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Displaying items by tag: Outokumpu

Outokumpu’s Board of Directors has appointed Heikki Malinen, M.Sc. (Econ.), MBA (Harvard), as President and CEO of Outokumpu and the Chairman of the Leadership Team. He will join the company on May 1 and assume his role as the CEO on May 16, 2020. Heikki Malinen has previously worked as CEO in Posti Group Corporation and in Pöyry PLC. Prior to these, he has held various leadership positions in UPM in the USA and in Finland. Malinen has been a member of the Outokumpu Board of Directors since 2012, and due to his appointment, he will resign from the Board at the end of April.

2014 09 11 121016 outo logoKari Jordan, Chairman of the Outokumpu Board of Directors: “Following an extensive international search process, Heikki Malinen singled out as the top candidate for the CEO position due to his previous CEO roles in demanding environments, as well as international experience in sales and process industry. His long Board membership in Outokumpu naturally is an additional advantage providing profound knowledge and understanding of Outokumpu’s business. I am confident that as the CEO Heikki will be a great asset to the company.”

“I am honored to get the opportunity to lead Outokumpu which is a global leader in the stainless steel industry. Thanks to the transformation that has been carried out during the past four years, the company is in a good shape with world-class assets and motivated, skilled employees,” says Heikki Malinen. “Being a Board member for eight years gives me a strong background for my new position – I know the company and the management, and I am looking forward to developing the company further and through this create value for our stakeholders.”

As announced earlier, Roeland Baan will leave his position as President and CEO of Outokumpu on May 15, 2020.

“On behalf of the entire Board of Directors, I would like to thank Roeland Baan for his contribution to Outokumpu’s improved operational and financial performance and I wish him all the best for the future,” says Kari Jordan.

Outokumpu is the global leader in stainless steel. We aim to be the best value creator in stainless steel through customer orientation and efficiency. The foundation of our business is our ability to tailor stainless steel into any form and for almost any purpose. Stainless steel is sustainable, durable and designed to last forever. Our customers use it to create civilization’s basic structures and its most famous landmarks as well as products for households and various industries. Outokumpu employs 10,000 professionals in more than 30 countries, with headquarters in Helsinki, Finland and shares listed in Nasdaq Helsinki. www.outokumpu.com

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Outokumpu is assessing options to build a new slag furnace in Tornio, Finland, and the company has initiated an Environmental Impact Assessment (EIA) procedure as basis for decision making. The prerequisites for realizing the project, details of the planned slag furnace and its technical execution as well as potential financing alternatives will be specified during the planning process.

2014 07 15 071744The planned unique production facility would produce ferrochrome-nickel (FeCrNi) alloy from slag and side streams primarily from production processes in Tornio. The slag furnace would enable efficient utilization of various side streams, which would improve resource efficiency of Outokumpu’s production significantly. The new slag furnace would be the most energy-efficient ferrochrome-nickel alloy producer in the world, as energy consumption in the new facility would be 30 per cent lower than in the current ferrochrome production processes enabled by the new metallurgical process invented by Outokumpu. Furthermore, the new facility would strengthen Outokumpu’s competitiveness in the global ferrochrome market.

The final decision regarding the new facility will be made at the earliest during 2020. In addition to the results of the EIA and environmental permit processes, the final investment decision will be subject to the development of the global economy and the stainless steel markets and their outlook, as well as the availability of financing and potential investment subsidies. The estimated construction time of the new facility is approximately two years.

Outokumpu Oyj

Outokumpu is the global leader in stainless steel. We aim to be the best value creator in stainless steel by 2020, through our competitive edge of customer orientation and efficiency. The foundation of our business is our ability to tailor stainless steel into any form and for almost any purpose. Stainless steel is sustainable, durable and designed to last forever. Our customers use it to create civilization’s basic structures and its most famous landmarks as well as products for households and various industries. Outokumpu employs 10,000 professionals in more than 30 countries, with headquarters in Helsinki, Finland and shares listed in Nasdaq Helsinki. www.outokumpu.com

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Outokumpu has requested a maturity extension based on an option defined in the terms and conditions of the facility agreement and has received a confirmation from the facility agent that key lenders have agreed to the request. The new maturity for a EUR 574 million portion of the facility is May 2022. The total amount of the facility is EUR 650 million.

2014 07 15 071744Says Pia Aaltonen-Forsell, CFO of Outokumpu: “We are very pleased to have the syndicated revolving credit facility extended by one year with support from key lenders. The extension of the maturity is an important part of our efforts to further strengthen our debt structure and liquidity profile.”

For more information:

Investors: Tommi Järvenpää, tel. +358 9 421 3466, +358 40 576 0288

Outokumpu is the global leader in stainless steel. We aim to be the best value creator in stainless by 2020, through our competitive edge of customer orientation and efficiency. The foundation of our business is our ability to tailor stainless steel into any form and for almost any purpose. Stainless steel is sustainable, durable and designed to last forever. Our customers use it to create civilization’s basic structures and its most famous landmarks as well as products for households and various industries. Outokumpu employs 10,000 professionals in more than 30 countries, with headquarters in Helsinki, Finland and shares listed on Nasdaq Helsinki. www.outokumpu.com     

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Outokumpu Long Products and Böllinghaus Steel have announced an agreement where Böllinghaus Steel will act as a representative for Outokumpu cold drawn hexagon and square bars in Germany and UK. The two parties have a long-standing relationship for some 20 years, and announced a year ago of a similar agreement covering other parts of the world.

2018 04 17 092308Outokumpu’s range of special shapes bars covers 8-25mm size range and will be sold by Böllinghaus Steel to the market in addition to their existing product range.

Says Antonio Perea, CSO Böllinghaus Steel: “We have found clear benefits for our customers from the cooperation agreement and are happy to widen the partnership with Outokumpu to cover also the German and UK markets. Böllinghaus Steel has invested this spring in a new warehouse and stock in Portugal, that enables quicker deliveries for our key markets in central Europe. This agreement and enhanced services enable us to offer a complete product range through Europe and Asia, and a platform for further growth. We are aiming to be the leading supplier of special shapes bars in the market.”

Says John Stansfield, GM for ASR and SSB operations, Outokumpu Long Products: “Our partnership with Böllinghaus Steel benefits both Outokumpu and our customers, enabling us to grow our business further. Böllinghaus Steel is a well-known company in the shaped bar market and has a reputation for high quality materials. This fits well with Outokumpu’s strengths of technical expertise and high quality, creating a good combined offering for our customers.”

Combined range of special shaped bar comprises of:

  • hexagon bars (8-70mm)
  • square bars (8-70mm)

Böllinghaus Steel located in Hilden, Germany specialized in stainless steel long products, has its own production facilities in Portugal. The industries, which are served by Böllinghaus Steel, are chemical and petrochemical industry, energy sector, mechanical engineering industry and medical engineering industry. The company has more than 125 years history and experience in fabricating high quality profiles. The portfolio comprises of profiles in various forms and lengths manufactured of stainless steel and various other grades. Read more about Böllinghaus Steel at http://www.boellinghaus.de/

Outokumpu has over a century of experience in creating efficient, long-lasting, and recyclable stainless steels. Our global offering includes quality-critical long products for heavy industries, equipment, buildings and infrastructure projects. Our Long Products sites are located in the UK, Sweden and the US, and are known for their high-quality products, flexibility, and world-class delivery performance. Read more about Outokumpu Long Products’ offering at http://www.outokumpu.com/longproducts

Outokumpu is the global leader in stainless steel. We aim to be the best value creator in stainless by 2020, through our competitive edge of customer orientation and efficiency. The foundation of our business is our ability to tailor stainless steel into any form and for almost any purpose. Stainless steel is sustainable, durable and designed to last forever. Our customers use it to create civilization’s basic structures and its most famous landmarks as well as products for households and various industries. Outokumpu employs 10,000 professionals in more than 30 countries, with headquarters in Helsinki, Finland and shares listed in Nasdaq Helsinki. www.outokumpu.com       outokumpu.com/stainless-news    

 

Published in Ferrous Tube / Pipe
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Outokumpu, IMS group and Sidenor have just announced an agreement where IMS will act as an exclusive distributor of Prodec® high machinability round bars in key European countries including Germany, Denmark, France, Spain, Portugal and Italy. The companies announced last year a similar contract for Belgium and the Netherlands.

2014 07 15 071744With the agreement Outokumpu and Sidenor provide Prodec high machinability round bars covering the full dimension range from 6 to 230mm.

IMS group is a leading European special and stainless steel bar distributor with 49 distribution centres, in more than 10 European countries.

Says John Stansfield, head of sales for Outokumpu Long Products Europe: “This agreement with IMS ensures stainless steel long products customers will have easy access to Prodec stainless steel with a short lead time. We look forward to working and expanding our cooperation with the IMS team to communicate the benefits of Prodec to the machining industry.”

Prodec grades offer industry’s best machining speeds. According to tests (V15 test), Prodec can improve machining speeds significantly, resulting in a double tool life compared to competing materials in the market. By using Outokumpu Prodec, customers can optimize machining speeds to gain significant cost savings per component (up to 50% savings depending on the application).

IMS will offer Prodec round bars in the complete size range from 6mm to 230mm and beyond if requested. Prodec range is available in grades 304L/4307, 316L/4404 and 303/4305 and 17-4PH. These are suitable for a variety of machining applications such as fasteners, valves, pressure fittings, nuts, bolts and screws, gears, shafts, and bearings.

Outokumpu has a century of experience creating efficient, long-lasting, recyclable stainless steels. The company’s global offering includes quality-critical long products for heavy industries. Outokumpu Long Products sites are located in the UK, Sweden and the US, and are well known for high quality products, flexibility and world-class delivery performance.

IMS is a distributor of carbon, alloy, stainless, engineering and tool steels located in several European countries. The IMS group is owned by the Jacquet Metal Service Group. IMS has operated more than 60 years in the steel industry and specialized in customized solutions in the field of stainless steel, steel and aluminum. IMS customers operate amongst others in the field of automotive, food, energy and machining industry.

Sidenor is a steel company, leader in the European steel industry for the production of special steel long products, with production centers in Basque Country, Cantabria and Catalonia as well as business delegations in Germany, France, Italy and the UK. In the stainless steels portfolio Sidenor is focused on the production of hot rolled and peeled bars.

Outokumpu is the global leader in stainless steel. We aim to be the best value creator in stainless by 2020, through our competitive edge of customer orientation and efficiency. The foundation of our business is our ability to tailor stainless steel into any form and for almost any purpose. Stainless steel is sustainable, durable and designed to last forever. Our customers use it to create civilization’s basic structures and its most famous landmarks as well as products for households and various industries. Outokumpu employs 10,000 professionals in more than 30 countries, with headquarters in Helsinki, Finland and shares listed on Nasdaq Helsinki. www.outokumpu.com      outokumpu.com/stainless-news

Published in Ferrous Tube / Pipe
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Monday, 04 December 2017 08:09

Driving topline growth and efficiency

Solid progress towards becoming the best value creator in stainless steel by 2020

Outokumpu is making solid progress to become the best value creator in stainless steel by 2020 through customer orientation and efficiency. The company has made significant improvements since the launch of the vision and is solidly on track to achieve its financial targets.

2014 07 15 071744As adjusted EBITDA is Outokumpu’s key performance indicator, the 2020 profitability target - EBIT of EUR 500 million – has been revised, and the corresponding adjusted EBITDA target is EUR 750 million in 2020.

Says Roeland Baan, President and CEO: “We have made substantial progress since the launch of our 2020 vision and the financial targets we set ourselves in 2016 are solidly within reach. Our profitability has improved considerably and our financial position is healthy. The underlying improvement we have made is tangible and real, even excluding additional support from the market this year.”

Outokumpu’s cost reductions have yielded solid results since 2015. SG&A costs have been reduced by EUR 85 million and procurement costs by EUR 90 million. In addition, other variable costs have been cut by 4% as a result of increased efficiency. Commercially, delivery volumes have increased in the Americas and the product mix has improved in Europe.

New business area structure to increase management focus and transparency

Outokumpu will change its business area structure in the beginning of 2018, and Ferrochrome operations will be separated from business area Europe. After the change, Outokumpu will have four business areas – Europe, the Americas, Long Products and Ferrochrome. The first-quarter 2018 interim statement will reflect the new structure.

Says Roeland Baan: “Ferrochrome is an integral part of Outokumpu’s operations and supported by our Kemi mine, it is a clear competitive advantage to us. The reporting change will increase transparency of our business internally and externally and hence, provide the financial community a better understanding on Outokumpu’s business drivers.”

Key investment projects secure long-term competitiveness

To secure continuous chrome supply for the coming decades, Outokumpu invests approximately EUR 250 million in Kemi mine expansion during 2017-2020. In addition, the company is investing approximately EUR 100 million by 2020 in business transformation project Chorus which focuses on harmonizing business processes and ways of working and paves the way for Outokumpu’s digital transformation beyond 2020.

Outokumpu updates its capital expenditure guidance for upcoming years. Due to the ongoing projects, annual capital expenditure is expected to remain stable, slightly above EUR 200 million level until 2020. Earlier Outokumpu expected its annual capital expenditure to be between EUR 150-200 million over the coming years. Capital expenditure in 2017 is expected to be approximately EUR 180 million.

Balance sheet remains a key priority

Outokumpu’s solid cash flow generation has strengthened the balance sheet significantly over the past two years. Improved financial position enables the company to reduce financing costs remarkably.

Says Christoph de la Camp, CFO: “We are targeting to halve our interest expenses by 2020. Obviously, solid cash flow generation will open options for the future but strengthening the balance sheet remains a key priority. We are aiming to reduce our net debt to EBITDA ratio to below 1.0.”

Outokumpu is the global leader in stainless steel. We aim to be the best value creator in stainless by 2020, through our competitive edge of customer orientation and efficiency. The foundation of our business is our ability to tailor stainless steel into any form and for almost any purpose. Stainless steel is sustainable, durable and designed to last forever. Our customers use it to create civilization’s basic structures and its most famous landmarks as well as products for households and various industries. Outokumpu employs 10,000 professionals in more than 30 countries, with headquarters in Helsinki, Finland

Attachments:
Capital Markets Day 14112017.pdf

Published in Ferrous Tube / Pipe
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Outokumpu divests its pipe plant in Wildwood, Florida, US to Ta Chen International Inc., a master distributor in the US and part of a Taiwan-based listed company Ta Chen Stainless Pipe, Ltd.

2014 09 11 121016 outo logoThe divestment serves Outokumpu’s financial and operational interests, allowing Outokumpu to focus on its stainless steel production in the US in Calvert, Alabama and Richburg, South Carolina. Thus, Outokumpu’s other operations in the US remain unchanged.

The cash consideration of the transaction is approximately EUR 25 million, depending on the amount of the net working capital at the closing. The transaction reduces Outokumpu’s net debt by approximately the same amount. Outokumpu does not consider the overall financial impact of the transaction to be material, and reports the transaction as an adjustment in its third-quarter 2017 results.

Outokumpu is a global leader in stainless steel. We create advanced materials that are efficient, long lasting and recyclable – thus building a world that lasts forever. Stainless steel, invented a century ago, is an ideal material to create lasting solutions in demanding applications from cutlery to bridges, energy and medical equipment: it is 100% recyclable, corrosion-resistant, maintenance-free, durable and hygienic. Outokumpu employs some 10,000 professionals in more than 30 countries, with headquarters in Helsinki, Finland and shares listed in Nasdaq Helsinki. 

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Outokumpu has commissioned an investment in its bar finishing capabilities for Degerfors Long Products in Sweden. The investment comprises a new pit furnace, straightener, peeler as well as bar stock services. These investments have been installed during spring and will be in operation during June 2017.

Outokumpu is now able to offer stainless heavy bar in size range 70 to 300 mm with peeled surface condition. The new peeling line increases the size range of the peeled heavy bar and billet offering as well as enhances the capabilities to serve the customers requiring high surface quality.

2014 09 11 121016 outo logoOutokumpu has invested in stock services for the bar product range to ensure quick deliveries within Europe. The stock service enables lead times of 2 weeks within Europe and even shorter deliveries in Nordic countries. The customers are also able to order smaller batch sizes from stock when needed.

Says Olle Källgren, head of Degerfors Long Products, Sweden: “The investment will open up new possibilities to serve seamless tube customers as well as European and Asian based distributors requiring special bar and billet in larger dimensions. Degerfors Long Products has in-depth material knowledge of stainless steel and its end-use applications. We help customers to select right grade for the specific conditions.”

Degerfors Long Products is specialized in stainless steel grades for the most demanding applications. The offering contains austenitic, ferritic, duplex and precipitation hardened grades in Outokumpu Forta, Ultra and Therma ranges as well as Prodec range products for superior machinability. The unit has also NORSOK approved duplex grades specially designed for Oil & Gas industry.

Outokumpu has a century of experience in creating efficient, long-lasting, and recyclable stainless steels. Our global offering includes quality-critical long products for the buildings and infrastructures. Our Long Products sites are located in the US, the UK, and Sweden, and are known for their high quality products, flexibility, and world-class delivery performance. Read more about Outokumpu Long Products offering at outokumpu.com/longproducts

Outokumpu is a global leader in stainless steel. We create advanced materials that are efficient, long lasting and recyclable – thus building a world that lasts forever. Stainless steel, invented a century ago, is an ideal material to create lasting solutions in demanding applications from cutlery to bridges, energy and medical equipment: it is 100% recyclable, corrosion-resistant, maintenance-free, durable and hygienic. Outokumpu employs 10,000 professionals in more than 30 countries, with headquarters in Helsinki, Finland and shares listed in Nasdaq

 

Published in Production Equipment
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The latest Outokumpu stainless steel innovations, high-chromium ferritic stainless steel grade Core 4622 (EN 1.4622) and high-chromium austenitic stainless steel grade Supra 316plus (EN 1.4420) have been granted European patents in March 2017.

2014-09-11 121016 outo logoBoth products have been developed in Outokumpu’s R&D Center in Tornio, Finland. It has taken only four years from market introduction in 2013 to a patented product. These grades answer to customer demand for products with enhanced properties and stable raw material cost.   

Says Mikko Ylitalo, Chief Technology Officer at Outokumpu: “These grades are suitable for wide range of applications. Ferritic Core 4622 has excellent deep-drawability, and it is very good choice for example for pots and pan makers as it is virtually roping free. Selecting Core 4622 speeds up our customer’s production process as final product requires less polishing. Supra 316plus offers great alternative for customers who are looking for better corrosion resistance and strength than 316L/1.4404. One example of such application is LNG, where Supra 316plus offers great corrosion resistance and superior strength and ductility performance in cryogenic temperatures.”

Outokumpu has a long legacy in innovations. The very first austenitic, duplex and martensitic grades were invented at Outokumpu plants in Germany, Sweden and the UK. Receiving patents for Supra 316plus and Core 4622 demonstrates the continuous innovation legacy of Outokumpu.

Outokumpu is a global leader in stainless steel. We create advanced materials that are efficient, long lasting and recyclable – thus building a world that lasts forever. Stainless steel, invented a century ago, is an ideal material to create lasting solutions in demanding applications from cutlery to bridges, energy and medical equipment: it is 100% recyclable, corrosion-resistant, maintenance-free, durable and hygienic. Outokumpu employs some 10,000 professionals in more than 30 countries, with headquarters in Helsinki, Finland and shares listed in Nasdaq

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Outokumpu announces enhancement of stainless bar production in its facilities in in Richburg, South Carolina, USA. New capabilities include a new coil-to-bar line to cover bar sizes from 0.600” to 1.250” inches and full reinforcement bar capabilities. The new lines enable Outokumpu to better serve its key end-customer segments including automotive, aerospace, oil & gas, construction and chemical processing in the North American market. The investment increases Outokumpu’s stainless bar production capacity by more than 15,000 tonnes annually.

2014-07-15 071744Says Bob Beatty, head of the Outokumpu Stainless Bar, USA: “The new investment allows us to expand our capacity in the area of coil-to-bar peeling where we have been capacity constrained. The line utilizes hot-rolled coil bar feedstock which is straightened, peeled, chamfered and polished to finished bars. This new capacity helps us to expand our business in key growth markets including the important automotive segment where we have a strong position.”

Outokumpu serves the North American market through its key service center partners. The company has a strong reputation in the market as a premium producer of high performance bars with unique knowhow in stainless steel applications and material performance.

Outokumpu has over a century of experience in creating efficient, long-lasting, and recyclable stainless steels. Our global offering includes quality-critical long products for equipment, buildings and infrastructure projects. Our Long Products sites are located in the US, the UK, and Sweden and are known for their high quality products, flexibility, and world-class delivery performance. Read more about Outokumpu Long Products’ offering at www.outokumpu.com/longproducts.

Outokumpu is a global leader in stainless steel. We create advanced materials that are efficient, long lasting and recyclable – thus building a world that lasts forever. Stainless steel, invented a century ago, is an ideal material to create lasting solutions in demanding applications from cutlery to bridges, energy and medical equipment: it is 100% recyclable, corrosion-resistant, maintenance-free, durable and hygienic. Outokumpu employs some 10,000 professionals in more than 30 countries, with headquarters in Helsinki, Finland and shares listed in Nasdaq

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