Its adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda), excluding non-recurring items, rose to €309 million ($333.12 million) in 2016, up sharply from €165 million ($177.88 million) in 2015.
The company’s fourth-quarter adjusted Ebitda more than tripled to €98 million ($105.65 million), from €21 million ($22.64 million) in the corresponding quarter in 2015.
In November, Outokumpu permanently closed 1.40 million tpy of its European stainless steel meltshop capacity, as well as 250,000 tpy of cold rolling capacity, as part of a restructuring and efficiency drive
Underlying earnings before interest and taxes (Ebit) were €45 million ($48.51 million) in 2016 – the company’s first positive Ebit figure in eight years. This was up from a negative €101 million ($108.88 million) in 2015.
“We have now returned the company to profitability, but we are still far from...