HELSINKI, Nov. 4, 2021 /PRNewswire/ -- Outokumpu increases its financial target on EBITDA run-rate improvement

Outokumpu launched a new strategy in November 2020 and set financial targets by the end of 2022. The targets included an EBITDA run-rate improvement by EUR 200 million and a reduction of the net debt to EBITDA ratio to below 3.0.

The company has made strong progress in its strategy execution. With a commitment to continue de-risking the company by the end of 2022, Outokumpu increases its initial EBITDA run-rate improvement target from EUR 200 million to EUR 250 million. Deleveraging also continues through the first phase of the strategy beyond the initial leverage target.

Says CEO Heikki Malinen: "Our strategy execution has progressed well and faster than expected. Also, we have identified new and additional measures since we set the targets last year. Given the strong momentum, we decided to increase the target by EUR 50 million to EUR 250 million by the end of 2022."

For more information:

Media: Päivi Allenius, VP - Communications, tel. +358 40 753 7374

Investors: Linda Häkkilä, Head of Investor Relations, tel. +358 400 719 669

Outokumpu Group

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SOURCE Outokumpu Oyj