Tuesday, September 27, 2005

Finland's Outokumpu Issues Profit Warning

HELSINKI, Finland (AP) - Outokumpu Oyj expects overproduction and low stainless steel prices to lead to a third-quarter operating loss, the company said Monday, adding that it will move new orders from the U.K. to Finland -- with a possible loss of jobs in Britain.
The world's second-largest stainless steel maker said it cut production by 150,000 metric tons (165,000 short tons) in the three months through Sept. 30 -- 50,000 metric tons (55,000 short tons) more than planned -- and that operating profit in the period was expected "to be negative."

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