Stainless steel supplier Outokumpu (OMX:OUT1V) still hasn’t been able to shake off the negative vibe and the company is guiding for yet another minus result for third quarter. Second quarter operational result was slightly negative but capital gains of 242 million Euro lifted net profit for the period to 50 million Euro.
The company says that demand for stainless steel weakened towards the summer as customers are destocking due to declining nickel price. As a result of this and consequential inventory losses from metal stock means third-quarter operating profit is expected to be clearly negative. Outokumpu’s stock market price is down to 7.6 Euro, a fall of 3.3%.
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