The latest MEPS estimates show that European stainless steel production decreased to 4.55 million tonnes in the first nine months of 2020. This represents a year-on-year decline of more than thirteen percent. Stainless steel output, in China, over the same period was 22 million tonnes - a reduction of just over two percent when compared with the same period in 2019. Outokumpu reported a net third quarter loss of €63 million on sales totalling €1.25 billion. The company delivered a total of 488,000 tonnes of stainless steel during this period. Earlier this month the company announced a new cost reduction strategy, which could lead to a ten percent reduction in its workforce, by the end of 2021.
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