CORPORATE NEWS:
Outokumpu aims for N°1 position in stainless steel
Outokumpu’s Board of Directors has recently concluded that the group’s future strategic aspirations will be based upon leadership in stainless steel. To support this development, Outokumpu’s divestment programme will now concentrate on looking at various options to exit from the group’s fabricated copper products business. This is a logical continuation of the portfolio development and will significantly lower the group’s gearing ratio while also releasing management and financial resources. After these steps, Outokumpu will be a financially strong and strategically focused stainless group. Following the successful implementation of the growth strategy since 2000, stainless steel has become clearly the main business of Outokumpu, represneting already today some 80% of the group’s operating capital and two thirds of net sales. Continuing on this path, the group intends to increasingly focus on stainless steel with a clear target of becoming the number one in the sector. This is already supported by the ongoing expansion of the stainless steel capacity in the group’s Tornio-based plant, which will be available in full in early 2005.
Meanwhile, Outokumpu whishes to clarify the situation regarding the UPCAST® technology, reassuring customers that the new strategy will have no affect on the deliveries of UPCAST® technology. In fact, the company even anticipates future development of this particular field of technology sales. Mr Jussi Asteljoki, senior vice-president, copper business area management, commented: “Concern has been expressed by some of our customers as to the impact the strategic decision may have to the copper fabrication technology sales of Outokumpu Castform Oy. I wish to confirm that this change in strategy will not change the operations of the technology sales business, which will continue to trade as usual”. Outokumpu UPCAST® is the original upward continuous casting system for oxygen-free copper and copper alloy wire rods. UPCAST® technology, which was invented and developed more than three decades ago to serve Outokumpu’s own production needs, is the world market leader with an impressive performance record covering 140 installed units world-wide.
Company: |
Outokumpu Castform Oy |
Country: |
Finland |
Fax: |
+358 9 421 4200 |
Email: |
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Website: |
www.outokumpu.com/castform |