According to a report released by Outokumpu, a Finland-based stainless steel company, boosted by the stronger market demand, the firm’s stainless steel shipments reached 608,000 tons in the first quarter of this year, hiking by 16.3% and 3.4% quarter on quarter and year on year, respectively.

During the period, the adjusted EBITDA was up by nearly 127% quarter on quarter and 67% year on year to 177 million euros, and the net profit also had a year-on-year increase of 272.7% to 82 million euros.

Outokumpu said that its expected stainless steel shipments in the second quarter will rise by 0-5% compared to the previous quarter, and the adjusted EBITDA will be similar to or higher than that in the first quarter.