Outokumpu is set to gain. The company “is subject to the renewable energy charge applied to all companies operating in Germany. As an energy intensive company facing global competition, Outokumpu is entitled to a reduction of these charges,” reports The Wall Street Journal.
“For the year 2013 this reduction was initially denied by the German authorities. After a constructive dialogue and a clarification of Outokumpu’s application and appeal, Outokumpu has now received a reduction to the applicable German renewable energy charge for the year 2013. At the same time, similar reduction was granted for 2014.”
“The renewable energy charge reduction results to a 25 million euros’ relief on energy costs for the entities in Germany for 2013. Outokumpu will book this refund in its fourth quarter accounts and it has a positive impact on the Group’s EBIT in the fourth quarter.”
In metal price news for stainless steel…
On Thursday, December 19, the day’s biggest mover was the Indian nickel cash price, which saw a 1.3 percent increase. On the LME, the nickel 3-month price increased 1.0 percent. On the LME, the nickel spot price inched up 0.9 percent.
Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome remained essentially flat. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat.
For the fifth consecutive day, the price of Chinese primary nickel held flat. The price of Chinese 316 stainless coil saw little movement. The price of Chinese 304 stainless coil held steady. The price of Chinese 316 stainless steel scrap was unchanged. The price of Chinese 304 stainless steel scrap continues to hover for the fifth day in a row.