European steelmaker Outokumpu's second-quarter results were relatively satisfactory, with profitability improving compared to the first quarter. However, the company remains concerned about problems in the European business space.
The chief executive officer (CEO) said that to turn a profit in a challenging operating environment, they need to step up efforts to improve cost competitiveness in Europe, especially in commodity stainless steel production. The company aims to achieve further cost savings and optimize production of commercial stainless steel in Finland and Germany.
The CEO noted that the plant in Tornio, Finland, has the highest profitability and productivity in Europe. They intend to use Scandinavian clean energy and competitive energy prices.
Outokumpu improves stainless steel production in Europe
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