Finnish stainless steel (SS) producer, Outokumpu has forecast its stainless steel deliveries to increase marginally on the current quarter by 0.5pc, compared to March quarter when it reported SS deliveries at around 608,000mt.
In the current quarter, European ferrochrome benchmark prices have jumped to $1.56/lb, the company noted. Raw material prices have been very volatile. Metal derivative gains and raw material related inventories may not be in the same magnitude in the current quarter as it was in Q1.
In Q1, EBITDA stood at €177mn ($213mn), up 11pc from the prior year quarter and is expected to be higher this quarter, the company noted.
Q1 net sales amounted to €1,673mn, 4pc higher than the previous year quarter while sales volumes of stainless steel rose 3pc to 608,000mt. Compared to the December quarter, deliveries are up 16pc on the back of strengthened stainless steel demand.
The company is on track to meet environmental targets including 20pc emission reduction in three years and being carbon neutral by 2050.
($1= €0.83)