Outokumpu’s stainless steel sales remain weak on European market headwinds

• Stainless steel sales drop 6% y-o-y in Q3CY’25
• Q4 outlook signals further EBITDA decline

Outokumpu, the global leader in sustainable stainless steel in Europe and the second-largest producer in the Americas, reported subdued sales in Q3CY’25 reflecting ongoing challenges in the European stainless steel market. Sales volumes remained soft with limited customer demand, pressured by economic uncertainties and a cautious buying environment. This softness led to an EBITDA of EUR 29 million in the quarter, below market expectations.

For the first nine months of CY’25, Outokumpu’s earnings have been similarly impacted by weak market conditions despite efforts to enhance operational efficiency. The European market’s slow recovery and muted steel demand continued to constrain overall performance, while pricing pressures further compressed margins.

EBITDA

Reported EBITDA stood at EUR 29 million down by 26% against EUR 39 million in Q3CY’24. While EBITDA stood at EUR 115 million (EUR million 174) in 9MCY’25 with profitability impacted by continued weak European demand and lower prices.

Sales

In Q3, Outokumpu’s stainless steel deliveries declined to 432,000 tonnes (t) from 459,000 t the previous year, showing a 6% decrease. For the first nine months of 2025, sales totaled approximately 1.385 mnt, slightly up from 1.371 mnt in the same period last year but affected by market softness.

Q4 Outlook

For Q4 2025, Outokumpu expects further declines in EBITDA due to ongoing market headwinds and subdued demand, especially in Europe, with a cautious outlook on prices and sales volumes.

Overall, Outokumpu’s operations in Q3 and CY’25 highlight the continued challenges posed by subdued market conditions, especially in Europe, impacting sales profitability and cash flow. However, strategic investments in innovation and restructuring efforts aim to position the company for future growth once market conditions improve.