Steel manufacturer moves back into the black
Stainless steel manufacturer Outokumpu, based in Sheffield, has moved into the black, reporting pre-tax profits of £13.1m – up from a loss of £6.4m in the previous year.
The firm has this week published its full accounts for the full year to 31 December 2016. Its turnover for the year stood at ££398m, up from £374m.
The Group’s profitability grew significantly, with an EBITDA of EUR 45m ; compared to a loss of EUR 101m in the previous financial year.
“The was driven by a significant reduction in costs, as well as higher delivery volumes – especially in the Americas. This pattern can be seen with the UK results also, ” said the company’s annual report.
The manufacturer said it was prepared for risks including competition from manufacturers, currency exchange and metal price volatility. During the year, the firm outlined its new vision “to be the best value creator in stainless steel by 2020 through consumer orientation and efficiency.”
Outokumpu’s Sheffield site includes a melt shop and continuous casting operations, bar finishing facility and rod mill which are part of Long Products business line. The site includes also stocking, processing and distribution centre.
Sheffield produces stainless steel coil, plate, sheet, rod coil, bar and rebar as well as semi-finished products. Around 600 people are employed on the site.
It had a larger stainless steel manufacturing facility in Sheffield, which it closed in 2005. Plans have recently been submtted to build 837,000 sq ft of high quality logistics space on the former Outokumpo site.
