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226 Posts, Pagina: « 1 2 3 4 5 6 7 8 9 10 11 12 » | Laatste
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Mirgor to Buy Outokumpu Fortinox in Latin America

Strategic Research Institute
Published on :
16 Nov, 2022, 4:24 am

Global stainless steel leader Outokumpu, through Outokumpu Holding Nederland & Outokumpu Distribution Benelux, has agreed with Mirgor on the terms and conditions for the sale by Outokumpu to Mirgor of 100% of the shares and capital of Outokumpu Fortinox. Fortinox is the local subsidiary of Outokumpu in Argentina and will continue operating as the exclusive distributor of Outokumpu products in Argentina, Paraguay and Bolivia.

Parties are expecting to close the transaction, upon some operational take over procedures being completed, no later than 24 November 2022.

Outokumpu has reached this agreement within the framework of its global strategy to concentrate its business on the production of the highest quality stainless steel in the central markets and develop distribution networks worldwide.
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Outokumpu to Provide Carbon Footprints for Stainless Steel

Strategic Research Institute
Published on :
16 Nov, 2022, 4:31 am

Finland headquartered Outokumpu is the first stainless steel producer to provide a product-specific carbon footprint based on continuous production data. Now customers can utilize the data to calculate the product carbon footprints of their products and provide more sustainable solutions to the market. This will both help customers in their emission-reduction goals and support Outokumpu’s long-term climate targets* and sustainability strategy.

One of the industries benefiting from product-specific carbon footprint is transport. Transport accounts for 21% of global carbon emissions and the emissions from the transport sector are expected to grow by 20% by 2050 Biofuels and electric vehicle solutions are already in use to cut emissions from heavy road traffic, but we need to use other solutions too. The reduction of emissions from a new vehicle is also affected by, for example, the steel material used in the manufacture of the vehicle and its carbon footprint.

Road transportation, especially buses and coaches, is an area where stainless steel can have a very significant impact in helping to achieve carbon neutral mobility. Companies in the industry have ambitious climate targets and the end-customers’ demands, as well as requirements coming from all major Original Equipment Manufacturers, guide the climate work forward. With this new feature, it is also interesting to see how the customers would now be able to design CO2-emission optimized products for the upcoming application generations – for example next-generation vehicles

Many companies are calculating and reporting direct and indirect emissions, but there is a growing need to reduce all other indirect emissions from a company’s value chain. To calculate the complete CO2 emissions down the supply chain it is essential to know the CO2 impact of the pre-material – and that’s why the product-specific information is needed. Outokumpu is in a great position to support the steel industry with the knowledge of being the only stainless steel producer to report emissions from all three scopes and to have the leading role in using recycled material for over 90% globally.
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Outokumpu to Supply Emission-Minimized Stainless Steel to Klöckner

Strategic Research Institute
Published on :
8 Dec, 2022, 5:39 am

Global stainless steel giant Outokumpu’s emission minimized stainless steel gaining share in the industry after cooperation with European steel distributor Klöckner & Co. Outokumpu is starting cooperation with Klöckner & Co, one of the largest producer-independent distributors of steel and metal products, by delivering the first coil made of emission-minimized stainless steel. From 2023 onwards, the companies intend to supply larger quantities of the product.

Outokumpu has ambitious targets in terms of sustainability and is further shaping the stainless steel market by setting a new benchmark with its Circle Green product line, launched in June 2022.

Outokumpu’s Circle Green is classified in the best, so-called ‘Prime’ category in Klöckner & Co's new categorization for stainless steel. By this collaboration, Klöckner & Co will be able to significantly expand its portfolio of CO2-reduced materials, services, and logistics under the new umbrella brand Nexigen.

Outokumpu’s Circle Green production was the first of its kind globally, as no other stainless steel manufacturer has been able to produce stainless steel with such low emission levels when taking into account all the climate emissions from raw material extraction through the whole production chain. Circle Green is available today and will contribute to further decarbonizing the industry sector.
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EC Clears Sale of Outokumpu Long Products Units to Marcegaglia

Strategic Research Institute
Published on :
15 Dec, 2022, 5:45 am

Finland headquartered stainless steel leader Outokumpu announced that European Commission’s Competition Council has approved divestment of Long Products units to Italian Marcegaglia. Outokumpu has now received approvals from all the required competition authorities the European Commission and the US competition authority. In addition to the regulatory approvals by the competition authorities, the completion of the transaction is subject to customary closing conditions. Outokumpu expects to complete the transaction in the beginning of 2023.

Outokumpu had announced on 12 July 2022 that it would divest the majority of its Long Products business to Marcegaglia. Outokumpu President & CEO Mr Heikki Malinen said “This divestment marks the accomplishment of the turnaround program for the Long Products business in the past two years. With Marcegaglia, we have found a responsible and committed owner to develop Long Products business even further. The sale is a natural step for Outokumpu in line with our strategy to focus on our core business, stainless steel flat products.”

The sales of Long Products accounted for approximately 8% of the Outokumpu Group's sales in 2021. The transaction includes Long Products’ melting, rod and bar operations in Sheffield in UK; bar operations in Richburg in US; and wire rod mill in Fagersta in Sweden. The transaction does not include Outokumpu Long Products AB operations in Degerfors and Storfors, Sweden. Approximately 650 employees in Sheffield, Richburg and Fagersta will transfer to the buyer as a part of the transaction.
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Outokumpu to Restart Ferrochrome Furnace in February

Strategic Research Institute
Published on :
20 Jan, 2023, 5:51 am

Finland headquartered global stainless steel leader Outokumpu will restart its third ferrochrome furnaces earlier than planned on 15 February 2023but continues to optimize ferrochrome production capacity. The furnace was shut down temporarily beginning in September due to the high price of electricity, and the plan was to delay its restart at least until the end of the first quarter of 2023.

The optimization of ferrochrome production based on the price of electricity continues for all three furnaces, and the production capacity remains at 50–60% of normal.

Outokumpu’s President Ferrochrome Mr Martti Sassi said “The restart of the third ferrochrome gives us more possibilities for optimizing the production in the current situation in the electricity market. As the furnace will be restarted, also the employees of that furnace will return to work at the ferrochrome operations. The majority of them have been working in Outokumpu’s stainless steel operations in Tornio.”
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Strike Halts Outokumpu Tornio Plant for 3 Days

Strategic Research Institute
Published on :
2 Feb, 2023, 5:49 am

Finland headquartered global stainless steel leader Outokumpu announced that the agreement was not reached in the negotiations between the Industrial Union and the employers of Technology Industries of Finland on 31 January. As a result, a strike by the Industrial Union, Trade Union Pro and the Association of Upper-Level Employees YTN stops Outokumpu’s Tornio plant in Finland during 1-3 February 2023. The strike affects approximately 1,700 employees, white-collar employees and upper-level employees* at Outokumpu's Tornio plant in Finland. The strike will not affect Outokumpu's Kemi mine, Tornio ferrochrome slab or Tornio harbor.

Outokumpu said “The Tornio plant is an integral part of the entire Outokumpu supply chain, as material is also delivered from Tornio to Outokumpu's factories in Germany. However, due to the short duration of the strike, its direct impact on the company's result is estimated to be limited.”

Outokumpu added “Production at Outokumpu's Tornio plant is expected to start on the 4 February. Negotiations between the Industrial Union and employers of Technology Industries of Finland will continue on Friday the 3rd of February. We hope that an agreement will be reached in the negotiations and that peace of mind at work will be restored as soon as possible.
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Outokumpu & Aperam Report Shrinkage in Stainless Steel Production

Strategic Research Institute
Published on :
3 Mar, 2023, 5:36 am

Global leaders in stainless steel Outokumpu, Aperam and Acerinox have recently announced their results for 2022 highlighting YoY reduction in stainless steel sales volumes in 2022, signaling severe slow down despite posting strong EBITDA

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Outokumpu

Stainless steel deliveries – 2.106 million metric ton, down 7% YoY

EBITDA –€ 1.076B, up 22% YoY

EBITDA per metric ton - –€ 593 per metric ton

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Aperam

Stainless steel deliveries – 1.635 million metric ton, down 11% YoY

EBITDA –€ 1.248B, down 11%% YoY

EBITDA per metric ton - –€ 658 per metric ton

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Acerinox

Stainless steel deliveries – Not Available

EBITDA –€ 1.276B, up 105% YoY
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Outokumpu Recognized for Sustainability

Outokumpu, the world's top stainless steelmaker, has achieved industry recognition as a leader in sustainability in both the Sustainability Yearbook 2023 and CDP's Supplier Engagement Leaderboard. Outokumpu's inclusion in the Sustainability Yearbook 2023 represents its position among the top performers in sustainability within the steel industry, a distinction it has now earned for three consecutive years. Additionally, the company has been acknowledged for its efforts to reduce emissions in the supply chain and has earned a place on CDP's 2022 Supplier Engagement Leaderboard.

Outokumpu is committed to sustainability, and as a leader in sustainable stainless steel, the company has pledged its commitment to the Science-Based Targets initiative's 1.5 degree Celsius climate target. In 2022, Outokumpu announced an ambitious plan to enhance energy efficiency across its operations. Moreover, Outokumpu has introduced a new product line, Circle Green, which boasts up to 92% lower emissions than the industry average. To enable transparent emission reporting, Outokumpu also offers its customers product-specific carbon footprints.

In addition to its other sustainability efforts, Outokumpu has also taken steps to audit its operating sites in Europe to meet the ResponsibleSteel standard. The company's manufacturing sites in Tornio, Finland, and Avesta, Sweden, were among the first steel plants in the Nordic region to qualify for the auditing stage. By pursuing the ResponsibleSteel certification, Outokumpu demonstrates its commitment to sustainable steel production and social responsibility.

The Sustainability Yearbook is an annual publication that recognizes companies around the world that excel in Environmental, Social & Governance metrics that are financially significant. It is based on the Corporate Sustainability Assessment conducted by S&P Global, which identifies companies leading their industry in recognizing and responding to emerging sustainability challenges and opportunities.
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Outokumpu Krefeld: Talks about sustainability and climate protection with North Rhine-Westphalian minister Mona Neubaur

On March 20th, 2023, Ms. Mona Neubaur, Deputy Prime Minister of North Rhine-Westphalia, met with representatives from Outokumpu at their mill in Krefeld to discuss sustainability and climate protection in the steel industry. Ms. Mona Neubaur praised Outokumpu for its efforts in saving CO2 and contributing to the transformation of the industry towards sustainability. The company is committed to sustainability, and Outokumpu's Managing Director & Labor Director Mr. Henrik Lehnhardt believes that what the company does for sustainability today will determine how the world of tomorrow will look like.

Outokumpu, a stainless steel manufacturer, has already committed to ambitious CO2 reductions and is currently undergoing certification procedures for ResponsibleSteel standards at all their European production sites. Outokumpu's mill in Krefeld is also investing around €7 million in different energy efficiency projects to optimize its already efficient processes. Outokumpu aims to increase its energy efficiency by a total of 8% in 2023 and 2024, thereby reducing significantly the consumption of resources per ton of stainless steel produced. Additionally, the company is exploring the feasibility of a biocoke plant to generate regeneratively gas from waste wood.

Outokumpu's new plant in Krefeld produces high-quality stainless steel powder for additive manufacturing, which is made from completely recycled stainless steel scrap from their own mills. The plant also opens up a new customer segment for Outokumpu. Outokumpu has also launched a new product line called Circle Green, which reduces total CO2 emissions by around 90% compared to the global industry average. Customers who use Circle Green could save more than 5 metric tons of CO2 emissions per ton of stainless steel compared to the industry average of around 6.1 metric tons of CO2 emissions per ton of stainless steel. Outokumpu provides its customers with Product Carbon Footprints (PCF) for all of its products, which include information on the total emissions along the production chain (scopes 1, 2, and 3) without comprising any climate compensation (offsetting).
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Primetals to Modernize Cycloconverter at Outokumpu’s Tornio Plant

Primetals Technologies is set to assist Outokumpu, a Finnish stainless steel producer, in upgrading the cycloconverter drive control system and power section for stand No 2 at the stainless DRAPL in Tornio, Finland. The upgrade, which is scheduled for autumn 2023, aims to improve the production line's availability and ensure the drive system's future spare-part supply conditions.

The selection of Primetals Technologies was based on the supplier's adaptable replacement concept and the existing DRAPL's service issues and improvements. The supplier's responsibilities will include the installation of new controller and power sections, upgrading the excitation unit and auxiliary system, and implementing Level 1 software for the new drive system.

The integration of the new system into the existing basic automation control system will leave the interface unchanged.
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Outokumpu & Fortum Join Forces for Decarbonization of Steel Making

Outokumpu, the global leader in sustainable stainless steel, and Fortum, a leading Nordic clean energy company, have signed a Memorandum of Understanding to explore the decarbonization of Outokumpu’s steel manufacturing operations with emerging nuclear technology – Small Modular Reactors (SMR). The agreement initiates a long-term process with the aim to access potential construction of a SMR in Finland. In the first phase, the goal is to identify potential business models and technical solutions for further development. Any potential investment decisions will be made at a later stage.

Outokumpu has committed to the Science-Based Targets initiative’s 1.5°C climate target. Maintaining and increasing the share of low-carbon energy is important to achieving the company’s ambitious sustainability goals. Both Outokumpu and Fortum play a key role in ensuring energy efficiency, emission reduction and competitiveness in Finland. One possible option for the location would be Tornio region in Finland, where Outokumpu’s largest mill is situated.
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Outokumpu to Start Atomization Plant in Krefeld for AM

Outokumpu, a global leader in sustainable stainless steel, is entering the metal powder business for Additive Manufacturing (AM) with the launch of a new atomization plant in Krefeld, Germany. The plant is expected to start operations in April 2023 and will produce metal powders from steel scrap, further strengthening Outokumpu's commitment to sustainability and circular economy efforts.

The global demand for metal powder is on the rise, and Outokumpu aims to meet this demand by producing metal powders that are not yet available in the market. These powders will be suited for companies that use technologies such as AM, Metal Injection Moulding (MIM), Binder Jetting (BJ) and Hot Isostatic Pressing (HIP) to produce parts for demanding applications. With metal powders, manufacturers can produce parts with higher complexity, less weight, and decreased lead times, avoiding disruptions in the supply chain.

“In the near future, the estimated total production capacity will be approximately 330 metric tons annually. Our longer-term target is to utilize the learnings and to build up our R&D knowhow to support the customer journey with expertise, new material development, flexibility and customization for various powder metallurgy technologies. In our future vision, we could be able to serve our customers in such a way that they could come to us with a problem and leave with a solution,” says Thomas Anstots, President of BL Advanced materials at Outokumpu.

Outokumpu's brand new portfolio of high-quality metal powders includes stainless steel and nickel alloys and has been specially formulated to meet the demands of modern manufacturing in terms of quality, sustainability, and flexibility. The company has partnered with SMS group as the technology supplier, and the Equipment as a Service (EaaS) contract ensures continuous line optimization and close collaboration between the supplier and the producer in the powder business over the next years.
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Outokumpu divests its remaining Long Products operations in Sweden

Outokumpu has recently signed an agreement to divest its long products operations in Degerfors and Storfors to Cogne Acciai Speciali, an Italian company specializing in the production of long stainless steels and nickel alloys. This move comes after Outokumpu divested the majority of its Long Products business earlier this year, with its Degerfors and Storfors units left under evaluation for future options. Matti Louhija, Head of M&A at Outokumpu, expressed satisfaction in finding a responsible new owner for the remaining long products operations. He added that the divestment is a natural step for Outokumpu, aligning with their strategy to focus purely on their core business of stainless steel flat products and ferrochrome.

The transaction has an enterprise value of €12 million and is expected to have a positive cash impact for Outokumpu. However, the company will record a loss of approximately €30 million based on current estimates of consideration, with the exact amount subject to the closing accounts and final accumulated translation difference.

The transaction is expected to be completed in a couple of months, subject to customary closing conditions and regulatory approvals by competition authorities. The transaction will be carried out as a share sale, and Outokumpu's other operations in Degerford will remain unaffected. This divestment marks a significant step for Outokumpu as it aligns its business strategy with its core competencies.
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Outokumpu & ANYbotics Partner to Revolutionize Safety & Sustainability

Outokumpu, a global leader and innovation driver in stainless steel, has partnered with Swiss robotics company ANYbotics to deploy their ANYmal robotic inspection solution at three different sites in Finland, Germany, and Sweden. The partnership was announced today at the Green Steel World Conference, where Outokumpu shared its goals of continuously improving safety, productivity, and sustainability.

This innovative technology will be the first time legged inspection robots are operationally deployed in the steel sector to improve and digitize facility health monitoring and reduce unnecessary worker exposure to adverse environments. The solution is made available on a Robotics-as-a-Service (RaaS) basis, enabling customers to automate inspections and add value immediately.

ANYmal is an autonomous, robotic end-to-end inspection solution that continuously monitors plant health and equipment. By conducting frequent automated visual, acoustic, and thermal inspections, ANYmal can detect anomalies at an early stage, which assists Outokumpu in pursuing three goals: increasing safety by reducing employee exposure to hazardous substances and environments, optimizing production through preventive maintenance, and decreasing environmental impact.

Outokumpu's partnership with ANYbotics reinforces its commitment to shaping the stainless steel industry by setting new standards for sustainable stainless steel. By driving and sustaining the momentum of the ANYmal robotic inspection solution in the steel sector, Outokumpu is strengthening its position as a global leader in the industry.

ANYbotics is a fast-growing Swiss robotics company with over 100 employees focused on supporting the inspection needs of workers in oil & gas, power, energy, mining, processing, chemicals, transportation, and construction. Since 2016, the company has developed innovative, intelligent, and integrated robotic solutions that improve workers' lives, increase productivity, and support more sustainable industrial facilities. Through partnerships with global technology leaders like Outokumpu, ANYbotics provides large asset operators with autonomous, automated, end-to-end robotic inspection solutions for complex, hazardous, and explosive industrial environments.
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Outokumpu, FCMS, Munich University Test Stainless Steel Bus

Stainless steel manufacturer Outokumpu, along with CAD/CAE solution specialist FCMS, the Munich University of Applied Sciences and RotherCONSULT have collaborated to determine the benefits of using stainless steel in bus structures. The results have shown that using high-strength stainless steel to replace tubular bus frame elements normally manufactured in carbon steel could reduce weight by up to 35%, over 1,000 kg, while remaining cost-competitive. Traditionally, about 90% of buses are made of carbon steel. However, stainless steel offers a number of advantages for both bus manufacturers and operators.

In particular, its corrosion resistance offers sustainability as well as a reduction in maintenance time and cost. Furthermore, high-strength stainless steel grades are commercially available that offer enormous weight savings. The project focused on assessing the weight and cost benefits of Forta H800, a fully-austenitic stainless steel developed for safety-critical structural vehicle components. It opens up new opportunities in lightweight engineering and design by combining ultra-high strength and very high energy absorption in the event of an impact.

Parametric modeling was performed by FCMS, while the university performed fatigue testing on welded tubular joints of the two materials and RotherCONSULT developed and compiled the system requirements, simplified analysis strategies, and procedures for structural qualification. Outokumpu supplied the materials, related knowledge, and data. The AI-driven approach to simulation employed a combination of tools, including parametric geometry modeling, as well as fast, automatic, and robust analysis methods. At the heart of the approach was the Fast Concept Modeler, a tool embedded in CATIA, a product design and development software package. FCM works with conceptual beam type models as well as detailed shell and solid models.

The simulation results were promising, showing the potential to minimize structural weight, material and manufacturing costs, ensure sufficient strength for dynamic and cyclic loading, ensure sufficient static and dynamic stiffness, and ensure safety during rollover scenarios. This AI-driven approach to simulation offers the potential for further light weighting in future design exercises. The project showcases the potential of stainless steel in the transportation sector, which could have significant implications for sustainability, fuel efficiency, and safety. The study could encourage more bus manufacturers and operators to switch to stainless steel, opening up new opportunities in lightweight engineering and design.
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Outokumpu Partners with FPX Nickel for Nickel Supply Chain
By Strategic Research Institute on May 31, 2023 10:09 am

Outokumpu, renowned for its commitment to sustainability, continues its pursuit of decarbonizing stainless steel production by exploring options to enhance its supply chain of sustainable raw materials. In this endeavor, the company has signed an agreement to acquire a 9.9% ownership share in FPX Nickel Corp., a Canadian company, becoming the sole stainless steel producer with such a stake. FPX Nickel's product showcases a carbon footprint projected to be within the lowest 10% in the nickel industry, rendering it a suitable raw material for Outokumpu's stainless steel operations.

FPX Nickel, headquartered in Vancouver, is a junior mining and development company that owns and develops the Baptiste nickel deposit in the Decar Nickel District of central British Columbia, Canada. The estimated timeline for nickel production initiation is towards the end of the current decade. As part of the agreement, Outokumpu has committed to investing EUR 11 million in FPX Nickel, securing a right to a share of the company's future nickel production.

The Baptiste deposit contains nickel in the form of an awaruite alloy, a naturally occurring nickel-iron alloy. This unique alloy can be processed into a high-value ferronickel product through a simple method of magnetic separation and flotation, presenting cost and sustainability advantages compared to traditional furnace smelting techniques. Additionally, the deposit's proximity to the Canadian hydro-electric power grid enables FPX Nickel to achieve nickel production with one of the lowest carbon intensities in the global industry.
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Outokumpu's Dispute with RAOS Project: ICA Decision

Strategic Research Institute
Published on :
1 Jun, 2023, 7:43 am

Outokumpu hasresponded to the decision made by the Secretary General of the International Court of Arbitration of the International Chamber of Commerce (ICC) regarding the dispute initiated by RAOS Project Oy. This development relates to the termination of the EPC contract between Fennovoima Oy and RAOS Project Oy and its subsequent implications.

The Secretary General's decision to refer the dispute to an arbitral tribunal prompts Outokumpu to assert its position. Outokumpu disputes the existence of any contractual relation, obligation, or arbitration agreement with RAOS Project Oy. As a non-party to the EPC contract, Outokumpu challenges the jurisdiction of the arbitral tribunal to address matters concerning the company.

It is important to note that the administrative decision made by the Secretary General is preliminary and does not have binding implications for the arbitral tribunal. Outokumpu firmly contests the claims made by RAOS Project Oy and is prepared to mount a robust defense against these baseless allegations. The company has not made any provision in its accounting to account for this matter.

Outokumpu holds a 22% stake in Voimaosakeyhtiö SF, which in turn owns 97% of the shares in Fennovoima Oy. In its financial statements as of December 31, 2021, Outokumpu fully wrote down the value of its investment in Voimaosakeyhtiö SF. This decision reflects the company's approach to addressing the circumstances surrounding its investment.
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Outokumpu Inner Circle to Drive Circular Economy in Europe
By Strategic Research Institute on Jun 02, 2023 02:02 pm

Outokumpu, a prominent player in the steel industry, has unveiled a pioneering initiative called Outokumpu Inner Circle, designed to strengthen the circular economy in Europe. The announcement was made at the World Circular Economy event held in Helsinki, Finland. The Inner Circle initiative marks a significant step forward by bringing transparency to supply chains, facilitating the seamless conversion of stainless steel into usable scrap, and promoting sustainable stainless steel production. It aims to establish a closed loop for steel scrap, setting a precedent for the industry.

Max Menzel, Head of Sustainability & Technical Customer Service at Outokumpu, emphasized the importance of circularity in sustainable stainless steel production. Through the Inner Circle initiative, Outokumpu aims to foster an efficient, transparent, and sustainable supply chain for steel scrap by bringing together customers and scrap suppliers. The ultimate goal is to create a visible closed loop for steel, serving as a prime example of the circular economy in action.

The initiative focuses on utilizing existing, efficient supply chains to shorten the path for scrap from customers back to producers. To ensure transparency and adherence to environmental, social, and governance (ESG) standards, all partners involved in the initiative will undergo verification.

Outokumpu's role in the Inner Circle initiative is to steer the program and establish networks between customers and verified scrap suppliers. The scrap suppliers, in turn, play a crucial role in ensuring a sustainable supply chain by providing scrap from the network's partners and distributing it in an environmentally friendly manner. Customers participating in the program will reintroduce their scrap into the cycle either after processing the material or at the end of the product's life cycle through the scrap suppliers.

Outokumpu Inner Circle is an open initiative, welcoming scrap suppliers and stainless steel consumers from Europe to participate. The early phase of the initiative will focus on establishing best practices and fostering cooperation. The overwhelming interest received thus far.
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Outokumpu Appoints Marc-Simon Schaar as Chief Procurement Officer

Outokumpu, a renowned global stainless steel producer, has announced the appointment of Marc-Simon Schaar as its Chief Procurement Officer, effective immediately. Mr. Schaar, holding a Master's degree in International Business, brings a wealth of experience to this pivotal role, having served in senior positions within Outokumpu since 2011, specializing in finance, M&A, and raw materials procurement.

With the newly established position, which encompasses both raw material and general procurements, Outokumpu aims to achieve synergies across its purchasing operations. This strategic move is designed to mitigate the impact of cost pressures and contribute to the company's ongoing decarbonization journey.

Heikki Malinen, the CEO of Outokumpu, expressed his utmost delight in welcoming Marc-Simon Schaar to the esteemed Outokumpu Leadership Team. Emphasizing the importance of the new role, Mr. Malinen highlighted the criticality of implementing Outokumpu's raw materials strategy in the pursuit of decarbonization. He praised Mr. Schaar's extensive experience within various areas of Outokumpu, underscoring his strong foundation to excel in this significant position.

Based in Germany, Marc-Simon Schaar will report directly to CEO Heikki Malinen. As the Chief Procurement Officer, Mr. Schaar's appointment marks an important milestone for the company, solidifying Outokumpu's commitment to optimizing procurement operations and driving sustainable practices.
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