Stainless Steel Maker Outokumpu Trims Q2 Loss by Cost Cuts

HELSINKI (Scrap Monster): Outokumpu, the Finnish Stainless steel producer during Thursday reported a smaller-than-forecasted underlying loss in Q2 through cost cutting. However, it forecasts slight bigger loss in Q3.

The company has curbed its underlying operating loss to about 6 million Euros from 87 million Euros in second quarter of previous year. Average expected loss was about 13 million Euros.

Outokumpu has struggled a lot with the poor stainless steel prices. The company said that it was expecting a slightly larger Q3 underlying operating loss than the one reported in Q2.

Earlier this year, as a part of larger policy, which also included the sale of assets, the company increased 640 million Euros i.e. about $866 million. 30 percent of the company is owned by the Finnish state.