Outokumpu Oyj - Other information disclosed according to the rules of the Exchange

Outokumpu increases its EBITDA run-rate improvement target by EUR 150 million to further strengthen its competitiveness

Outokumpu Corporation
Stock exchange release
May 7, 2024 at 8.55 am EEST

Outokumpu increases its EBITDA run-rate improvement target by EUR 150 million to
further strengthen its competitiveness

Outokumpu has made strong progress with the execution of the second phase of its
strategy and reached its EBITDA run-rate improvement target ahead of schedule.
At the end of the first quarter of 2024, Outokumpu had cumulatively improved its
EBITDA run-rate by EUR 233 million since the start of the second phase, which
will last until the end of 2025.

To emphasize the company's strong focus on continuous improvement, Outokumpu
increases its initial EBITDA run-rate target from EUR 200 million to EUR 350
million. The additional improvement is expected to be reached through further
improvements in operational performance and efficiency as well as focusing on
strengthening the commercial aspects of the business.

“Continuous profitability improvements are crucial to ensure our competitiveness
in the cyclical and highly competitive stainless steel industry. At the
beginning of the second phase of our strategy journey, we started projects to
improve our EBITDA run-rate with great ambition but realized the full potential
only along the way. Therefore, we decided to increase our target by EUR 150
million and push ourselves even further,” says Heikki Malinen, President & CEO,
Outokumpu Corporation.

Outokumpu's other financial targets for the second phase of the strategy remain
unchanged and include keeping net debt to EBITDA ratio below 1.0 in normal
market conditions, EUR 600 million of capital expenditure in 2023-2025 as well
as stable and growing dividend.

For more information:

Investors: Linda Häkkilä, Head of Investor Relations, tel. +358 400 719 669

Media: Päivi Allenius, SVP - Communications, tel. +358 40 753 7374 or Outokumpu
media desk, tel. +358 40 351 9840

Outokumpu is accelerating the green transition as the global leader in
sustainable stainless steel. Our business is based on the circular economy: our
products are made from 95% recycled materials, which we then turn into fully
recyclable stainless steel. This steel is utilized in various applications
across society, including infrastructure, mobility, and household appliances. We
are committed to 1.5°C target to mitigate climate change, and with up to 75%
lower carbon footprint than the industry average, we support our customers to
reduce their emissions. Together, we are working towards a world that lasts
forever. Outokumpu Corporation employs approximately 8,500 professionals in
close to 30 countries, with headquarters in Helsinki, Finland and shares listed
in Nasdaq Helsinki. Read more: www.outokumpu.com