Stainless steel producer, Outokumpu, elevated its Q4 2020 earnings target as the company projects its adjusted EBITDA will exceed levels in Q3.
The manufacturer estimates its stainless-steel shipments will increase by about 5-10pc in Q4 as the industry witnessed a revival that surpassed prior expectations. The company shipped 488,000mt of stainless-steel products in Q3. Better cost efficiencies and optimistic raw material impacts are also expected to support an improved outcome.
The company, headquartered in Helsinki, Finland, projected in a prior statement that its Q4 adjusted EBITDA would remain at €22mn ($26.7mn), the same level achieved in Q3.