OUTOKUMPU OYJ STOCK EXCHANGE RELEASE February 19, 2014 at 9.00 am EET
Outokumpu confirmed today its binding commitment to the Fennovoima nuclear project and announced that it will increase its share in Fennovoima to 12.5%. The capacity reservation increases from 119MW to 150MW, which equals Outokumpu’s original targeted capacity in the new nuclear power plant.
Says Outokumpu CEO Mika Seitovirta: “Fennovoima is strategically important to Outokumpu. Our plants in Tornio are the single largest consumer of electricity in Finland. We want to ensure a stable, predictable and low-carbon energy source at production cost to our operations in Finland. We also see that Fennovoima increases energy self-sufficiency in Finland and ensures continued competition in the Nordic electricity market.”
In total, Outokumpu’s estimated investment is EUR 210 million, taking into account the total investment of the project and the capital structure of Fennovoima. Investment is expected to be realized during ten years in 2014–2023, with nearly half of it at the end of the construction phase in 2022–2023. The Fennovoima nuclear power plant is expected to be in commercial use in 2024.
For more information:
Investors: Johanna Henttonen, tel. +358 9 421 3804 , mobile +358 40 530 0778
Media: Saara Tahvanainen, tel. +358 40 589 0223
Outokumpu Group
Outokumpu is the global leader in stainless steel and high performance alloys. We create advanced materials that are efficient, long lasting and recyclable – thus building a world that lasts forever. Stainless steel, invented a century ago, is an ideal material to create lasting solutions in demanding applications from cutlery to bridges, energy and medical equipment: it is 100% recyclable, corrosion-resistant, maintenance-free, durable and hygienic. Outokumpu employs more than 12 000 professionals in more than 40 countries, with headquarters in Espoo, Finland and shares listed in the NASDAQ OMX Helsinki. www.outokumpu.com
