Financial Highlights Q4 2024:
- Stainless steel deliveries: 422,000 metric tons (450,000).
- Adjusted EBITDA: €-3 million (€72 million).
- Free cash flow: €33 million (€156 million incl. discontinued operations).
- ROCE: -1.2% (-2.1%).
- EPS: €-0.07 (€-0.56).
Financial Highlights Full-Year 2024:
- Deliveries: 1,793,000 metric tons (1,906,000).
- Adjusted EBITDA: €177 million (€517 million).
- Free cash flow: €-71 million (€290 million incl. discontinued operations).
- EPS: €-0.09 (€-0.26).
Strategic Shifts & Challenges
- Leadership: Kati ter Horst became CEO in October 2024.
- Strikes: A political strike in Finland cut H1 adjusted EBITDA by ~€60 million. Year-end strikes further strained Q1 2025 forecasts (-€15 million/week).
- Cost Measures: Achieved €101 million of €350 million EBITDA run-rate improvements; targeted €50 million savings in 2025.
- Investments: Reduced 2025 capex to €160 million; paused U.S. cold rolling and Tornio SMR projects.
Regional Performance
- Europe: Adjusted EBITDA fell to €-32 million in Q4; deliveries dropped 9% QoQ. Weak demand, import surges, and low prices persisted.
- Americas: Adjusted EBITDA at €9 million; deliveries down 7% QoQ. Subdued manufacturing sector awaited stimulus.
- Ferrochrome: Adjusted EBITDA rose to €33 million. Kemi mine reserves expanded 95%, securing supply until 2050s.
Sustainability & Decarbonization
- Reduced emission intensity by 32% vs. 2016 baseline (target: 42% by 2030).
- Maintained 95% recycled content in stainless steel.
- Invested €40 million in German biocarbon plant to replace fossil coke.
Outlook for Q1 2025
- Stainless deliveries expected to rise 10–20% QoQ (strike-adjusted).
- Adjusted EBITDA to improve vs. Q4 2024 but pressured by raw material losses and potential strikes.
- Maintenance costs to decline ~€10 million QoQ.
Financial Results Breakdown
Q4 2024 vs. Q4 2023:
- Sales fell to €1,405 million (€1,513 million).
- EBIT: €-65 million (€-314 million).
2024 vs. 2023:
- Sales: €5,942 million (€6,961 million).
- Net result: €-40 million (€-111 million).
