Outokumpu’s deliveries, revenues rise in 2Q: what drove the beat

Outokumpu

Outokumpu’s deliveries, revenues rise in 2Q as volumes improved across regions. Europe posted modest growth from a low base. Meanwhile, the Americas sustained steady shipments despite softer stainless prices and fragile end-market demand.

Regional performance and product mix

Outokumpu’s deliveries, revenues rise in 2Q on higher stainless shipments. Group volumes reached 483,000t, up 3.2pc year on year. Europe shipped 324,000t, up 2pc, while the Americas hit 166,000t, up 3.1pc. First-half deliveries rose 4.5pc to 953,000t, mirroring second-quarter momentum. Lower raw material costs and savings supported margins despite weaker realized prices.

Outlook and profitability signals

Outokumpu’s deliveries, revenues rise in 2Q alongside stronger first-half ebitda. Adjusted ebitda climbed to €124mn, nearly one-third higher. Ferrochrome shipments slipped 3pc in Q2 to 101,000t, though H1 reached 197,000t. However, management flagged softer Q3 seasonality and European weakness. The firm guides a 5–15pc delivery drop versus Q2. Asian imports keep price pressure elevated, limiting spot upside. Planned maintenance in Europe may trim Q3 ebitda by up to €10mn.

Market context and risk factors

Service centers in Europe continue delaying restocking amid demand uncertainty. As a result, realized prices face further pressure into Q3. Distributor inventories in the US remain stable, helping the Americas cadence. Still, macro sentiment and trade flows could sway spreads and surcharges. Execution on cost control and mix will remain critical for margins.

The Metalnomist Commentary

Outokumpu’s disciplined cost base cushioned price softness, but pricing headwinds persist into Q3. Watch European import intensity and restocking timing for any margin relief. A faster inventory draw in Europe could catalyze a firmer Q4 price floor.