Political strike in Finland to continue – the total impact of the four weeks’ strike on Outokumpu's adjusted EBITDA a...

Outokumpu Oyj
Press release
March 28, 2024 at 12.00 noon EET

Political strike in Finland to continue - the total impact of the four weeks' strike on Outokumpu's adjusted EBITDA approximately EUR 80 million

Political strikes in Finland have now been announced to continue for a fourth week until April 7, 2024. The estimated negative impact of this additional week on Outokumpu's adjusted EBITDA is approximately EUR 15 million, as we were now able to soften the cumulative impact. Thus, the total negative impact of the four-week political strike on Outokumpu's adjusted EBITDA is approximately EUR 80 million.

"Even during the strike, we must ensure minimum level of operations to secure the safety of machinery, people, and environment. In the third week, we were forced to invoke emergency work to ensure that. The continuation of the strike causes a lot of uncertainty in our operations, not to mention our employees and customers, and increases risks for equipment damages and further breakdowns as we cannot undertake protective maintenance work during the strike," says NiklasWass, President, business line Stainless Europe.

The majority of Outokumpu's stainless steel and ferrochrome operations as well as the Tornio port in Finland have been shut down since the beginning of the strike. The strike also impacts indirectly the company's operations in other countries through the disruption in internal material flows in both Europe and Americas.

The political strike is aimed against the Finnish government and is not related to Outokumpu's labor relations.

Outokumpu will publish its January-March 2024 results on May 7, 2024.

For more information:

Outokumpu media desk, tel. +358 40 351 9840