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Outokumpu sees European recovery and looks out for investment opportunities in US

9 Feb 2024 15:29 reported by Margaret Yeh

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Finnish stainless steel maker Outokumpu said it expected a recovery in its business in Europe. Pia Aaltonen-Forsell, the Chief Financial Officer, said recovery has not yet been strong enough to actually come back to previous profit levels commonly in Europe, but they have seen some recovery.

Low growth in Europe has caused the Finnish group to focus on investment opportunities in the US, and it planned to expand production with a new hot-rolling mill while eventually extending its deal to procure hot-rolling products from ArcelorMittal Nippon Steel.

However, on cold rolling, Aaltonen-Forsell said the group was still short, and they kept on exploring options for a possible investment into cold rolling.

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