Displaying items by tag: Outokumpu

Outokumpu has signed another 10-year power supply agreement for renewable wind power with Gasum. The new deal is an addition to the earlier wind power agreement with Gasum, announced in September 2021. According to the agreement, deliveries will begin in the summer of 2023.

Increasing the share of low-carbon electricity is one of the most important ways for Outokumpu to achieve its ambitious climate targets. Outokumpu announced in December 2021 its updated science-based climate targets, which are aligned with keeping global warming below 1.5°C. 

“This new wind power agreement is an important step towards achieving Outokumpu’s emission reduction targets. The share of low-carbon electricity in Outokumpu's European operations is already over 80 percent. With this new agreement, we can even further increase the already high share of low-carbon electricity in our production,” says Mika Orpana, Head of Energy and Utilities, General Procurement at Outokumpu.

Outokumpu's sustainability strategy and climate targets were updated in May 2021. Increasing the share of low-carbon electricity is one of the key elements in Outokumpu’s roadmap towards achieving carbon neutrality in its own operations by 2050.

Outokumpu is the global leader in stainless steel. The foundation of our business is our ability to tailor stainless steel into any form and for almost any purpose. Stainless steel is sustainable, durable and designed to last forever. Our customers use it to create civilization’s basic structures and its most famous landmarks as well as products for households and various industries. Outokumpu employs some 9,500 professionals in more than 30 countries, with headquarters in Helsinki, Finland and shares listed in Nasdaq Helsinki. www.outokumpu.com

Outokumpu signs a new deal on three cargo vessels with Langh Ship to reduce CO₂ emissions in transports

Outokumpu has agreed with its long-term transport partner, Finnish shipping company Langh Ship to replace the current three cargo vessels with new ships. The ships transport our coils from our mill in Tornio, Finland to our European hub in Terneuzen, the Netherlands, and return back to Tornio loaded with recycled steel, our main raw material. The first new ship will be taken into use in 2023.

The new vessels by Langh Ship are designed to meet Outokumpu’s ambitious sustainability targets in minimizing emissions and to comply with upcoming environmental regulation. The design has been developed in close cooperation between Outokumpu and Langh Ship. 

Outokumpu’s long-term climate target is to reduce its direct and indirect CO₂ emissions as well as those of its supply chain (scopes 1, 2 and 3) to reach carbon neutrality by 2050. Outokumpu has this year committed to a more stringent climate target by the Science Based Targets initiative to keep the global warming below 1.5 degrees. To this end, Outokumpu will further reduce its CO₂ emissions by 2030, approximately by 30% compared to 2020. In the beginning, the ships run on liquefied natural gas, but that can be directly changed to liquefied biogas without any changes.

“The route between Tornio and Terneuzen is of utmost importance to us in transporting coils to the European market and in bringing recycled steel to our melt shop in Tornio,” says Jyrki Sandelin, Category Manager for transports at Outokumpu. “With these three new vessels, we can reduce the CO₂ emissions by 40% compared to the previous vessels.”

Our cargo ships take a one tour between Tornio and Terneuzen in two weeks and they transport some 1.6 million tonnes of cargo each year. With the new vessels, the capacity of each vessel rises to 7,250 tonnes from the current 6,000 tonnes, increasing the capacity of our transport ships by 100,000 tonnes. Our vessels transport nearly half of the recycled steel used in Tornio.

Outokumpu Group

Outokumpu is the global leader in stainless steel. The foundation of our business is our ability to tailor stainless steel into any form and for almost any purpose. Stainless steel is sustainable, durable and designed to last forever. Our customers use it to create civilization’s basic structures and its most famous landmarks as well as products for households and various industries. Outokumpu employs some 9,500 professionals in more than 30 countries, with headquarters in Helsinki, Finland and shares listed in Nasdaq Helsinki. www.outokumpu.com

Outokumpu aims at being the industry benchmark for sustainability: Commits to more stringent climate target and establishes an ESG Advisory Council

Outokumpu updates its sustainability strategy and aims to become the industry benchmark for sustainability. The company commits to the Business Ambition for 1.5°C objective according to Science-Based Targets (SBT) initiative, clearly raising its earlier climate objectives. In addition, the company is establishing an ESG Advisory Council to support its sustainability work.

“With the commitment to the Business Ambition for 1.5°C, we are not only enabling our customers to decarbonize their value chains, but also want to set the benchmark for a bright and sustainable stainless steel industry”, says Heikki Malinen, President and CEO of Outokumpu.

“The new ESG Advisory Council will be a most valuable forum that brings an external holistic view to our continuous sustainability development. Its expertise will also promote Outokumpu’s aim to set the industry benchmark in sustainability, as well as supporting our efforts in balancing business needs with sustainability goals”, he continues.

Commitment to the Business Ambition for 1.5°C objective

The amount of the company specific CO2 emission reductions will be determined during the approval process with the SBT organization. The new reduction target will not affect the earlier announced capital expenditure in 2021–2022.

Outokumpu’s long-term climate target is to reduce its direct and indirect CO2 emissions as well as those of its supply chain (scopes 1, 2 and 3) to reach carbon neutrality by 2050. Outokumpu is well on track to reach its current climate target of cutting emissions by 20% by 2023 from the 2014–2016 baseline after 17% reductions in emissions by the end of last year.

Outokumpu has reduced its emissions by increasing the share of recycled material in stainless steel production to more than 90%. In addition, the company has increased the share of low-carbon electricity in its energy consumption, improved energy efficiency and reduced transport emissions.

Outokumpu is the first stainless steel producer to commit to the SBT initiative and has already been a member since 2016, when the company’s earlier 2°C climate objectives were approved.

Establishing of an ESG Advisory Council

The new ESG Advisory Council to the CEO will support Outokumpu in its continuous improvement in sustainability work. The council’s role will be to challenge and comment the company’s ESG strategy, roadmap development and actions as well as facilitate dialogue and exchange of views between Outokumpu and its stakeholders.

Outokumpu’s external ESG Advisory Council members are as follows:

• Olli Dahl, PhD (Technology), Professor, Environmental Technology, Aalto University
• Lucas Joppa, PhD (Ecology), Chief Environmental Officer, Microsoft
• Sirpa Juutinen, Partner, Sustainability & Climate Change, PwC Finland
• Julia Woodhouse, Board Member, Member of the Audit Committee, Outokumpu

Virtual Capital Market Update today, on May 6 at 2.00 pm EEST

Outokumpu will present its updated sustainability strategy at its virtual Capital Markets Update today, at 2.00 pm EEST. Please follow the virtual event online at www.outokumpu.com/en/CMD.

Outokumpu’s sustainability strategy

For more information:

Read more on Science Based Targets initiative

Outokumpu is the global leader in stainless steel. The foundation of our business is our ability to tailor stainless steel into any form and for almost any purpose. Stainless steel is sustainable, durable and designed to last forever. Our customers use it to create civilization’s basic structures and its most famous landmarks as well as products for households and various industries. Outokumpu employs some 10,000 professionals in more than 30 countries, with headquarters in Helsinki, Finland and shares listed in Nasdaq Helsinki. www.outokumpu.com

Outokumpu’s Board of Directors has appointed Heikki Malinen, M.Sc. (Econ.), MBA (Harvard), as President and CEO of Outokumpu and the Chairman of the Leadership Team. He will join the company on May 1 and assume his role as the CEO on May 16, 2020. Heikki Malinen has previously worked as CEO in Posti Group Corporation and in Pöyry PLC. Prior to these, he has held various leadership positions in UPM in the USA and in Finland. Malinen has been a member of the Outokumpu Board of Directors since 2012, and due to his appointment, he will resign from the Board at the end of April.

Kari Jordan, Chairman of the Outokumpu Board of Directors: “Following an extensive international search process, Heikki Malinen singled out as the top candidate for the CEO position due to his previous CEO roles in demanding environments, as well as international experience in sales and process industry. His long Board membership in Outokumpu naturally is an additional advantage providing profound knowledge and understanding of Outokumpu’s business. I am confident that as the CEO Heikki will be a great asset to the company.”

“I am honored to get the opportunity to lead Outokumpu which is a global leader in the stainless steel industry. Thanks to the transformation that has been carried out during the past four years, the company is in a good shape with world-class assets and motivated, skilled employees,” says Heikki Malinen. “Being a Board member for eight years gives me a strong background for my new position – I know the company and the management, and I am looking forward to developing the company further and through this create value for our stakeholders.”

As announced earlier, Roeland Baan will leave his position as President and CEO of Outokumpu on May 15, 2020.

“On behalf of the entire Board of Directors, I would like to thank Roeland Baan for his contribution to Outokumpu’s improved operational and financial performance and I wish him all the best for the future,” says Kari Jordan.

Outokumpu is the global leader in stainless steel. We aim to be the best value creator in stainless steel through customer orientation and efficiency. The foundation of our business is our ability to tailor stainless steel into any form and for almost any purpose. Stainless steel is sustainable, durable and designed to last forever. Our customers use it to create civilization’s basic structures and its most famous landmarks as well as products for households and various industries. Outokumpu employs 10,000 professionals in more than 30 countries, with headquarters in Helsinki, Finland and shares listed in Nasdaq Helsinki. www.outokumpu.com