade measures are not enough. For more favorable markets, interest rates should continue to decrease, as well as consumer confidence and industrial activity to pick up.

In business area Americas, adjusted EBITDA was EUR 9 million, and stainless steel deliveries decreased by 7% compared to the previous quarter. The manufacturing sector continues to be subdued, and a stimulus is expected to come from growth supported by increased domestic production and infrastructure investments.

Business area Ferrochrome’s adjusted EBITDA improved to EUR 33 million. Demand for our low emission, European ferrochrome has remained favorable, even in a challenging market environment. At the beginning of this year, we were able to increase our mineral reserves at the Kemi mine by 95% based on new underground drilling, proving that the ground in the mine area is rich in chrome ore. It is especially gratifying that we have secured the ore availability until the 2050s, and no further major investments are needed.

I am proud that we maintained our world-class safety performance of 1.5 TRIFR in 2024. Outokumpu is also making good progress with its smart decarbonization strategy. Our target is to decrease emission intensity by 42% by 2030 from the 2016 baseline. By the end of last year, we had reached a 32% reduction and maintained a high recycled material content of 95%. We have advanced with our actions to lower direct emissions in ferrochrome production by replacing fossil coke with biocoke and decided to invest EUR 40 million in a biocarbon plant in Germany.

Today, we announced some strategic decisions. In this market environment, Outokumpu is currently not proceeding with a cold rolling investment in the U.S. However, our long-term view on the U.S. market remains positive. In addition, we are no longer planning to move forward with the Small Modular Reactor (SMR) development in Tornio, Finland. Energy is not Outokumpu’s core business, but we are looking for a partner that is interested in investing in energy production next to our site.

I am excited to have Matthieu Jehl joining Outokumpu’s Leadership Team as the President of business line Stainless Europe. He is a strong leader and has extensive experience in related industries.

In the short term, we are implementing measures to handle this low point of the demand cycle and to secure the financial strength of Outokumpu. At the same time, we are working on the next strategy phase which we will publish in our next Capital Markets Day in June 2025. I want to thank our employees for their efforts and commitment, our customers for their business and trust, our suppliers for their co-operation, and our shareholders for their continuous support.

Outlook for Q1 2025

Group stainless steel deliveries in the first quarter are expected to increase by 10–20% compared to the fourth quarter (including the impact of a one week’s strike), while pressure on realized stainless steel prices is expected to continue during the first quarter.

Maintenance costs are forecasted to decrease by approximately EUR 10 million in the first quarter compared to the fourth quarter.

The one-week strike in Finland in January is expected to have an approximately EUR -15 million impact on adjusted EBITDA in the first quarter.

The risk of further strikes causes uncertainty for Outokumpu’s earnings development in the first quarter. The impact of each additional week of strike is expected to be approximately EUR -15 million on adjusted EBITDA.

With the current raw material prices, some raw material-related inventory and metal derivative losses are forecasted to be realized in the first quarter

Guidance for Q1 2025:

Adjusted EBITDA in the first quarter of 2025 is expected to be higher compared to the fourth quarter. This guidance includes the impact of the one-week strike.

Results

Q4 2024 compared to Q4 2023

Outokumpu’s sales in the fourth quarter of 2024 decreased to EUR 1,405 million (EUR 1,513 million). Total stainless steel deliveries were 6% lower compared to the previous year. The decrease was driven by an adverse development in business area Europe as stainless steel deliveries in business area Americas slightly increased.

Adjusted EBITDA in the fourth quarter of 2024 was EUR -3 million (EUR 72 million). On top of lower volumes, profitability was negatively impacted by both lower realized prices for stainless steel in Europe and Americas as well as negative raw material impacts. Costs increased in business areas Europe and Americas, and were impacted by under absorption of fixed costs due to lower production volumes. Profitability was, however, supported by the improved profitability of business area Ferrochrome. Raw material-related inventory and metal derivative gains were EUR 4 million (gains of EUR 0 million).

EBIT was EUR -65 million in the fourth quarter of 2024 (EUR -314 million). EBIT in the comparison period was impacted by items affecting comparability mainly related to impairments and German restructuring. ROCE for rolling 12 months was -1.2% (-2.1%). The comparison period was affected by the significant impairment booking related to the renegotiated hot rolling contract in business area Americas at the end of 2023.

Net result was EUR -32 million in the fourth quarter of 2024 (EUR -242 million) and earnings per share was EUR -0.07 (EUR -0.56). Net financial expenses in the fourth quarter of 2024 were EUR 10 million (EUR 6 million) and interest expenses EUR 16 million (EUR 14 million).

Q4 2024 compared to Q3 2024

Outokumpu’s sales decreased to EUR 1,405 million in the fourth quarter of 2024 (Q3/2024: EUR 1,518 million). Total stainless steel deliveries were 8% lower compared to the previous quarter as deliveries decreased in both business areas, Europe and Americas.

Adjusted EBITDA was EUR -3 million in the fourth quarter (Q3/2024: EUR 86 million). The decrease in profitability was mainly driven by weaker-than-expected market and adverse development in business area Europe. Realized prices for stainless steel decreased in Europe, while remaining relatively stable in Americas. Profitability was affected by negative raw material impacts and higher variable costs. Also fixed costs in business area Europe increased, mainly due to prolonged maintenance work in Tornio, Finland. Profitability was, however, supported by an improved result for business area Ferrochrome. Raw material-related inventory and metal derivative gains were EUR 4 million in the fourth quarter (Q3/2024: gains of EUR 10 million).

EBIT was EUR -65 million in the fourth quarter of 2024 (Q3/2024: EUR 32 million). ROCE for the rolling 12 months was -1.2% (Q3/2024: -7.1%). ROCE in the comparison period was affected mainly by the significant impairment booking related to the renegotiated hot rolling contract in business area Americas at the end of 2023 and German restructuring.

Net result in the fourth quarter was EUR -32 million (Q3/2024: EUR 20 million) and earnings per share was EUR -0.07 (Q3/2024: EUR 0.05). Net financial expenses were EUR 10 million (Q3/2024: EUR 11 million) and interest expenses EUR 16 million (Q3/2024: EUR 15 million).

2024 compared to 2023

During 2024, Outokumpu’s sales decreased to EUR 5,942 million (EUR 6,961 million). Total stainless steel deliveries were 6% lower compared to the previous year. Deliveries in business area Europe decreased significantly due to weaker market environment and the political strike in Finland. Deliveries increased in business area Americas but remained still at a low level.

Adjusted EBITDA was EUR 177 million in 2024 (EUR 517 million). Profitability was impacted by notably lower realized prices for stainless steel in both Europe and Americas and the unfavorable effects resulting from a tighter scrap market. Costs remained stable compared to the previous year as the positive impact from lower energy and consumable prices in business area Europe was offset by higher fixed costs and tolling fee in business area Americas. Profitability was, however, supported by an improved result for business area Ferrochrome.

The impact of the political strike on adjusted EBITDA was approximately EUR -60 million in the first half of the year. Due to the political strike, the majority of Outokumpu’s stainless steel and ferrochrome operations in Finland as well as the Port of Tornio in Finland were shut down for four weeks. The strike also indirectly impacted the company’s operations in other countries through the disruption to internal material flows in both, Europe and Americas.

Raw material-related inventory and metal derivative gains were EUR 3 million in 2024 (losses of EUR 44 million).

EBIT was EUR -51 million (EUR -100 million) in 2024. EBIT in the comparison period was impacted by items affecting comparability mainly related to impairments and German restructuring. ROCE for the rolling 12 months was -1.2% (-2.1%), mainly due to weaker profitability. ROCE in the previous year was affected by the significant impairment booking related to the renegotiated hot rolling contract in business area Americas at the end of 2023.

Net result was EUR -40 million (EUR -111 million) in 2024 and earnings per share was EUR -0.09 (EUR -0.26). Net financial expenses were EUR 41 million (EUR 37 million) and interest expenses EUR 64 million (EUR 60 million).

Adjusted EBITDA by segment EUR million

Q4/24

Q4/23

Q3/24

2024

2023

Europe

-32

4

59

58

148

Americas

9

54

5

59

285

Ferrochrome

33

23

29

106

96

Other operations and intra-group items

-13

-8

-8

-46

-12

Total adjusted EBITDA

-3

72

86

177

517

Items affecting comparability in EBITDA EUR million

Q4/24

Q4/23

Q3/24

2024

2023

Europe

-1

-46

-4

-3

-52

Americas

-8

-7

—

-8

-16

Ferrochrome

—

-3

—

—

-3

Other operations

0

-1

0

-4

-31

Total items affecting comparability in EBITDA

-8

-58

-5

-15

-102

Total EBITDA

-12

15

81

162

416

More information on items affecting comparability see Reconciliation of key figures to IFRS.

A live webcast and conference call today, February 13, at 3.00pm EET

A live webcast and conference call to analysts, investors and representatives of media will be arranged today at 3.00 pm EET at https://outokumpu.events.inderes.com/q4-2024 hosted by President and CEO Kati ter Horst and CFO Marc-Simon Schaar.

To ask questions, please participate in the conference call by registering at https://events.inderes.com/outokumpu/q4-2024/dial-in. After registration you will receive phone number and a conference ID to access the conference call. If you wish to ask a question, please dial *5 on your telephone keypad to enter the queue.

All the interim report materials, a link to the webcast and later its recording will be available at www.outokumpu.com/en/investors.

For more information:

Investors: Linda Häkkilä, Head of Investor Relations, tel. +358 400 719 669
Media: Päivi Allenius, SVP – Communications and Brand, tel. +358 40 753 7374, or Outokumpu media desk, tel. +358 40 351 9840, e-mail media(at)outokumpu.com

Outokumpu Corporation

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/outokumpu-oyj/r/outokumpu-financial-statements-release-2024—full-year-adjusted-ebitda-eur-177-million-with-histori,c4105017

The following files are available for download:

https://mb.cision.com/Main/18751/4105017/3263262.pdf

Financial statements release 2024

 

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SOURCE Outokumpu Oyj

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Hilco Global Engaged by Stan Lee Holdings to Sell Rare & Valuable Intellectual Property Portfolio

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NEW YORK, July 24, 2026 /PRNewswire/ — Hilco Global, a diversified financial services company that delivers expert professional services and capital solutions to help clients maximize value and drive performance across the business lifecycle, is pleased to announce that its IP Services practice has been engaged by Stan Lee Holdings, Ltd. (“SLH”) to sell a legendary portfolio of intellectual property developed by Stan Lee, the iconic “father of the super hero.” Known as the Omniverse Collection created by Stan Lee, the portfolio represents a treasure trove of original characters and source material developed by Stan when he was leading Marvel Comics and when he built Stan Lee Entertainment – the first super hero animation studio created for the Internet age. This rare and valuable collection of Intellectual Property encompasses dozens of compelling super heroes and stories conceived by Stan from 1999 to 2001 as well as a franchise comprising over 50 well-known characters – the only franchise of Marvel-created characters not owned by Marvel. Full details of the collection, including the individual characters, franchises, and story properties it comprises, will be released in the coming weeks.

Through this collaboration, Hilco Global will work alongside SLH and former EVP of Marvel Entertainment Shirrel Rhoades to find a new home for a body of largely underleveraged super hero and other characters, as well as world-building intellectual property. Numerous supporting  scripts, episodes, and development materials spanning Stan Lee’s career are also part of the offering.

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Parties can reach out to Ehurwitz@hilcoglobal.com to register interest. More information about the offering, the individual properties within the collection, and the sale process will become available soon.

About Hilco Global:  Hilco Global, a subsidiary of ORIX Corporation USA, is a diversified financial services company that delivers integrated professional services and capital solutions that help clients maximize value and drive performance across the retail, commercial and industrial, real estate, manufacturing, and intellectual property sectors. Hilco Global provides a range of customized solutions to healthy, stressed, and distressed companies to resolve complex situations and enhance long-term enterprise value. Hilco Global works to deliver the best possible result by aligning interests with clients and providing strategic advice and, in many instances, the capital required to transact. Hilco Global is based in Northbrook, Illinois and has more than 810 professionals operating on four continents. Visit www.hilcoglobal.com

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SOURCE Hilco Trading, LLC

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GR0 to Acquire Ultimate AI’s Deployment Division and Launch GR0 AI, Turning Brands’ Existing Customer Data Into Revenue

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The new company pairs GR0’s performance marketing distribution with Ultimate Deployment’s AI agents and customer intelligence to build AI revenue systems for DTC and ecommerce brands; in one early deployment, AI-led customer conversations were associated with more than $350,000 in sales.

LOS ANGELES, July 24, 2026 /PRNewswire/ — GR0, the Los Angeles-based digital marketing agency, today announced plans to acquire Ultimate Deployment and launch GR0 AI, a new company that builds and deploys AI revenue systems for direct-to-consumer (DTC) and ecommerce brands. GR0 AI combines GR0’s performance marketing expertise, client relationships and sales infrastructure with Ultimate Deployment’s technology and experience deploying AI agents inside operating businesses.

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The acquisition is expected to close this quarter, subject to completion of definitive agreements. Financial terms were not disclosed.

Brands interested in early GR0 AI deployments can learn more at www.gr0.com.

About GR0

GR0 is a full-service digital marketing agency that helps DTC and ecommerce brands accelerate growth through data-driven performance marketing, creative strategy and emerging technology. Co-founded by Kevin Miller and Jon Zacharias, GR0 provides services across SEO, Generative Engine Optimization, paid media, email, SMS, creative, affiliate and marketplace growth, and was among the first agencies to build a dedicated GEO practice, which is recognized by VentureBeat as one of America’s premier Generative Engine Optimization agencies. GR0 is headquartered in Los Angeles. Learn more at GR0.com.

About Ultimate Deployment

Ultimate Deployment builds AI employees for growing companies. Founded by Ben Ganz, the company captures how a business operates, organizes its institutional knowledge, connects its systems and deploys AI agents that perform real operational work across sales, customer experience, marketing, finance and internal teams.

Before its enterprise focus, Ultimate Deployment’s team built consumer AI at entertainment scale, creating Hollywood’s first interactive voice experience, powering AI personalities for creators with a combined audience of 100 million followers and engineering the world’s first AI assembly line for replicating personalities’ work featured by Fox News and recognized by The Hollywood Reporter as the real-life Her.

About Ultimate AI

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Ultimate Deployment, the enterprise arm that GR0 is acquiring, formed in March 2026 following the release of frontier agentic models from Anthropic and OpenAI, and applies that technology inside operating companies. It builds AI employees that capture how a business operates, unify its data and systems, and perform real operational work across sales, customer experience, marketing, finance and internal teams.

Company: GR0
Media Contact Name: GR0 Agency
Media Contact Email: press@gr0.com
Phone: +1 (310) 439-1887
Address: Los Angeles, CA, USA
Website: https://gr0.com/

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Tech Mahindra and Cisco Partner to Bring AI-Driven Security Service Edge to Global Enterprises

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