Outokumpu aims to improve its energy efficiency significantly in 2023 and 2024 amidst the European energy crisis

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Nov 03, 2022, 03:20 ET

HELSINKI, Nov. 3, 2022 /PRNewswire/ -- Outokumpu has decided to significantly increase its energy efficiency improvement target and prioritize related investments in 2023 and 2024.

So far, Outokumpu's target has been to improve energy efficiency by 0.5% annually. Until the end of 2024, Outokumpu now aims to improve its energy efficiency by 8% across the group compared to the January–September 2022 level. These measures would correspond to energy saving of approximately 600,000 MWh which is equal to annual electricity usage of 15,000 households.*

"The European energy crisis has created a turbulent operating environment. To tackle the uncertainty, we have decided to take immediate action on our own energy efficiency. This means that we will prioritize investments to improve our energy efficiency and also increase related annual capital expenditure by EUR 20 million in 2023 and 2024," says Outokumpu's Chief Technology Officer Stefan Erdmann.

These additional investments do not impact Outokumpu's capital expenditure frame of EUR 600 million for the second phase of the strategy by the end of 2025. For 2023 and 2024, the annual capital expenditure remains EUR 200 million.

Outokumpu's target is to reduce its carbon dioxide emissions by 42% by 2030 compared to 2016 baseline. "The new efficiency measures will support Outokumpu to achieve our ambitious climate targets", continues Erdmann.

For more information:

Investors: Linda Häkkilä, Head of Investor Relations, tel. +358 400 719 669

Media: Päivi Allenius, VP – Communications and Brand, tel. +358 40 753 7374

Media desk, tel. +358 40 351 9840, e-mail [email protected]

*) MWh per ton of stainless steel. Energy savings calculated by average electricity use of 20,000 kilowatt hours by a family of four living in a detached, electrically heated house.

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SOURCE Outokumpu Oyj