Outokumpu Oyj reported consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter the company reported sales of EUR 1,465 million compared to EUR 1,506 million a year ago. EBITDA was EUR 82 million compared to EUR 128 million a year ago. Adjusted EBITDA was EUR 82 million compared to EUR 98 million a year ago. EBIT was EUR 30 million compared to EUR 69 million a year ago. Capital expenditure was EUR 84 million compared to EUR 61 million a year ago. Adjusted EBIT was EUR 30 million compared to EUR 38 million a year ago. Result before taxes was EUR 0.00 million compared to EUR 43 million a year ago. Net result for the period was EUR 128 million or EUR 0.29 per diluted share compared to EUR 192 million or EUR 0.46 per diluted share a year ago. Net cash generated from operating activities was EUR 104 million compared to EUR 199 million a year ago. Net debt at the end of period was EUR 1,091 million compared to EUR 1,242 million a year ago. Profitability declined due to maintenance work and lower deliveries in Europe and higher costs in the Americas, whereas the result was supported by higher ferrochrome volume and prices, as well as improved overall efficiency. Return on equity was 15.4% compared to 6.4% for the last year.

For the year the company reported sales of EUR 6,363 million compared to EUR 5,690 million a year ago. EBITDA was EUR 663 million compared to EUR 355 million a year ago. Adjusted EBITDA was EUR 631 million compared to EUR 309 million a year ago. EBIT was EUR 445 million compared to EUR 103 million a year ago. Capital expenditure was EUR 174 million compared to EUR 164 million a year ago. Adjusted EBIT was EUR 414 million compared to EUR 57 million a year ago. Result before taxes was EUR 327 million compared to loss before tax of EUR 13 million a year ago. Net result for the period was EUR 392 million or EUR 0.90 per diluted share compared to EUR 144 million or EUR 0.35 per diluted share a year ago. Net cash generated from operating activities was EUR 328 million compared to EUR 389 million a year ago. Return on equity was 15.4%. Operating cash flow negatively impacted by an increase of EUR 180 million in working capital (decrease of EUR 307 million).

For the first quarter of 2018, company expects higher stainless steel deliveries in the first quarter compared to the fourth quarter of 2017. Adjusted EBITDA to be higher compared to the previous quarter EUR 82 million.