Outokumpu says it will initiate a turnaround programme to develop the Long Products business internally, after it concluded the business area’s strategic review initiated in February.
The turnaround programme will involve personnel measures that might lead to a reduction of approximately 100 positions. Actions also include commercial measures such as expanding the current product mix and focus on higher-value specialty grades, Kallanish hears from the company.
In 2019, Long Products’ revenue amounted to €642 million ($754m) and adjusted Ebitda was negative €7m. In the first half of 2020, the business area’s revenue amounted to €289m, while adjusted Ebitda was negative €5m.
Outokumpu has also appointed a new leadership team as of 1 October, and announced a new strategy to be published on 5 November. The team consists of Heikki Malinen as president and ceo, Pia Aaltonen-Forsell as cfo, Jan Hofmann as chief strategy officer, and Johann Steiner as chief human resources officer. Also, Tamara Weinert has been appointed acting president for business area Americas.
