Second quarter highlights

- Operating profit totaled EUR 406 million including nickel-related inventory gains in the order of EUR 100 million and a EUR 25 million gain on the sale of the Hitura mine.

- Underlying end-user demand for stainless steel continued strong. The distribution sector kept on de-stocking and the order intake by mills for standard grades slowed markedly.

- According to CRU, average stainless steel base prices declined by 21% quarter-on-quarter.

- Production of standard volume products was cut as planned due to weak order intake.

- Substantial non-recurring gains in financial income, EUR 142 million from the sale of Outotec Oyj shares and EUR 110 million from the participation in the Talvivaara project, boosted earnings per share to EUR 3.11.

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