Political strikes in Finland have been announced to continue for a third week, delaying the end of the strike to March 31, 2024. As a result, Outokumpu further downgrades its guidance for the first quarter of 2024 and expects its adjusted EBITDA to be lower compared to the fourth quarter of 2023 (Q4/23: EUR 72 million).
On March 11, 2024, when the political strike in Finland started, Outokumpu downgraded its guidance for the first quarter of 2024, and expected its adjusted EBITDA to be at a similar or lower level compared to the fourth quarter of 2023. The negative impact of this 14 days' strike on Outokumpu's adjusted EBITDA was estimated to be approximately EUR 40 million.
As a result of the continuation of the political strike, Outokumpu now further downgrades its guidance for the first quarter. The negative impact of the additional seven days' strike on Outokumpu's adjusted EBITDA is estimated to be approximately EUR 25 million.
The total negative impact of the three weeks' political strike on Outokumpu's adjusted EBITDA is estimated to be approximately EUR 65 million of which approximately half is expected to be realized in the first quarter and the remaining in the second quarter.Also, due to the same reason, Outokumpu's stainless steel deliveries in the first quarter of 2024 are expected to be slightly lower compared to the fourth quarter of 2023.
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:
Investors: Linda Häkkilä, Head of Investor Relations, tel. +358 40 071 9669
Media: Päivi Allenius, SVP - Brand and Communications, tel. +358 40 753 7374, or media desk, +358 40 351 9840, email: media(at)outokumpu.com
OUTOKUMPU OYJ 
