Annual Report 2010 - Outokumpu

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Outokumpu's strategic priorities adjusted
Outokumpu's strategy was reviewed during the Group's annual strategy process with the conclusion that the Group's
overall strategic direction remains unchanged. Outokumpu's vision of being the undisputed number one in stainless steel
also remained unchanged. The primary meaning of "number one" is for the Group to record the best financial
performance in the industry.
Some adjustments to both strategic priorities and strategy implementation were however made. The focus of the Group's
adjusted priorities is on improving the performance of current operations (loading Tornio Works with high-volume
products, transforming rapidly to special grades and products, excelling in sales and customer service and ensuring
excellence in operations) and investing additional effort in developing future growth opportunities (the expansion of
ferrochrome production and growth outside Europe).
The Fennovoima nuclear power initiative
At the beginning of July, Finland's Parliament voted on decisions-in-principle related to the construction of two new
nuclear power plants in Finland. The Fennovoima proposal, in which Outokumpu holds a stake of some 10%, received a
positive response. Plans call for the new nuclear power plant to be operational in 2020, and Outokumpu will then be able
to obtain approximately one third of its current electricity needs at the cost of production.
People and the environment
Personnel
31 Dec 2010 2009 2008
General Stainless 4 029 3 753 3 938
Specialty Stainless 3 388 3 361 4 006
Other operations 687 640 684
The Group 8 104 7 754 8 628
During 2010, Outokumpu's operations employed an average of 8 148 people (2009: 8 091) in some 30 countries. At the
end of 2010, the number of people employed by the Group was 8 104 (2009: 7 754). The net increase in the number of
people employed totalled 350 (2009: decrease of 874). Personnel costs in 2010 totalled EUR 496 million (2009: EUR
453 million, 2008: EUR 530 million).
Outokumpu Annual Report 2010 – Financial Statements – Review by the Board of Directors for 2010