Outokumpu, a leading stainless steel manufacturer in Europe based in Finland, reported a net loss of EUR 32 million in the fourth quarter of 2024, dropping from a profit of EUR 20 million in the previous quarter.

Sales totaled EUR 1.405 billion, falling from EUR 1.518 billion in the preceding quarter. The adjusted EBITDA was -EUR 3 million, compared to EUR 86 million in the third quarter.

In 2024, Outokumpu had a net loss of EUR 40 million, compared to a net loss of EUR 111 in 2023, while sales declined by 14.6% year on year to EUR 5.942 billion. Stainless steel deliveries in the fourth quarter slid by 6.2% year on year to 422,000 tons and those in 2024 fell by 5.9% year on year to 1.793 million tons, hitting a historical low.

President and CEO, Kati ter Horst, said that the stainless steel demand in Europe hit historically low in the challenging year 2024. However, Outokumpu expected a 10-20% rise in stainless steel deliveries in the first quarter of 2025, despite continued pricing pressure.