Outokumpu Q2 Adj EBITDA EUR 91 Million, Below Estimates [Reuters]
OUTOKUMPU OYJ U/ADR NEW (OUTKY)
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Source: Reuters
Outokumpu Oyj (OUT1V.HE) Key Developments | Reuters.com Aug 1 (Reuters) - Outokumpu Oyj ::REG-OUTOKUMPU HALF-YEAR REPORT – STRONG OPERATIONAL EXECUTION SECURED SATISFACTORY PERFORMANCE IN THE SECOND QUARTER, GROUP ADJUSTED EBITDA AT EUR 91 MILLION.Q2 ADJUSTED EBITDA EUR 91 MILLION (REFINITIV POLL EUR 93.4 MILLION).NET DEBT DECREASED TO EUR 1.3 BILLION..SAYS Q2 ADJUSTED EBITDA OF EUR 91 MILLION WAS A SATISFACTORY RESULT IN A VERY TOUGH MARKET ENVIRONMENT.STAINLESS STEEL MARKET REMAINS DIFFICULT.Q2 NET SALES EUR 1.70 BILLION (REFINITIV POLL EUR 1.75 BILLION).IMPORT PENETRATION IS BACK AT 30%.START OF NEW QUOTA PERIOD ON JULY 1 HAS ALREADY LED TO A FURTHER JUMP IN IMPORTS..IMPORTS INTO US HAVE STAYED AT RELATIVELY LOW LEVELS.WE DON'T SEE SIGNIFICANT VOLUME UPSIDE IN SHORT TERM IN AMERICAS..WE ARE FACING A TOUGH Q3.WE EXPECT CHALLENGES TO INFLUENCE STAINLESS STEEL MARKET FOR REST OF 2019..THIRD-QUARTER STAINLESS STEEL MARKET IS EXPECTED TO BE CHALLENGING..Q3 UNDERLYING DEMAND TO BE FURTHE
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