Growth-focused EVOLVE strategy
Our next strategy, EVOLVE, for 2026–2030, builds upon maximizing value in sustainable stainless steel, growing profitably in advanced materials and alloys as well as innovative materials and technologies. Our vision is to pioneer materials and technologies that power tomorrow.
We drive growth by expanding our portfolio into high-margin, high-value grades and differentiate through customer collaboration. We are also exploring innovative materials and metals and aim to produce low CO2 metals, first focusing on chromium metals.
We further sharpen our strategy execution by classifying businesses in order to allocate investments within the group as either foundational or transformative. Clear strategic roles and priorities support long-term value creation.
With a sharper focus on execution and investment
prioritization – classifying our businesses as either
foundational or transformative – we are fueling profitable
growth. Our unwavering commitment to cost
competitiveness and cash generation in sustainable
stainless steel remains the foundation of our success. At
the same time, we are driving higher value creation through
transformative initiatives.
Kati ter Horst, President and CEO
Strategic priorities
Sustainable stainless steel
The foundation of our business is sustainable stainless steel. With a strong local production base and robust market positions, we deliver maximum value from our core stainless steel business, ensuring cost competitiveness and raw material security as well as capitalizing on our industry-leading sustainability leadership. In this business, we also generate the financial strength needed to fund Outokumpu’s broader transformation.
Advanced materials and alloys
To transform the company, we accelerate growth by expanding into high-margin, high-value grades and differentiate through customer collaboration, building on our strong legacy in specialty grades. This business plays a central role in reducing cyclicality and driving profitable growth by investing in customer-driven innovation and actively moving away from commodity products.
Innovative materials and technologies
As part of our transformation, we are maximizing value from our Kemi chrome mine and repositioning to an unrestricted market player. Relying on our pioneering technology, we aim to produce low-CO₂ metals, first focusing on chromium materials such as enriched ferrochrome and high-purity chromium metal. This breakthrough platform introduces a scalable technology that can be extended to other strategic metals within the stainless steel value chain – and potentially beyond
Financial targets and capital allocation
At the same time, Outokumpu updated its financial targets and dividend policy.
Outokumpu is committed to retaining a healthy balance sheet. The company’s strategic priorities – balancing resilience, growth, and dividends – will guide capital allocation, resulting in competitive total shareholder returns.
Outokumpu aims to pay a stable and growing dividend over time, while maintaining the flexibility to invest in transformative initiatives that yield a minimum internal rate of return (IRR) of 20% and accounting for market cyclicality.
Net debt to EBITDA
Aim for net debt to EBITDA of 1.0x over-the-cycle, only temporarily exceeding 2.0x to allow for investments into growth acknowledging the cyclicality of the business.
Improving EBITDA run-rate
EBITDA run-rate improvement of EUR 250 million through foundational initiatives.
Capital allocation
Capital allocation priorities include operational health (mandatory and mainentance capital expenditure), competitiveness and smart decarbonization capital expenditure, transformative capital expenditure and M&A, dividend and share buybacks.
Latest strategy updates
Outokumpu follows the progress of its EVOLVE strategy in its quarterly reports.
In the second-quarter report, Outokumpu announced its decision to start an investment program in high-nickel alloys, a segment offering attractive global growth, higher margins and resilience, building on the existing Advanced Materials business. The investment program is planned to be implemented in two phases at the Avesta site in Sweden to accelerate market entry and improve returns.
The scale-up of proprietary technology to produce low-CO₂-enriched ferrochrome and chromium metal is advancing, with the first patent applications covering key process elements published in July. The technology development initiative is evolving into a future-oriented business platform for growth.
Outokumpu also continued to expand the product portfolio toward higher-margin ferrochrome products to serve new customer segments, such as special steel producers.
Outokumpu continued to focus on competitiveness and smart decarbonization. In business area Europe, the planned investment in a new annealing and pickling line in Tornio, Finland, together with the intended closure of two less competitive lines in Krefeld, Germany, remains under review.
Strategy materials
Outokumpu launched its EVOLVE growth strategy in June 2025 in connection with its Capital Markets Day. Please find below materials related to the Capital Markets Day, including the stock exchange release as well as the recording and presentation of the event.