Outokumpu, a Finland-based stainless steel company, reported that its net profit totaled EUR 182 million in the third quarter of this year, compared to a net profit of EUR 129 million in the previous quarter and a net loss of EUR 63 million in the same period last year.

During the period, the adjusted EBITDA was EUR 295 million, compared with EUR 22 million in the same period a year ago.

In the first nine months of this year, Outokumpu posted a net profit of EUR 394 million, up from a net loss of EUR 78 million in the same period last year. The adjusted EBITDA was EUR 695 million, compared to EUR 172 million in the same period in 2020.

Outokumpu said that the profitability in the third quarter and the first nine months of this year was supported by the increased prices of stainless steel in Europe and the US, as well as the hiked sales price of ferrochrome.