Outokumpu has completed a strategic review of its long products business, which was launched in February 2020 and accelerated in July by new management. Based on the results of the audit, Outokumpu is initiating a major overhaul program for the internal development of the rolled metal business.
The overhaul program will be launched immediately with the adoption of personnel measures that could lead to the reduction of approximately 100 jobs. Other remediation measures include the implementation of Outokumpu’s production improvement methodology at long products mills to improve operational efficiency. Actions also include commercial measures such as expanding the current range of products and focusing on more expensive specialty varieties. The progress of the overhaul program will be closely monitored by a designated steering group to ensure its successful implementation.
In 2019, net sales of long products were € 642 million and Adjusted EBITDA was € -7 million. In the first half of 2020, net sales by business area were € 289 million and Adjusted EBITDA was € -5 million.