Outokumpu receives an insurance compensation of EUR 32 million and revises its fourth quarter outlook: adjusted EBITDA is expected to be higher than in the fourth quarter of 2017
Outokumpu Oyj
Stock exchange release
November 9, 2018 at 3.00 pm EET
Outokumpu receives an insurance compensation of EUR 32 million and revises its fourth quarter outlook: adjusted EBITDA is expected to be higher than in the fourth quarter of 2017
Outokumpu has completed negotiations with insurance companies regarding the property damage and business interruption at the Tornio ferrochrome production in Finland in the first half of 2017. Outokumpu will receive an insurance compensation of EUR 32 million which will be booked in the fourth-quarter financial results.
Consequently, Outokumpu revises its outlook and expects its fourth-quarter adjusted EBITDA to be higher than in the corresponding quarter in 2017 (Q4/17: EUR 82 million). Earlier Outokumpu expected its fourth-quarter adjusted EBITDA to be at a similar level to the fourth quarter of 2017.
For more information:
Investors: Tommi Järvenpää, tel. , +358 40 576 0288
Media: Reeta Kaukiainen, tel. 4
Outokumpu Group
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.
