Outokumpu has reported strong deliveries of stainless steel for Q1 2022, with financial results boosted by higher raw material prices. Operations are said to be running at full capacity with limited impacts from the Russia-Ukraine conflict. President & CEO Heikki Malinen noted that the company will stop all business operations related to Russia as soon as possible. The company's outlook for operations over Q2 2022 is that output will remain at similar levels.

Ferrochrome production at the Outokumpu Tornio Plant in Finland also remained at close to capacity with 129kt of output in Q1 2022, slightly below Q1 2021 (131kt). The company indicated that current high raw material prices will see significant inventory and metal derivative gains over Q2 2022. This will likely be supported by the increase in the quarterly European ferrochrome benchmark price to US$2.16/lb Cr for Q2 2022.

Ferrochrome from Tornio is integrated into the company's stainless steel operations, but depending on market conditions is sold to third-party stainless steel producers. With tightening ferrochrome supply in China from furnace closures, and uncertain capacity restarts in South Africa facing ongoing energy security challenges, capturing market share at non-integrated stainless steel mills is a likely target for excess ferrochrome output and inventory with the current high prices.