Outokumpu Oyj · OMXHEX:OUT1V
Outokumpu Oyj — Investor Presentation (August 2019)
76 slides from Outokumpu Oyj's investor presentation, Aug 1, 2019
Slide 1: We are making solid progress towards our 2020 vision
We are making solid progress towards our 2020 vision Investor presentation
Slide 2: Outokumpu in brief
Outokumpu in brief Net sales EUR 6.9bn, adjusted EBITDA EUR 485m, stainless steel deliveries 2.4mt, listed on Nasdaq OMX Helsinki Sales by business area Sales by destination Sales by customer segments Other operations 4% Other Consumer goods & Ferrochrome 3% Asia and countries 6% medical 9% Finland
Slide 3: Becoming the best value creator
Becoming the best value creator Vision Best value creator Must- Safety in stainless steel by Win High performing 2020 through customer battles organization orientation and efficiency Operational excellence* Commercial excellence Americas Digital transformation** Strengths Strong market position Worl
Slide 4: Stainless steel is everywhere and for almost every need
Stainless steel is everywhere and for almost every need Corrosion resistant Heat resistant High strength Hygienic Aesthetic Stainless steel is an Cost efficient amazing material that makes modern society Sustainable possible by providing unmatched durability, longevity and recyclability. It is at th
Slide 5: The world needs long lasting and sustainable solutions
The world needs long lasting and sustainable solutions Economic and Mobility and Climate change Sustainable population urbanization and limited stainless growth resources Healthcare, clean water, Buildings, elevators, Energy investments, Long-lasting, recyclable appliances.. trains, bridges,… resour
Slide 6: We are operating in a growing industry…
We are operating in a growing industry… • Global cost pressure persists • Intensifying competition from low-cost producers • Volatility increasing due to heightened political risks • Rising middle-class • Infrastructure investments 20% • Industrial production growth • Climate change driving need + f
Slide 7: ...and our competitive advantages will secure our long-term market position
...and our competitive advantages will secure our long-term market position Sustainable Customer Digitalization solutions satisfaction 7 | August 1, 2019
Slide 8: Our investment case is driven by our 2020 vision
Our investment case is driven by our 2020 vision FINANCIAL TARGETS Best value creator in Connected to our vision stainless steel by 2020 through customer Adjusted EBITDA orientation and efficiency €750 million Adjusted EBITDA, € million Net debt and gearing Return on capital employed Gearing 69% <35
Slide 9: Becoming the best value creator in stainless steel
Becoming the best value creator in stainless steel Shareholders Employees Customers Total shareholder return since Organizational health index2 Absolutely and very satisfied beginning of 20161 customers3 1. quartile Outokumpu Outokumpu 2. 37% quartile 3. 63% Acerinox quartile 9% Competitors Aperam 4
Slide 10: By excluding market noise, we see the real underlying progress in our performance
By excluding market noise, we see the real underlying progress in our performance €750 Ferrochrome price million Market $0.27 tailwind of /lb higher Market headwind €150 US base price million of $86 /tonne higher €165 €100 Graphite electrode Europe base price million million prices €53 Market 10 in
Slide 11: Our path to deliver an adjusted EBITDA of €750 million in 2020
Adjusted EBITDA, € million Our path to +110 deliver an +100 -100 +160 adjusted EBITDA +320 of €750 million in 2020 2015 Efficiency Commercial gains growth Market 2018 Efficiency Commercial gains growth 2020 target Approximate figures, based on management estimates 11 | August 1, 2019
Slide 12: How to close the gap to €750 million by 2020
How to close the gap to €750 million by 2020 Gains by Europe Americas Other Europe 20201 €150 million in total Commercial growth €50 €60 €110 • Higher deliveries • Value-added products • Customer & product mix • Market share in Mexico million • Service solutions • New products €110 million from comm
Slide 13: Stainless steel demand is growing
Stainless steel demand is growing Heavy industries Other +12% +11% Other Heavy industries Architecture, Building & Construction Architecture, Building Global +38% Expected global & Construction stainless steel stainless steel real demand in 2018 real demand in 2024 43.2 +21% Automotive million tonne
Slide 14: We focus on growth segments
We focus on growth segments Consumer goods, automotive, architecture, building and construction Distributors End-customers Consumer goods & medical • Long term contracts • Spot contracts 9% Chemical, petrochem. and energy • Large quantities • Standard products and 2% Automotive grades 11% • Special
Slide 15: We have a solid presence in key regions
We have a solid presence in key regions Avesta* Fagersta Tornio* Integrated melt shop, hot and cold rolling Degerfors Kemi Other mills Sheffield Nyby Krefeld* Helsinki Mine Richburg Dillenburg Service centers Calvert Dahlerbrück San Luis Potosí Headquarters in Helsinki, Finland * R&D centers 15 | Au
Slide 16: Fully integrated production asset base
Fully integrated production asset base Europe Americas Long Products Total Avesta + Krefeld + Tornio Degerfors Calvert Mexinox Sheffield Richburg Degerfors Fagersta 1,000 tonnes Nyby Dillenburg Finland Sweden USA Mexico UK USA Sweden Sweden Sweden Germany Melting 1,450 450 900 450 3,250 Hot rolling
Slide 17: Broadest product portfolio globally
Broadest product portfolio globally Outokumpu stainless steel deliveries by product form Stainless steel is not a single Chrome is the most important raw product and there are thousands of material used in stainless steel different grades and product forms. Cold rolled 70% production. Outokumpu has
Slide 18: Business areas
Business areas
Slide 19: Outokumpu’s assets work as one integrated system
Outokumpu’s assets work as one integrated system Sales by areas, € 6,872 million Avesta Fagersta Tornio Degerfors Kemi Sheffield Nyby Krefeld Richburg Dillenburg Calvert Dahlerbrück San Luis Potosí Europe Americas Long Products Ferrochrome 19 | August 1, 2019
Slide 20: Global footprint with strong market shares in both Europe and NAFTA
Global footprint with strong market shares in both Europe and NAFTA Business LONG EUROPE AMERICAS FERROCHROME area PRODUCTS 7% 30 % 3% 25 % #8 in EU Market share #1 #2 #2 in US 11 % #5 Production Finland, Sweden & US & Mexico UK, Sweden & US Finland facilities Germany Largest Stainless steel custome
Slide 21: State-of-the-art production facilities – Europe
State-of-the-art production facilities – Europe Outokumpu’s assets work as one integrated system with large integrated sites in Tornio, Finland and Avesta, Sweden feeding rest of the mills Europe. Outputs include a wide range of austenitic and ferritic standard stailess steel grades and tailored and
Slide 22: State-of-the-art production facilities – Americas
State-of-the-art production facilities – Americas Americas’ production units are located in Alabama, US and San Luis Potosi, Mexico. The production sites are supported by a distribution center in Illinois, US and a service center in Argentina. The business area produces standard autenistic and ferri
Slide 23: State-of-the-art production facilities – Long Products
State-of-the-art production facilities – Long Products The integrated mill in Sheffield, UK feeds semi-finished products to finishing facilities in Sweden and US. Long Products’ product offering consists of a broad range of bars, wire-rod, wire, rebar and semi-finished products in standard and tailo
Slide 24: State-of-the-art production facilities – Ferrochrome
State-of-the-art production facilities – Ferrochrome Ferrochrome is an integral part of Outokumpu’s operations, and supported by our Kemi mine, it is a clear competitive advantage to us. Majority of the ferrochrome produced is consumed internally by our own mills, and approximately 25% of the produc
Slide 25: Markets
Markets
Slide 26: No significant changes in the stainless steel markets in Q2
No significant changes in the stainless steel markets in Q2 European US Average nickel price, Ferrochrome average base price, average base price, USD/tonne benchmark price, EUR/tonne* USD/tonne USD/lb. 796 790 1,433 1,433 12,369 12,258 1.20 1.12 -0.8% 0% -0.9% Q1/19 Q2/19 Q1/19 Q2/19 Q1/19 Q2/19 Q1/
Slide 27: Europe continues to battle with cheap Asian imports...
Europe continues to battle with cheap Asian imports... Third-country cold rolled imports1 into Europe, Third-country cold rolled imports2 into the US, 1,000 tonnes 1,000 tonnes 100 50 50 50 80 30% 40 40 40 23% 60 30 30 30 16% 16% 40 20 20 20 20 10 10 10 0 0 0 0 From rest of world From China From res
Slide 28: …keeping European base prices at low levels
…keeping European base prices at low levels European base prices1 (Germany)*, US base prices1, Transaction prices 304 stainless, EUR/tonne USD/tonne USD/tonne 1,200 1,500 3,400 1,100 1,400 2,900 1,000 900 1,300 2,400 800 1,200 1,900 700 600 1,100 1,400 Europe USA China 1. 2mm sheet cold rolled 304 g
Slide 29: 2% demand growth expected for 2019
2% demand growth expected for 2019 Global Americas Europe APAC 5% 2% 2% 3% 4% 4% 4% 2% 2% 0% 2% 4% 4% 3% 1% -2% 2% 2% 3% 2% 2% 6% 3% 3% 3% 4% 5% 4% 18 19f 20f 21f 22f 23f 24f 18 19f 20f 21f 22f 23f 24f 18 19f 20f 21f 22f 23f 24f 18 19f 20f 21f 22f 23f 24f USA Other Americas Other EMEA China Other AP
Slide 30: More pronounced Q3 dip in demand expected in Europe
More pronounced Q3 dip in demand expected in Europe EMEA total stainless steel real demand1 Americas total stainless steel real demand1 2,500 1,000 2,000 750 1,500 500 1,000 250 500 0 0 1) Total stainless = rolled & forged products, excl. 13Cr tubes, profiles 30 | August 1, 2019 Source: SMR July 201
Slide 31: Low capacity utilization in China, on healthier level in Europe and Americas
Low capacity utilization in China, on healthier level in Europe and Americas Asia Europe Americas [CR, Mtonnes] [CR, Mtonnes] [CR, Mtonnes] 5.0 4.9 4.8 4.9 4.9 4.9 28.7 3.2 3.3 3.3 5.0 5.1 3.2 3.2 3.2 26.7 4.1 4.2 3.0 3.0 25.3 4.1 24.3 3.8 3.9 2.8 23.1 3.7 2.7 2.7 21.9 22.6 3.5 3.5 2.5 2.5 2.5 21.7
Slide 32: Raw materials - price development
Raw materials - price development Nickel1, USD / tonne Ferrochrome2, USD / lb. 17,000 2 European contract price European spot price 15,000 Q3/19 1.5 1.04 USD/lb. 13,000 11,000 17 Jul 19 1 17 Jul 19 0.88 USD/lb. 9,000 14,230 USD/t 7,000 0.5 Jan'17 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan'18 Fe
Slide 33: Stainless steel market
Stainless steel market Major stainless steel producers Outokumpu’s market share Million tonnes 2019 2018 2018 Tsingshan 10.6 10.2 Europe ~28% TISCO 5.5 5.5 NAFTA ~23% POSCO (incl. ZPSS) 3.5 3.3 Globally ~6% Outokumpu 3.3 3.3 Acerinox 3.2 3.2 Beihai Chengde 2.4 2.4 Aperam 2.1 2.1 LISCO 2.0 2.0 Baoste
Slide 34: Sustainability
Sustainability
Slide 35: Sustainable performance in 2018
Sustainable performance in 2018 Outokumpu has set challenging goals and 96% of Energy administrative efficiency key sustainability performance indicators for 2020. The company also follows up and employees 8.9% measures other had a selected economic, social and performance environmental indicators.
Slide 36: Importance to stakeholders
Materiality analysis 2019 High Impact of climate change Five focus areas Occupational health, safety and well-being Pollution reduction Responsible business practices 1. Occupational health, safety Importance to stakeholders Commu- Energy management and well-being nity engage- Material efficiency me
Slide 37: Safety is the number one priority
Safety is the number one priority • Safety is one of the cornerstones Work place accidents1 in Outokumpu’s strategy and 40 ensuring the safety and good health of our employees is the first priority for us 30 • Best value creator for employees 20 • We aim to be among the industry leaders in safety wi
Slide 38: We are the world leader in sustainable steel production...
We are the world leader in sustainable steel production... CO2 footprint, index Recycled content, % Our 250 84 87 87 87 89 ferrochrome operations’ 200 CO2 footprint 150 is only 100 50 Estimated global recycled content in stainless steel 42% of industry 0 average* Outokumpu 2014 2015 2016 2017 2018 E
Slide 39: ...and we have ambitious targets
...and we have ambitious targets CO2 emissions intensity, tonnes per stainless Outokumpu’s emissions forecast under SBT steel conditions, tonnes of CO2 per tonne steel 1) 2 2.5 20% reduction by 2023 2.0 1.5 50% reduction 1.5 1 1.0 0.5 0.5 34% reduction 0 0.0 2014- 2017 2018 2023 2014- 2020 2025 2030
Slide 40: | August 1, 2019
OUR AIM IS TO THE GLOBAL MAKE STEEL WITH GROWTH RATE (CAGR) IS Building and Transportation construction ~23 years (ABC) 50+ years Food and drink, RECYCLED CONTENT kitchenware ~23 years USE RATE OF SLAG Metal industry and machinery OF ELECTRICITY COMES ‘ White goods and ~18 years oa other appliances
Slide 41: We focus on 5 UN Sustainable Development Goals
We focus on 5 UN Sustainable Development Goals Outokumpu business is based on recycling and is a part of circular economy. Company focuses on resource efficiency as recycled content, the use of by-products to replace natural resources, as well as increasing the energy efficiency in production proces
Slide 42: Latest financials
Latest financials
Slide 43: Key figures Q2/19 Q2/18 Q1/19
Key figures Q2/19 Q2/18 Q1/19 Stainless steel deliveries 1,000 tonnes 584 668 621 Sales EUR million 1,701 1,883 1,715 Adjusted EBITDA EUR million 91 136 54 EBITDA EUR million 91 136 40 Net result EUR million 6 25 -39 Earnings per share EUR 0.01 0.06 -0.09 Operating cash flow EUR million 177 71 39 Ne
Slide 44: Strong operational execution secured satisfactory performance in the second quarter
Strong operational execution secured satisfactory performance in the second quarter Negative Other operations’ result partly offset by Group adjusted EBITDA, Adjusted EBITDA quarter-on-quarter comparison1, EUR million reversal of currency derivative losses EUR million Better product and customer mix
Slide 45: Strong product mix in BA Europe
Strong product mix in BA Europe Europe adjusted EBITDA, Adjusted EBITDA quarter-on-quarter comparison1, EUR million EUR million Improved customer & product mix and raw material optimization Reversal of currency derivative losses in Q1/19 73 73 60 42 33 Net of Pricing timing Q2/18 Q3 Q4 Q1 Q2/19 Q1/1
Slide 46: BA Americas suffering from continuous distributor destocking
BA Americas suffering from continuous distributor destocking Americas adjusted EBITDA, Adjusted EBITDA quarter-on-quarter comparison1, EUR million EUR million Lower truck freight costs in the US 10 13 -8 -22 -18 Net of Pricing timing Q2/18 Q3 Q4 Q1 Q2/19 Q1/19 Deliveries Costs Others Q2/19 & mix and
Slide 47: Long products’ demand weakening in Europe
Long products’ demand weakening in Europe Long Products adjusted EBITDA, Adjusted EBITDA quarter-on-quarter comparison1, EUR million EUR million Reversal of Q1 FX losses Improved customer and 13 product mix 9 6 -3 -1 Net of Pricing timing Q2/18 Q3 Q4 Q1 Q2/19 Q1/19 Deliveries Costs Others Q2/19 & mi
Slide 48: Ferrochrome deliveries remained at a high level, costs increased due to planned maintenance
Ferrochrome deliveries remained at a high level, costs increased due to planned maintenance Ferrochrome adjusted EBITDA, Adjusted EBITDA quarter-on-quarter comparison1, EUR million EUR million Planned maintenance shutdown 83 46 39 30 31 FeCr Q2/18 Q3 Q4 Q1 Q2/19 Q1/19 Deliveries Costs Others Q2/19 p
Slide 49: Strong cash generation
Strong cash generation Q2/19 cash flow, EUR million CAPEX estimate 2019, EUR million 250 200 150 Expansion, digitalization & other Kemi mine Annual maintenance 100 50 0 Provisions, Working pensions, Operating Net cash Cash EBITDA from flow capital financial cash flow investing before charges activit
Slide 50: Net debt decreased due to continued focus on net working capital
Net debt decreased due to continued focus on net working capital Net debt, EUR billion Net debt/LTM adjusted EBITDA IFRS 16 impact* EUR 131 million <1.0 1.61 1.24 1.09 1.24 1.37 1.31 9.8 4.0 1.7 2.6 3.4 3.6 2015 2016 2017 2018 Q1/19 Q2/19 2015 2016 2017 2018 Q1/19 Q2/19 Target 50 | August 1, 2019 *
Slide 51: New term loan signed to extend debt maturities
New term loan signed to extend debt maturities • EUR 400 million secured Debt structure*, % Debt maturity profile*, EUR million term loan • Signed in June • Matures in 2023 17% 800 • Refinancing short term debt • Available in July 32% • Drawn latest in Q4/19 600 16% 400 0% 200 6% 14% 15% 0 2019 2020
Slide 52: Balance sheet
Balance sheet Assets (EUR million) Q2/19 Q1/19 Equities and liabilities (EUR million) Q2/19 Q1/19 Non-current assets Equity attributable to the equity holders of the Company 2,624 2,656 Intangible assets 595 589 Non-current liabilities Property, plant and equipment 2,754 2,794 Non-current debt 710 7
Slide 53: Continued cost efficiency improvements
Continued cost efficiency improvements Operative cost components* SG&A costs, € million SG&A (excl. personnel and D&A) Our target is to achieve further 354 342 D&A total €160 Other cost of 331 307 sales 275 Energy and consumables million Personnel from efficiency gains by 2020 2014 2015 2016 2017 20
Slide 54: Tax loss carry forwards will keep cash taxes moderate
Tax loss carry forwards will keep cash taxes moderate Tax loss carry forwards, € million In Finland, we start 4,000 paying cash taxes in 2019 94% Finland 3,000 Sweden US 2,000 Germany 1,000 Deferred tax assets still Other Expire later than to be recognized on the 0 in 5 years 2014 2016 2018 tax loss
Slide 55: Outlook for Q3 2019
Outlook for Q3 2019 • The stainless steel market is expected to be challenging • Deliveries expected to be lower in Europe and Adjusted EBITDA remain at stable level in the Americas compared to Q2 is expected to be • Ferrochrome result will be negatively impacted by lower than in lower benchmark pri
Slide 56: Appendix
Appendix
Slide 57: We are the best value creator to our customers and we are aiming higher
We are the best value creator to our customers and we are aiming higher Percentage of absolutely or very satisfied customers* Outokumpu Outokumpu 2020 target Competitors 58% 63% 75% 57 | August 1, 2019 * Outokumpu customer satisfaction survey 2018
Slide 58: Our technical expertise translates into customer benefits
Our technical expertise translates into customer benefits Higher efficiency Over Increasing our Continuous New, better 100 years of development solutions customers’ Profitability innovation competitiveness Sustainability 58 | August 1, 2019
Slide 59: We work together globally with our customers and partners
We work together globally with our customers and partners Waterfront building Washing machine drums Stockholm, Sweden Miele, Germany New Street Station Network Rail BMW headquarters Oil refinery & LNG plants Storage tanks Munich, Germany Sinopec, China UK Japrotek, Finland Cloud gate Chicago, USA Oi
Slide 60: Production steps – cold rolled coil
Production steps – cold rolled coil Kemi mine Ferrochrome works Steel melting shop Hot rolling mill Cold rolling plant Sintering furnace Liquid ferrochrome Recycled steel Walking Beam Furnace Annealing and pickling line Underground mine Hoisting Smelter Roughing Mill Sendzimir Mill Crushing Heavy me
Slide 61: Outokumpu stainless steels can be divided in four main groups
Outokumpu stainless steels can be divided in four main groups Stainless steels are iron-chromium (Fe-Cr) alloys often with nickel (Ni) additions that ”do not rust in sea water”, ”are resistant to Austenitics Ferritics Duplex Martensitic concentrated acids” and ”do not scale at temperatures up to 110
Slide 62: Stainless steel prices reflect following factors
Stainless steel prices reflect following factors Raw Short- and Macro- material long-term Transport economic prices and capacity costs trends currency utilization fluctuations Import Development Cost of duties and in consumer Competition capital other trade industries restrictions 62 | August 1, 201
Slide 63: Stainless steel transaction price consists of three components
Stainless steel transaction price consists of three components Alloy surchage Base price Base price Extras Alloy surcharge Customer-specific, Material-specific Product-specific usually monthly charges for non- instrument to base price standardized pass alloy costs products along the value chain Extr
Slide 64: Corporate Governance
Corporate Governance Outokumpu Oyj, the Group’s parent company, is a public limited liability company, listed on Nasdaq Helsinki and incorporated and domiciled in Finland. In its corporate governance and management, Outokumpu Oyj complies with the laws and regulations applicable to Finnish public co
Slide 65: Outokumpu organization
Outokumpu organization President and CEO Roeland Baan Human Resources & Finance Organization Development Business Transformation & IT Communications & IR Europe Americas Long Products Ferrochrome 65 | August 1, 2019
Slide 66: Shareholders
Shareholders Major shareholders1 Solidium Oy 22.83% Solidium and governance Varma Mutual Pension Insurance Company 4.44% • Holding company wholly owned by the State of Finland AA The Social Insurance Institution of Finland 2.23% • Major shareholder in 12 listed companies Ilmarinen Mutual Pension Ins
Slide 67: Board of Directors
Board of Directors Chairman of the Board of Directors Vice Chairman of the Board of Directors Members of the Board of Directors Kari Jordan Heikki Malinen Kati ter Horst Julia Woodhouse Chairman of the Member of the Member of the Remuneration Remuneration Audit Committee Member of the Committee Comm
Slide 68: Outokumpu Leadership Team
Outokumpu Leadership Team Roeland Baan Pia Aaltonen- Maciej Gwozdz Kari Tuutti Forsell President and President – Europe President – Long Chief Executive Chief Financial Products Officer Officer Olli-Matti Saksi Liam Bates Jan Hofmann President – Executive Vice Executive Vice Americas President – Sup
Slide 69: Group key financials
Group key financials Key figures 2018 20173) 2016 2015 2014 Stainless steel deliveries 1,000 tonnes 2,428 2,448 2,444 2,381 2,554 Sales € million 6,872 6,356 5,690 6,384 6,844 Adjusted EBITDA € million 485 631 309 165 263 Net result € million 130 392 144 86 -439 Return on equity 1) % 4.8 15.4 6.4 3.
Slide 70: Share-related key figures
Share-related key figures Key figures 2018 2017 2016 2015 2014 Earnings per share 1) 2) € 0.32 0.95 0.35 0.23 -1.24 Cash flow per share 1) 2) € 0.52 0.79 0.94 -0.08 -0.36 Equity per share 1) € 6.70 6.59 5.84 5.60 5.13 Dividend per share € 0.15 0.25 0.10 - - Dividend yield % 4.7 3.2 1.2 - - Price/ear
Slide 71: Cash flow
Cash flow Key figures 2018 2017 2016 Net result for the financial year € million 130 392 144 Total adjustments € million 313 259 134 Change in working capital € million -112 -180 307 Provisions, pensions, financial € million -112 -135 -187 charges and other Income taxes paid € million -5 -8 -9 Opera
Slide 72: Business area Europe
Business area Europe Key figures 2018 2017 2016 2015 Stainless steel deliveries 1,000 tonnes 1,547 1,592 1,625 1,578 Sales € million 4,267 4,156 3,767 4,156 of which intra-group € million 97 81 93 120 Adjusted EBITDA € million 248 404 295 203 Adjustments to EBITDA € million 10 - -26 -25 EBITDA € mil
Slide 73: Business area Americas
Business area Americas Key figures 2018 2017 2016 2015 Stainless steel deliveries 1,000 tonnes 762 742 690 533 Sales € million 1,715 1,546 1,325 1,214 of which intra-group € million 45 33 21 37 Adjusted EBITDA € million -5 21 -27 -120 Adjustments to EBITDA € million - - 21 -17 EBITDA € million -5 21
Slide 74: Business area Long Products
Business area Long Products Key figures 2018 2017 2016 2015 Stainless steel deliveries 1,000 tonnes 285 264 245 213 Sales € million 740 591 487 551 of which intra-group € million 220 186 153 162 Adjusted EBITDA € million 25 16 -1 10 Adjustments to EBITDA € million - - 19 - EBITDA € million 25 16 18
Slide 75: Business area Ferrochrome
Business area Ferrochrome Key figures 2018 2017 2016 2015 Ferrochrome production 1,000 tonnes 497 415 469 457 Sales € million 542 610 371 410 of which intra-group € million 345 483 269 295 Adjusted EBITDA € million 210 217 80 107 Adjustments to EBITDA € million - - -0 - EBITDA € million 210 217 80 1
Slide 76: Thank you!
For more information, call Outokumpu Investor Relations or visit www.outokumpu.com/investors Thank you! Tommi Järvenpää Päivi Laajaranta Vice President – Investor Relations Executive Assistant Phone +358 9 421 3466 Phone +358 9 421 4070 Mobile +358 40 576 0288 Mobile +358 400 607 424 E-mail: tommi.j