Annual Report 2010 - Outokumpu

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14 Financial development € million 2010 2009 Sales General Stainless 3 503 2 065 Specialty Stainless 1 710 1 239 Other operations 401 273 Intra-group sales -1 384 -935 The Group 4 229 2 641 1 000 tonnes Stainless steel deliveries Cold rolled 698 545 White hot strip 312 263 Quarto plate 83 67 Tubular products 51 53 Long products 58 40 Semi-finished products 114 63 Total deliveries 1 315 1 030 Outokumpu Annual Report 2010 – Outokumpu – Management discussion
15 € million Operating profit General Stainless 14 -259 Specialty Stainless -76 -149 Other operations -15 -34 Intra-group items -7 1 The Group -83 -441 € million Major non-recurring items in operating profit Specialty Stainless Write-down of expansion project in Avesta -17 -15 Redundancy provisions - -5 Total -17 -20 € million Major non-recurring items in financial income and expenses Other operations Gain on the sale of Okmetic shares 9 - Total 9 - Updated strategic priorities Outokumpu's vision of being the undisputed number one in stainless steel remains unchanged. The essence of being number one is having the best financial performance in the industry. Outokumpu's strategic aims include achieving stable and industry-leading profitability, and high levels of customer satisfaction. In both the Group's adjusted strategic priorities and their implementation, the focus is on improving performance in Outokumpu's current operations and investing additional effort in developments expected to yield future growth. The forecast of long-term growth in demand for stainless steel is viewed by the Group as an attractive opportunity. Outokumpu's decision to double the Group's ferrochrome production capacity will also launch a growth business as the company will become a significant supplier to external markets. The adjustments in Outokumpu's strategic priorities emphasise the utilisation of Tornio's cost-competitiveness in highvolume products as well as a rapid transformation to the production of special grades and products. In addition to focusing on operational excellence and long-term improvements, related requirements include an increase in end-user and project sales, continuing to build stable relationships with key distributors and processors and further investment in the Group's own global service network. Outokumpu Annual Report 2010 – Outokumpu – Management discussion
Page 1 and 2: Annual Report 2010
Page 3 and 4: Table of contents Outokumpu - an in
Page 5 and 6: Group Executive Committee .........
Page 7 and 8: 1 Outokumpu - an international stai
Page 9 and 10: 3 CEO's review 2010 was characteris
Page 11 and 12: 5 Next steps The managerial agenda
Page 13 and 14: 7 Group key figures 2010 2009 2008
Page 15 and 16: 9 Strategic themes Outokumpu's stra
Page 17 and 18: 11 Excel in operations Safe working
Page 19: 13 Management discussion of financi
Page 23 and 24: 17 When the additional ferrochrome
Page 25 and 26: 19 also resulted in a substantial i
Page 27 and 28: 21 Group earnings per share totalle
Page 29 and 30: 23 € million Stainless steel base
Page 31 and 32: 25 Developing Outokumpu's corporate
Page 33 and 34: 27 A significant proportion of Outo
Page 35 and 36: 29 Market position In recent decade
Page 37 and 38: 31 amount of stainless steel consum
Page 39 and 40: 33 General Stainless - high-quality
Page 41 and 42: 35 An efficient, integrated single-
Page 43 and 44: 37 chromium ore was found to extend
Page 45 and 46: 39 Long Products Sheffield The Shef
Page 47 and 48: 41 Specialty Stainless key figures
Page 49 and 50: 43 Special Coil and Plate Special C
Page 51 and 52: 45 Outokumpu Stainless Tubular Prod
Page 53 and 54: 47 Group level functions Outokumpu'
Page 55 and 56: 49 Headquarters in Belgium Outokump
Page 57 and 58: 51 Expansion of our service centre
Page 59 and 60: 53 Supply Chain Management Procurem
Page 61 and 62: 55 50% compared to 2009. The ferroc
Page 63 and 64: 57 Research and development Product
Page 65 and 66: 59 perfectly safe for use in equipm
Page 67 and 68: 61 Stainless is optimal for sustain
Page 69 and 70: 63 Environmental goals and results
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65 Results 2010 Sheffield melt shop
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67 Until the beginning of 2009, sla
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69 Material balance Materials used,
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71 Improving waste handling and pre
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73 Primary actions included in the
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75 Despite of protective actions ag
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77 Stainless steel in innovations a
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79 Emissions and effluents One of O
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81 ficiation and clarification basi
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83 Water - a natural resource for c
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85 Water withdrawal and discharges
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87 studies monitoring the prevailin
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89 Environmental investments furthe
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91 Outokumpu and stakeholders The s
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93 Goals for 2011 Improve HR report
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95 Personnel facts and figures Outo
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97 The US 330 321 403 Others 33 33
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99 Open communication Employee moti
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101 Compensation and benefits Outok
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103 Developing our people through c
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105 Health and safety Health and sa
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107 Everyone deserves a safe workin
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109 We value our stakeholders' opin
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111 Outokumpu and our customers - a
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113 Current and future employees Bo
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115 our home market Europe, resulte
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117 Production employees are repres
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119 Public sector support, sponsori
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121 Regulatory framework Outokumpu
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123 General Meeting of Shareholders
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125 To make other proposals to Gene
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127 Board committees The Board of D
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129 The CEO and Deputy CEO The Chie
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131 Group Corporate Management Outo
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133 Vice Chairman of the Board, Soi
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135 Key aspects of internal control
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137 Controller meetings were organi
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139 Risk management Outokumpu opera
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141 Strategic and business risks St
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143 Operational risks Operational r
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145 Both these financial risks and
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147 Good level of environmental man
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149 Climate change is taken serious
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151 Ethics, corporate responsibilit
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153 Internal audit monitors complia
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155 Outokumpu Annual Report 2010 -
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157 Solidium Oy 56 440 597 30.8 The
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159 Board authorisations Board Auth
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161 Shares subscribed with 2003B op
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163 programme for the earnings peri
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165 Information for shareholders An
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167 Stock exchange releases 2010 2
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169 Members of the Executive Commit
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171 Responsibility: HR strategy and
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173 Board member: Marzac Investment
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175 Based on its own assessment, Ou
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177 Risk management 4.10 Processes
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179 8 EN15 Species with extinction
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181 Human Rights Investment agreeme
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183 Fines for non-compliance PR9* c
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185 Measurement techniques Economic
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187 Days lost due to strikes is cal
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189 • Tested the completeness, ac
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191 8% from 2009. The clearly highe
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193 Profitability Earnings per shar
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195 During 2010, Outokumpu's net in
Page 203 and 204:
197 Outokumpu's strategic prioritie
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199 Outokumpu is participating in t
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201 Outokumpu has been systematical
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203 completed in November 2010 and
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205 Short-term outlook Following th
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207 Opinion on the company's financ
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209 Diluted earnings per share, €
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211 Retained earnings 1 365 1 735 N
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213 Proceeds from sale of property,
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215 Key financial figures of the Gr
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217 Quarterly information Income st
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219 Share-related key figures 2010
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221 Definitions of key financial fi
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223 Income statement of the parent
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225 Share capital 311 309 Premium f
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227 Disposals of intangible assets
Page 235:
Outokumpu is a global leader in sta
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Annual Report 2010 - Outokumpu

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