So far, Outokumpu’s target has been to improve energy efficiency by 0.5% annually. Until the end of 2024, Outokumpu now aims to improve its energy efficiency by 8% across the group compared to the January – September 2022 level. These measures would correspond to energy saving of approximately 600,000MWh which is equal to annual electricity usage of 15,000 households.*

“The European energy crisis has created a turbulent operating environment. To tackle the uncertainty, we have decided to take immediate action on our own energy efficiency. This means that we will prioritize investments to improve our energy efficiency and also increase related annual capital expenditure by Euro 20 million in 2023 and 2024”, says Outokumpu’s Chief Technology Officer Stefan Erdmann.

These additional investments do not impact Outokumpu’s capital expenditure frame of Euro 600 million for the second phase of the strategy by the end of 2025. For 2023 and 2024, the annual capital expenditure remains Euro 200 million.

Outokumpu’s target is to reduce its carbon dioxide emissions by 42% by 2030 compared to 2016 baseline. “The new efficiency measures will support Outokumpu to achieve our ambitious climate targets”, continues Erdmann.

www.outokumpu.com

*) MWh per ton of stainless steel. Energy savings calculated by average electricity use of 20,000 kilowatt hours by a family of four living in a detached, electrically heated house.