Outokumpu
Finnish multinational stainless-steel producer with integrated chromite mining, ferrochrome production, advanced materials, and low-emission steel solutions.
Last updated October 14, 2026
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Overview
Outokumpu Oyj is a Finnish multinational metals company headquartered in Helsinki and focused primarily on stainless steel, ferrochrome, and advanced materials. Its modern identity is built around the production and sale of stainless-steel flat products, but the company originated in mining and non-ferrous metallurgy. The name comes from Outokumpu, a Finnish locality whose “strange hill” became associated with a major copper-ore discovery in 1910. A company to exploit the deposit was established in 1914, and the business subsequently developed expertise in mining, smelting, metallurgy, engineering, and metal-processing technology. Outokumpu’s strategic transformation accelerated during the 1990s and early 2000s. Stainless steel became the group’s most attractive growth business, leading to the 2001 combination with Avesta Sheffield and the creation of AvestaPolarit. In 2004, Outokumpu completed its withdrawal from most other metals and made stainless steel the center of its portfolio. It later expanded through the acquisition of ThyssenKrupp’s Inoxum stainless-steel division in 2012, although European competition requirements forced the subsequent disposal of Acciai Speciali Terni and other remedy assets. Since then, Outokumpu has continued to simplify its portfolio, exiting copper, technology, and most long-products operations while concentrating on stainless-steel flat products and ferrochrome. The company operates an integrated value chain. Its Kemi mine in Finnish Lapland supplies chromite, which is processed into ferrochrome and used in stainless-steel production. The Tornio Works in Finland combines ferrochrome production, steel melting, hot rolling, and cold rolling, making it one of the group’s most important industrial sites. Other operations and service capabilities are located in Finland, Sweden, Germany, the United Kingdom, the United States, Mexico, and additional markets. Outokumpu serves construction, architecture, transportation, automotive, process industries, energy, food and beverage, household appliances, and general engineering customers. The company’s product portfolio includes standard and specialty stainless-steel grades, hot-rolled and cold-rolled coils, sheets, plates, precision strip, and advanced alloys. Product families include Moda, Core, Supra, Forta, Dura, and Deco, which address different combinations of corrosion resistance, strength, formability, surface finish, and demanding operating conditions. Outokumpu also produces ferrochrome and has developed metal-powder offerings for additive manufacturing and other specialized applications. The group’s Circle Green product line is positioned as a near-zero-emission stainless steel, using high recycled content, renewable or low-carbon energy, and process improvements to reduce the product carbon footprint. Sustainability and circularity are central to Outokumpu’s current positioning. The company states that its stainless steel has a substantially lower average carbon footprint than the global industry average, while its mills process more than two million tonnes of recycled material annually. Stainless steel is marketed as durable, recyclable, and suitable for long-life infrastructure and industrial products. Outokumpu has also promoted ResponsibleSteel certification, science-based climate targets, renewable electricity, low-emission ferrochrome, and supply-chain initiatives involving recycled steel, nickel, and molybdenum. In its 2026–2030 strategy, Outokumpu describes an evolution from a conventional stainless-steel producer toward a broader provider of materials and technology solutions. The strategy emphasizes sustainable stainless steel, advanced materials and alloys, chromium-related opportunities, low-carbon metals, customer collaboration, and higher-value applications. As reported for 2025, the group employed approximately 8,605 people in close to 30 countries and generated net sales of about EUR 5.5 billion. Kati ter Horst has served as President and Chief Executive Officer since October 1, 2024.
History
Outokumpu’s roots lie in eastern Finland, where a significant copper deposit was discovered near the hill known as Outokumpu in 1910. The discovery gave its name to the enterprise and later to the surrounding community. A company called Outokumpu Kopparverk was established in 1914 to develop the deposit through a combination of Finnish state and private interests. During its early decades, Outokumpu was principally a mining and copper company, but it gradually became one of Finland’s most important centers of metallurgical expertise. The company’s development was not limited to extracting ore. Outokumpu invested in smelting, refining, engineering, and process technology, and in the 1940s developed flash smelting for copper. It later commercialized or transferred metallurgical know-how, including technologies connected with ferrochrome production and metal detection. This technical orientation became a defining characteristic of the company and helped it build capabilities that extended beyond its original mine. Stainless steel became increasingly important during the second half of the twentieth century. Outokumpu constructed the Tornio Works in northern Finland in 1975–1976, integrating ferrochrome production, steel melting, hot rolling, and cold rolling. The first stainless-steel cast was produced at Tornio in May 1976. The site’s proximity to the Kemi chromite mine gave Outokumpu an integrated raw-material position, because chromium is the element that gives stainless steel much of its corrosion resistance. Tornio subsequently became the company’s largest and most strategically important production complex. During the 1980s and 1990s, Outokumpu remained a diversified metals group with interests in base metals, copper, stainless steel, mining, and technology. Its shares were listed on the Helsinki Stock Exchange in 1988. The group also became involved in competition-law controversies. It was found to have participated in a late-1980s stainless-steel cartel involving quotas and prices, although it was not fined in the 1990 European Commission decision. Separately, Outokumpu and other producers were found to have participated in a copper-tube cartel that operated across European markets from the late 1980s into 2001. The European Commission imposed fines in 2003 and 2004, including a EUR 36.14 million fine relating to copper plumbing tubes. Outokumpu cooperated with the investigation and appealed the later decision, but the fine remained associated with the case. The 1990s also brought product innovation. In 1991, Outokumpu developed Nordic gold, a copper-based alloy commissioned for Swedish coinage. The alloy later became associated with several euro coin denominations and demonstrated the company’s ability to apply metallurgical expertise outside its main steel operations. At the same time, stainless steel was becoming the group’s most profitable and strategically promising business. Management considered a sharper focus on stainless steel during the late 1990s as demand for corrosion-resistant materials expanded in construction, transportation, industrial equipment, and consumer applications. A decisive turning point came in 2001, when Outokumpu combined its stainless-steel operations with Avesta Sheffield, a business with historic production in Sweden and the United Kingdom. The resulting AvestaPolarit became one of the world’s largest stainless-steel producers. Outokumpu later acquired the shares held by Corus in 2004, making AvestaPolarit wholly owned and reinforcing the decision to build a focused stainless-steel group. The company subsequently divested most of its copper business, separated its technology operations into what became Outotec, and withdrew from other non-core activities. By the end of the 2000s, the strategic center of gravity had shifted decisively from diversified mining and metals toward stainless steel. Outokumpu expanded again in 2012 through an agreement to acquire Inoxum, ThyssenKrupp’s stainless-steel division, for approximately EUR 2.7 billion. The transaction brought additional mills and service operations in Europe, China, Mexico, and the United States. European competition authorities concluded that the original transaction would create excessive concentration in cold-rolled stainless-steel flat products. Approval therefore required the exclusion or later disposal of Acciai Speciali Terni and other remedy assets. In 2013–2014, Outokumpu agreed to return AST and VDM Metals to ThyssenKrupp and to unwind associated ownership links. The following decade was characterized by portfolio simplification and operational restructuring. Outokumpu closed or repurposed certain European facilities, divested its Shanghai Krupp Stainless interest in 2015–2016, and opened a global service center in Vilnius in 2017. In 2022–2023, it sold the majority of its Long Products business to Marcegaglia and the remaining Swedish Long Products operations to Cogne Acciai Speciali. These transactions allowed the company to concentrate on stainless-steel flat products, advanced materials, and ferrochrome. Under Heikki Malinen, who became CEO in 2020, Outokumpu emphasized financial discipline, operational resilience, and the development of lower-emission stainless steel. Circle Green, launched in 2022, became the company’s most prominent sustainability-linked product innovation. Kati ter Horst succeeded Malinen as CEO on October 1, 2024. Under her leadership, Outokumpu has presented a 2026–2030 strategy aimed at evolving the company from a stainless-steel producer into a broader provider of sustainable materials and technologies. The current portfolio combines European and American stainless-steel businesses, the Kemi chromite mine and Tornio ferrochrome operations, advanced alloys, and sustainability-oriented products and services.
- 2026
EVOLVE strategy announced for 2026–2030
[2]Outokumpu announced a strategy to expand from stainless steel into advanced materials, low-carbon metals, and technology solutions.
- 2024
Kati ter Horst becomes CEO
[16]Kati ter Horst assumed the President and CEO role on October 1, 2024.
- 2023
Long Products divestment completed
[15]Outokumpu completed the sale of most Long Products operations to Marcegaglia and later exited the remaining Swedish operations.
- 2022
Circle Green launched
[6]Outokumpu introduced Circle Green, a low-emission stainless-steel product line based on recycled materials, low-carbon energy, and optimized production processes.
- 2020
Heikki Malinen appointed CEO
[12]Former Posti chief executive Heikki Malinen was appointed to lead Outokumpu.
- 2017
Global service center opened in Vilnius
[12]Outokumpu opened a global service center in Vilnius, Lithuania, employing approximately 100 people at launch.
- 2016
Shanghai Krupp Stainless divestment completed
[12]Outokumpu completed the sale of its remaining interest in the Shanghai-based joint venture, after which the site’s operations were stopped.
- 2014
AST and VDM remedy-asset transaction cleared
[14]The European Commission cleared ThyssenKrupp’s reacquisition of Acciai Speciali Terni and related assets, unwinding part of the earlier Inoxum combination.
- 2012
Agreement to acquire Inoxum
[9]Outokumpu agreed to acquire ThyssenKrupp’s stainless-steel division in a transaction valued at approximately EUR 2.7 billion.
- 2006
Outokumpu Technology spun off
[12]The technology business was separated from the group and later renamed Outotec.
Products and positioning
A global stainless-steel and advanced-materials company positioned around high-performance alloys, integrated ferrochrome capability, circularity, and industry-leading low-emission production.
Low-emission stainless steel · 2022
Circle Green
Circle Green is Outokumpu’s branded low-emission stainless-steel range. It combines high recycled-material content, renewable or low-carbon electricity, lower-emission process inputs, and production optimization. The line is available across multiple stainless-steel families and is designed for customers seeking to reduce the embodied carbon of products and supply chains without changing the underlying performance requirements of stainless steel. Outokumpu positions Circle Green as a near-zero stainless-steel offering with batch-specific carbon-footprint information.
Austenitic stainless steel
Moda
Moda is one of Outokumpu’s principal stainless-steel product families for general industrial and commercial applications. It covers widely used austenitic grades intended to provide a balance of corrosion resistance, formability, weldability, availability, and cost. Typical applications include equipment, appliances, architecture, transportation, and process-industry components. Moda grades can also be offered through lower-emission variants such as Circle Green where the relevant grade and production route are available.
Ferritic stainless steel
Core
Core is Outokumpu’s ferritic stainless-steel family. Ferritic grades generally use less nickel than conventional austenitic grades and can offer attractive resistance to corrosion, oxidation, and thermal cycling in suitable environments. The family is used in applications such as automotive components, appliances, architectural products, kitchen equipment, and industrial parts. Its value proposition combines material efficiency, formability, and cost control with the durability and recyclability associated with stainless steel.
High-performance austenitic stainless steel
Supra
Supra comprises high-performance austenitic stainless steels designed for environments requiring stronger corrosion resistance than standard grades. The family is relevant to chemical processing, pulp and paper, water treatment, food processing, energy, and demanding architectural or industrial installations. Depending on grade, Supra materials may contain higher levels of alloying elements such as chromium, nickel, and molybdenum, enabling improved performance in aggressive or chloride-containing environments.
Duplex stainless steel
Forta
Forta is Outokumpu’s duplex stainless-steel family. Duplex grades combine austenitic and ferritic microstructures to deliver a useful balance of strength, corrosion resistance, weldability, and weight reduction. They are used in demanding applications such as pressure vessels, chemical and petrochemical equipment, storage tanks, bridges, marine installations, and process-industry structures. Higher strength can allow customers to use thinner sections, potentially reducing material consumption and lifecycle impacts.
Martensitic and hardenable stainless steel
Dura
Dura covers stainless steels selected for hardness, wear resistance, strength, and mechanical performance. These materials support applications in engineering, tooling, industrial equipment, transport, and components exposed to abrasion or high mechanical loads. The product family complements Outokumpu’s corrosion-focused grades by addressing situations where hardness and durability are dominant design requirements.
Decorative and surface-finished stainless steel
Deco
Deco is associated with stainless-steel products where surface appearance, finish consistency, and architectural performance are important. Applications include building façades, interiors, elevator panels, public spaces, appliances, and design-led products. The range highlights stainless steel’s combination of visual permanence, cleanability, corrosion resistance, and recyclability, and can include a variety of surface treatments and decorative effects.
Ferroalloy raw material
Ferrochrome
Outokumpu mines chromite at Kemi in Finland and processes it into ferrochrome. Ferrochrome is an essential alloying input for stainless-steel production because chromium provides the passive oxide layer responsible for stainless steel’s corrosion resistance. The integrated mine-and-smelter model gives Outokumpu direct control over an important upstream material and supports its strategy of producing lower-emission ferrochrome for internal use and potentially broader market participation.
Advanced materials
Metal powders
Outokumpu’s advanced-materials portfolio includes metal powders and related materials for specialized manufacturing, including additive manufacturing. These products extend the company’s metallurgy expertise beyond conventional flat products and target applications requiring controlled composition, repeatable processing, and high-performance alloy behavior.
Controversies
2004
Copper plumbing-tube cartel
The European Commission imposed a EUR 36.14 million fine on Outokumpu in connection with a cartel covering European copper plumbing tubes. The conduct involved coordination of prices, production volumes, market shares, and commercial conditions. Outokumpu announced that it would appeal.
2003
Copper air-conditioning tube cartel
The European Commission fined Outokumpu EUR 18.13 million in a case involving price-fixing and market-sharing agreements for copper tubes used in air-conditioning and refrigeration equipment. The fine was reduced because of the company’s cooperation.
1990
Stainless-steel cartel involving quotas and prices
A European Commission decision found that Outokumpu and other European stainless-steel producers participated in an agreement involving production controls, market allocation, and price coordination during the late 1980s. The decision did not impose a fine on Outokumpu.
Marketing campaigns
- 2024ResponsibleSteel certification for European sites
Europe
Outokumpu promoted certification of its European sites under the ResponsibleSteel standard as evidence of greater transparency and sustainability controls across production operations.
Outcome. The company described itself as the first Nordic steel manufacturer to receive certification for all its European sites.
- 2023Working towards a world that lasts forever
Global
Outokumpu’s corporate purpose and sustainability platform presents stainless steel as a durable, recyclable material that supports long-life infrastructure and a circular economy. Communications emphasize recycled content, lower carbon intensity, responsible sourcing, and climate action.
Outcome. The platform became the organizing narrative for the company’s sustainability reporting, customer communications, and strategic positioning.
- 2022Circle Green
Global
Outokumpu launched Circle Green as a branded near-zero stainless-steel product line, combining recycled raw materials, low-carbon energy, renewable inputs, and optimized production. The initiative is marketed to customers seeking verifiable reductions in embodied carbon.
Outcome. The product became a central part of Outokumpu’s sustainable-stainless-steel positioning and was expanded across multiple established product families.
- 2019ResponsibleSteel participation
Europe
Outokumpu joined ResponsibleSteel and subsequently pursued certification for its European production sites, linking its sustainability claims to an external industry standard.
Outcome. Outokumpu stated that all of its European sites achieved ResponsibleSteel certification in 2024.
Brand decisions
2026
EVOLVE strategy for 2026–2030StrategyBackground
Outokumpu identified a need to create more value from sustainable materials, advanced alloys, chromium expertise, and technology while responding to geopolitical, environmental, and raw-material risks.
Action taken
The company announced a strategy to evolve from a trusted stainless-steel producer into a pioneering force in materials and technology solutions.
Aftermath
The strategy places sustainable stainless steel at the core while assigning greater growth importance to advanced materials, low-carbon metals, and innovative technologies.
2024
Leadership transition to Kati ter HorstStrategyBackground
Outokumpu sought continuity in process-industry leadership while advancing its sustainability and higher-value materials agenda.
Action taken
Kati ter Horst replaced Heikki Malinen as President and CEO on October 1, 2024.
Aftermath
The company continued emphasizing sustainable stainless steel, advanced materials, operational performance, and a broader materials-and-technology strategy.
2022
Agreement to divest majority of Long ProductsStrategyBackground
Outokumpu decided that long products were outside its core strategic focus as the group concentrated on stainless-steel flat products, advanced materials, and ferrochrome.
Action taken
The company agreed to sell most Long Products operations to Marcegaglia Steel Group.
Aftermath
The transaction closed in January 2023 and transferred operations in Sheffield, Richburg, and Fagersta. Outokumpu subsequently sold its remaining Swedish Long Products operations and fully exited the business.
Transaction consideration on a debt- and cash-free basis. Approximately EUR 228 million (Completed January 3, 2023)
- Marcegaglia — Marcegaglia acquired the majority of the Long Products business and became the owner of the transferred operations.
2022
Launch of Circle GreenProduct launchBackground
Customers were seeking lower-carbon materials while retaining stainless steel’s established performance, durability, and recyclability.
Action taken
Outokumpu launched Circle Green, a branded stainless-steel range using low-carbon energy, recycled or lower-emission inputs, and optimized production methods.
Aftermath
Circle Green became a signature product in Outokumpu’s sustainability strategy and was expanded across multiple stainless-steel product families.
2015
Sale of Shanghai Krupp Stainless interestM&ABackground
Outokumpu reviewed its Asian assets as part of a continuing portfolio simplification and capital-efficiency program.
Action taken
The company sold 55% of its interest in Shanghai Krupp Stainless to Lujiazui International Trust in 2015 and sold the remaining 5% in 2016.
Aftermath
Outokumpu recorded a substantial non-recurring capital gain and the joint venture’s board decided to stop operations and release the workforce.
Capital gain net of taxes and debt repayment. EUR 389 million (2015–2016 divestment)
2013
Disposal of AST, VDM, and related remedy assetsM&ABackground
Competition remedies and the difficult integration of the Inoxum transaction required Outokumpu to reduce the scope of the combined group and unwind ownership links with ThyssenKrupp.
Action taken
Outokumpu agreed to sell Acciai Speciali Terni, VDM Metals, selected service centers, and related assets back to ThyssenKrupp, while ThyssenKrupp sold its stake in Outokumpu.
Aftermath
The transaction restored a more independent Outokumpu ownership structure and reduced the company’s exposure to the assets acquired through Inoxum.
- ThyssenKrupp — ThyssenKrupp reacquired AST and other remedy assets and exited its shareholding in Outokumpu.
2012
Acquisition of ThyssenKrupp’s Inoxum divisionM&ABackground
Outokumpu aimed to create a larger global stainless-steel group by acquiring Inoxum, the stainless-steel division of ThyssenKrupp.
Action taken
Outokumpu agreed to acquire Inoxum for approximately EUR 2.7 billion. The transaction included mills and service operations in several European, American, and Asian markets.
Aftermath
The European Commission required remedies because the combination would have created excessive concentration in cold-rolled stainless-steel flat products. Acciai Speciali Terni and VDM-related assets were subsequently returned or sold to ThyssenKrupp.
Transaction value. EUR 2.7 billion (Announced January 31, 2012)
- ThyssenKrupp — ThyssenKrupp agreed to transfer Inoxum to Outokumpu and later reacquired AST, VDM, and other remedy assets as part of the restructuring.
2004
Stainless-steel focus and non-core divestmentsStrategyBackground
Stainless steel had become Outokumpu’s most profitable and strategically attractive business, while copper, zinc, mining, and technology activities no longer fit the emerging portfolio focus.
Action taken
Outokumpu made stainless steel its core business and began divesting or separating other activities, including copper operations and the technology business.
Aftermath
The company became a more focused international stainless-steel producer and later separated Outokumpu Technology, which became Outotec.
2001
Combination with Avesta SheffieldM&ABackground
Outokumpu sought to expand its stainless-steel scale and international reach by combining with Avesta Sheffield, whose assets included historic stainless-steel operations in Sweden and the United Kingdom.
Action taken
The businesses were combined under AvestaPolarit, creating one of the world’s largest stainless-steel producers at the time.
Aftermath
The transaction accelerated Outokumpu’s transition from a diversified metals group toward a stainless-steel-centered company.
Recent events
- 2026
Outokumpu launches its 2026–2030 EVOLVE strategy[2]
Other
The company presented a strategy focused on sustainable stainless steel, advanced materials and alloys, low-carbon metals, chromium-related opportunities, and technology solutions.
- 2026
Outokumpu reports 2025 sales of approximately EUR 5.5 billion[5]
Other
The 2025 annual-report materials described a group with approximately 8,605 employees in close to 30 countries and operations centered on stainless steel and ferrochrome.
- 2024
Outokumpu appoints Kati ter Horst as President and CEO[16]
Leadership change
Kati ter Horst succeeded Heikki Malinen as President and CEO, beginning the role on October 1, 2024, after serving on Outokumpu’s board.
- 2023
Outokumpu completes exit from Long Products[15]
M&A
The company completed the divestment of its remaining Long Products operations in Sweden, following the earlier sale of the majority of the business to Marcegaglia.
- 2023
Outokumpu completes sale of majority of Long Products business to Marcegaglia[17]
M&A
Melting, rod, and bar operations in Sheffield, Richburg, and Fagersta were transferred to Marcegaglia, sharpening Outokumpu’s focus on stainless-steel flat products and ferrochrome.
- 2023
Outokumpu’s Circle Green gains commercial momentum[19]
Product launch · Campaign
The company reported customer interest in Circle Green, describing it as a commercial near-zero stainless-steel product with a substantially reduced carbon footprint.
Sources21 sources
- 1Outokumpu Historyoutokumpu.com
- 2Outokumpu in briefoutokumpu.com
- 3Outokumpu Leadership Teamoutokumpu.com
- 4Outokumpu Governanceoutokumpu.com
- 5Outokumpu Annual Report 2025outokumpu.com
- 6Circle Greenoutokumpu.com
- 7Outokumpu Sustainability Strategyoutokumpu.com
- 8Outokumpu Sustainability Overviewoutokumpu.com
- 9Outokumpu and ThyssenKrupp Inoxum transactionglobenewswire.com
- 10European Commission stainless-steel cartel decisioneur-lex.europa.eu
- 11European Commission copper-tube cartel decisioneur-lex.europa.eu
- 12Wikipedia: Outokumpuen.wikipedia.org
- 13Nordic gold alloy developeden.wikipedia.org
- 14AST and VDM remedy-asset transaction clearedec.europa.eu
- 15Long Products divestment completedoutokumpu.com
- 16Kati ter Horst becomes CEOoutokumpu.com
- 17Agreement to divest majority of Long Productsoutokumpu.com
- 18Copper air-conditioning tube carteleur-lex.europa.eu
- 19奥托昆普Circle Green获得商业进展outokumpu.com
- 20Outokumpu appoints new President and CEOlngindustry.com
- 21XPO renews partnership with Outokumpufreightweek.org
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