Outokumpu is accelerating the green transition as the global leader in sustainable stainless steel. Its business is based on the circular economy: Outokumpu’s products are made from 95% recycled materials, which we then turn into fully recyclable stainless steel. Despite the challenging financial year in 2024, Outokumpu progressed well in its smart decarbonization strategy ahead of its science-based climate target with a 32% emission intensity reduction from the 2016 baseline. With up to 75%* lower carbon footprint than the industry average, Outokumpu supported its customers to reduce their emissions by 10 million tonnes compared to the global average with its stainless steel in 2024.
In terms of safety, the company kept its total recordable incident frequency rate at the same record low level as last year, 1.5. In 2024, Outokumpu received a Fair Pay Workplace certification, as the first in the stainless steel industry. Furthermore, Outokumpu is committed to doing the right thing and conducting business in an ethical and responsible way, and as an example, in 2024, 97% of all Outokumpu employees completed the new Code of Conduct e-learning. Outokumpu’s Annual Report is published in English and Finnish, and it includes Annual review with the highlights of the year, the Review by the Board of Directors including Sustainability Statement, Financial Statements, Corporate Governance Statement and Remuneration Report.
Outokumpu publishes the Financial Statements in accordance with European Single Electronic Format (ESEF) reporting requirements with the XHTML format (Extensible Hypertext Markup Language). In line with the ESEF requirements, the primary statements and notes to the consolidated financial statements have been labelled with XBRL tags. The audit firm PricewaterhouseCoopers Oy has provided an auditor’s reasonable assurance report on Outokumpu’s ESEF Financial Statements in Finnish in accordance with ISAE 3000 (revised). The ESEF reports are available in the zip file attached to this release.
Outokumpu’s Sustainability Statement, published as part of the Review by the Board of Directors, is prepared according to the European Sustainability Reporting Standards (ESRS) and the Finnish Accounting Act’s Chapter 7 on sustainability reporting and it has been assured by PricewaterhouseCoopers Oy that has provided a limited assurance report in accordance with ISAE 3000 (revised).
All the reports mentioned are available at https://www.outokumpu.com/en/investors/materials/2024.
* Outokumpu’s average product carbon footprint (2024): 1.6 kg CO₂e per kg of stainless steel based on lifecycle assessment. Global average carbon footprint of stainless steel (2024): 7 kg CO₂e per kg of stainless steel (Outokumpu’s calculation based on data provided by CRU, worldstainless, and Kobolde & Partners AB).
