Finland's Outokumpu posts Q4 core loss in weak stainless steel market
Feb 13 (Reuters) - Finland's Outokumpu (OUT1V.HE), opens new tab on Thursday reported a small core loss for the fourth quarter, as it had warned in December, citing a weak stainless steel market with high import pressure, and said steel prices would remain under pressure in the first quarter of 2025.
The stainless steel maker's adjusted loss before interest, taxes, depreciation and amortisation (EBITDA) was 3 million euros ($3.1 million) in the October-December period, compared with a profit of 72 million euros a year earlier.
Analysts had expected a loss of 1 million euros on average, a company-provided consensus showed.
"Stainless steel demand in Europe was historically low," Outokumpu's new CEO Kati ter Horst said in the earnings statement.
European steelmakers have been struggling with weak demand, cost inflation and cheaper imports from Asian rivals that has weighed on profits.
The company's stainless steel deliveries fell 6% in the fourth quarter compared to a year earlier and 8% from the prior quarter.
However, they are expected to increase by 10% to 20% in the first quarter compared to the last three months of 2024, Outokumpu said.
The group proposed a dividend of 0.26 euro per share to be paid for 2024.
($1 = 0.9585 euros)
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