Stock exchange release
Outokumpu Capital Markets Day 2020
Outokumpu will host a Capital Markets Day today,
In today's event, Outokumpu's top management will discuss Outokumpu's progress during the past few years, with focus on developments within the business areas
Steady progress towards vision 2020 slowed down by tough market environment
During the past four years, Outokumpu has gone through a major transformation which has significantly strengthened the company's position in the stainless steel industry. In 2016, Outokumpu announced a bold vision, "to be the best value creator in stainless steel through customer orientation and efficiency", coupled with key financial targets.
Since the implementation of article 232 the market environment has been especially challenging in
In the
A major contributor to the successful transformation of Outokumpu has been the major step-change in the company culture and ways of working. As measured by the Organizational Health Index the company is just a notch away achieving first quartile status, the global benchmark, and the key measure for our safety performance - total recordable injury frequency rate (TRIFR) - is at 3.2, well ahead of both the original target set for 2020 and the industry benchmark. Furthermore, based on our latest customer satisfaction survey, we are the best value creator for our customers with 72% of them giving us the highest rates.
Sustainability is at the core of our strategy
Outokumpu is the leading producer of sustainable stainless steel. Our carbon footprint is less than 30% of the global industry average, and the recycled content in our production is close to 90%. We continuously develop our processes and energy efficiency to further lower our environmental impacts and improve our sustainability performance. We are on track to reduce our carbon footprint by 20% per ton of stainless steel by the end of 2023, and our new target is to become carbon neutral by 2050, aligned with the EU green deal.
Sustainability is a competitive advantage for Outokumpu not just in relation to our customers, but it also supports us to compete against Asian producers whose carbon footprints are five times higher compared to European producers. New measures, such as carbon border adjustment, are needed to prevent carbon leakage to
Focus on cash and cost to reduce net debt continues
Outokumpu's balance sheet has strengthened significantly since 2016. At the end of 2019, our net debt amounted to
CFO
In 2020, Outokumpu's capital expenditures are expected to be approximately
Conference call
To participate in the conference call today at
US: +1 631 510 7495
Conference ID: 6590568
Presentations will be available through this link. (https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fedge.media-server.com%2Fmmc%2Fp%2F47zrehh8&data=02%7C01%7CPaivi.Laajaranta%40outokumpu.com%7C593bdd221d8e4238384408d7c9aec747%7C973326dfc9da42d3b7d68941eaadcec4%7C0%7C0%7C637199624829112640&sdata=N28OAhFGxPaeMgFIle9ZcaS3qxEYVYlvUv%2FuzSp6R%2B0%3D&reserved=0)
For more information:
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
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