Outokumpu, the Finnish stainless steelmaker, has “reported a smaller-than-expected underlying loss for the fourth quarter and forecast an improvement in the current quarter after cost cuts helped to limit the impact of weaker stainless steel prices,” reports Reuters.
“Outokumpu trimmed its quarterly underlying operating loss to 90 million euros ($122 million) from 169 million euros in the same quarter a year earlier. Analysts on average expected a loss of 122 million euros, according to a Reuters poll.”
“The company said it would likely report a loss in the first quarter, but a smaller one than in the previous quarter due to higher market demand and some improvement in base prices.”
In metal price news for stainless steel and nickel…
On Wednesday, February 12, the day’s biggest mover was the nickel spot price, which saw a 1.0 percent decline on the LME to $14,115 per metric ton. The nickel 3-month price closed at $14,160 per metric ton. Following a couple days of improvement, the metal’s price weakened by 1.0 percent on the LME. The Indian nickel cash price rose 0.3 percent.
Chinese stainless steel closed mixed yesterday. The price of Chinese ferro-chrome held steady. The price of Chinese ferro-moly was unchanged.
The price of Chinese primary nickel declined 0.1 percent. The price of Chinese 316 stainless coil held steady. The price of Chinese 304 stainless coil continues to hover for the fifth day in a row. The price of Chinese 316 stainless steel scrap remained essentially flat. The price of Chinese 304 stainless steel scrap saw little movement.