Outokumpu foresees drop in Q3 stainless steel delivery
10 Aug 2020 16:31 reported by Julian Lu
Because of the low demand in Europe and the impact of the Covid-19 epidemic impact, Outokumpu forecasted that its stainless steel deliveries will decrease by 10% in the third quarter compared to the previous quarter.
Outokumpu is facing continuous pressure in the import and price sector in the European stainless steel market. The sales of Outokumpu in the second quarter fell by 10% year on year and dropped by 11% quarter on quarter, reaching 523,000 tonnes.
As for the revenue, the sales have decreased by 17% year on year and slid by 12% quarter on quarter to EUR 1.4 billion.
In addition, the sales in American have reduced by 20% during the period compared to last quarter on distributor destocking and the COVID epidemic.
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