Business Area EMEA–Introduction and Challenges

Dr. Ulrich Albrecht-Früh President – Stainless Coil EMEA Business Area

Outokumpu Experience 2013 May 22-23, 2013 Old Billingsgate, London, UK

Outline 1. Business Area EMEA at a glance 2. EMEA market environment 3. EMEA Strategy – opportunities and challenges

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

5/22/2013

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BA EMEA at a glance •

As of May 2013

Tornio Kemi

•

• Terneuzen

Bochum Krefeld Dahlerbrück Benrath Dillenburg

•

Business area EMEA produces high-volume and tailored stainless steel grades Extensive sales network with 13 service centers, 11 sales offices, 5 sales agents across the EMEA region Highly cost competitive Tornio stainless steel mill with integrated ferrochrome production and own chromite mine in Kemi Highly end customer orientated austenitic and ferritic production in Germany, Europe’s largest market

Outokumpu has a market share of roughly 40% in Europe

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

5/22/2013

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BA EMEA financial highlights •

•

•

•

Stainless Coil EMEA is the largest of Outokumpu’s business areas, and accounts for more than half of group sales Q1 2013 stainless steel deliveries increased by 10% to 447,000 tonnes compared to Q4 2012 EBIT clearly improved versus Q4 2012 due to higher capacity utilization by increased volumes and lower costs as a result of the synergy savings and the concluded P100 program The positive Q1 2013 performance was also due to the smooth ramp-up of the ferrochrome production

Q1/13

Q4/ 2012

Q1/12

2012

comparable

comparable

comparable

447

408

474

1,752

Sales 2)

1,397

1,331

1,630

5,982

EBITDA

20

-19

55

-35

EBIT

-28

-65

-35

-276

-

-7

-42

-126

7,795

7,977

8,394

7,977

26

n.a.

n.a.

323

EUR million Stainless steel deliveries 1)

Non-recurring items in EBIT Employees Capex

1) 1,000 tonnes, incl. internal deliveries, excl. ferrochrome deliveries, 2) Incl. internal sales

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

5/22/2013

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BA EMEA product portfolio and capacities Melting

1,000 tonnes

Product

Slab

Production facility

Hot rolling

Cold rolling

Hot rolled black & Cold rolled white strip strip 2B/BA 1)

Precision strip

Role of the production facility

Tornio

1,600

1,600

750

Key melt shop for Europe, austenitic and ferritic, Cost efficient, high volume austenitic 2B

Krefeld, Benrath, Bochum

800 2)

800 2)

675

Tailored, flexible ferritic/austenitic 2B and BA

Dillenburg, Dahlerbrück

190

20

Total end of 2013

2,400

2,400

1,615

20

Total end of 2016

1,600

1,600

1,615

20

Tailored austenitic BA and precision strip

 Specialized production sites with clear focus to facilitate customer loyalty • • •

Krefeld: Melt shop with a capacity of 600 thousand tonnes is currently ramped-down with full closure by end of 2013. Bochum: Closure of melt shop planned for 2016. Outokumpu management will conduct a final review and decision on Bochum melt shop closure in 2015. Benrath: Currently relocated. 1) 2B= cold-rolled and skin passed; BA = Bright Annealing to create a mirror-like surface, 2) Bochum capacity until end of 2016 planned closure. Krefeld remaining melting capacity not included

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

5/22/2013

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Tornio works: Highly competitive cost position • • • •

Tornio is the most integrated stainless steel plant in the world Highly efficient through large economies of scale Own chrome ore – safe supply and stable ferrochrome quality State-of-the-art technology (RAP line producing new 2E semi CR products) Lowest CR304 unit production costs among largest European plants 1,2) 2,600

Peer average = 2,320 EUR/t 3)

2,400 2,200

Focus on:

2,000

• Austenitic and ferritic hot and cold rolled stainless steel

1,800

• High quality volume products using best available technology

1,600

• Custom-made mass production in selected product areas

2,243

1,400 Outokumpu Tornio

Plant A

Plant B

Plant C

Plant D

1) Source: SMR as of January 2012, 2) Based on Ni: 20.000$/t; January 2012 average exchange rate 0.7792702 $/€, 3) Excluding Outokumpu Tornio

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

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Most integrated stainless steel mill FeCr Production

Stainless Production

Kemi Mine

•

•

Ferrochrome Works Ferrochrome Raw Materials

Steel Melting Shop

Slabs

Hot Rolling Mill

Black Hot Coils

Cold Rolling Mill

White Hot Products

•

•

Cold Rolled Products

Finishing Plant

Tube Mills

End-users and Distributors

Other Steel Mills

•

Ferrochrome production onsite with molten Ferrochrome charged directly No need to crush or reheat, saving energy and minimizing transportation costs Ability to use carbon monoxide from own processing to replace propane as energy source saves costs and CO2 emissions Short processing time and lower logistic costs Cost savings from full downstream integration into finished products

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

5/22/2013

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Ferrochrome – competitive advantage Outokumpu ferrochrome production

•

• •

•

Unique low cost position as Europe’s only ferrochrome producer with access to the only known chromite reserves in the EU Mineral resources to last for roughly 40 years Q4 2012: finalization of EUR 410 million investment program to double ferrochrome production capacity to 530,000 tonnes Q1 2013: progress slightly ahead of schedule and ferrochrome production of 97,000 tonnes was reached

Company expects to reach a ferrochrome production level of approximately 400,000 in 2013 and the full capacity of 530,000 tonnes in 2015

(1,000 tonnes) 600 500 400 300 200 100 0 2011

2012 2013e 2014e 2015e

Ore reserves: 33 million tonnes and additional mineral resources of 105 million tonnes

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

5/22/2013

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Ferrochrome – competitive advantage Ranking of major ferrochrome smelters for 2013 in order of increasing total direct operating cost 1)

Ferrochrome market price development 2)

US¢/lb contained Cr

USD/lb 1.3

100

1.3 1.2

80

Q2’2013 1.27 USD/lb

1.2

60

1.1 1.1

40

1.0

20

Apr 23 1.06 USD/lb

1.0

0

0.9 Apr

Mar

Feb

European contract price

2013

Dec

Nov

Oct

Sep

Outokumpu

European spot price

One of the lowest cost structures among all ferrochrome producers, well below current market prices. 1) Source: CRU December 2012, 2) FerroChrome Contract: MetalBulletin - Ferro-chrome Lumpy CR charge basis 52% Cr quarterly major European destinations $ per lb Cr, FerroChrome Spot: MetalBulletin - Ferro-chrome 6-8% C basis 60% Cr max. 1.5% Si major European destinations $ per lb Cr

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

5/22/2013

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Outline 1. Business Area EMEA at a glance 2. EMEA market environment 3. EMEA Strategy – opportunities and challenges

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

5/22/2013

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Continued growth for stainless steel globally– EMEA will decline in 2013 +7%

+19%

+8%

-3% +4%

-1% +3%

AMERICAS

+6% +4%

EMEA APAC

+9% +2%

+4%

Orange = Change 2010-2011 Green = Change 2011-2012

TOTAL WORLD

Blue = Forecast 2013 Data source: SMR, Apr 2013, Real demand for total stainless (rolled & forged, excl. 13Cr Tubes)

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

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EMEA‘s demand is characterized by stagnant demand and overcapacities 7,000

6,000

EMEA cold rolled stainless steel demand [tonnes] 5,756

5,860

5,883

5,995

5,918

EMEA cold rolled stainless steel capacity [tonnes] 6,045

5,755

5,830

5,855

4,476 4,129

4,040

6,190

6,057

6,190

3.8%

Stagnant demand 2010-2013

5,000

4,000

5,895

3,975

4,075

4,023

3,990

4,093

2010

2011

2012

2013

2014

4,289

4,475

4,580

3,653 3,066

3,000

2,000

1,000

0 2005

2006

2007

2008

2009

2015

2016

2017

• EMEA region reported stagnant demand for stainless steel products between 2010-2013. • The market is driven by overcapacities and new market entries i.e. Posco in Turkey. Data Source: Demand = SMR Mar 2013, Capacities = CRU Mar 2013

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

5/22/2013

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Since 2007 cheap imports from Asia are impacting the European market Cold rolled imports from 3rd countries into EU27 tonnes

March 2013: 20% import share

100,000

from Asia

from Rest of World

80,000

60,000

40,000

20,000

2013

Oct

Jul

Apr

2012

Oct

Jul

Apr

2011

Jul

Oct

Apr

2010

Oct

Jul

Apr

2009

Oct

Jul

Apr

2008

Oct

Jul

Apr

2007

Jul

Oct

Apr

2006

Oct

Jul

Apr

2005

Oct

Jul

Apr

2004

0

• ~70% of third country imports came from Asia in 2012, compared to ~60% in 2006. • Large imports in 2012 came from Taiwan, USA, China, India, South Korea and South Africa. Data Source: Foreign Trade Statistics WV Stahl, May 2013

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

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Decrease in transaction prices Average transaction prices for 2mm cold rolled 304 stainless steel sheet USD/t

USD/t Europe China Europe-China

5,000

2011 3,998 3,264 734

2012 3,304 2,641 663

Q1 13 3,283 2,587 696

4,000 3,000 2,000 1,000 Jan 11

Jan 12

Transaction price Europe

Transaction price China

Jan 13

Base price Europe Source: CRU (up to and including April 2013)

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

5/22/2013

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Raw materials – last 6 months Nickel1

19,000 U S 18,000 D / 17,000 t o 16,000 n

Apr 23 15 085 USD/t

U S D / l b

15,000

European contract price

1.2

Q2’2013 1.27 USD/lb

European spot price

1.1 1.0

Apr 23 1.06 USD/lb

0.9 Apr

Mar

10.5

Feb

11.0

2013

11.5

Carbon steel scrap4

400 U S D / t o n

Dec

12.0

Nov

Apr 23 11.3 USD/lb

Oct

Sep

Apr

Mar

Feb

2013

Dec

Nov

Oct

Sep

Molybdenum3

12.5 U S D / l b

Ferrochrome2

1.3

Apr 23 363 USD/t

390 380 370 360 350 340 330 320 Apr

Mar

Feb

2013

Dec

Nov

Oct

Sep

Apr

Mar

Feb

2013

Dec

Nov

Oct

Sep

Data source: METAL BULLETIN – 1 Nickel Cash LME Daily Official ; 2 MetalBulletin - Ferro-chrome Lumpy CR charge basis 52% & Cr quarterly major European destinations Cr ; 3 MetalBulletin Molybdenum Drummed molybdic oxide Free market Mo in warehouse; 4 Ferrous Scrap Index HMS 1&2 (80:20 mix) $ per tonne fob Rotterdam

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

5/22/2013

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Facing the new reality I

Stagnant demand and overcapacities in Europe

II

Increasing imports from non-European countries

III

Decreasing prices and volatile raw material markets

IV

Significant losses for all European producers in recent years

Inoxum acquisition was starting point for restructuring of EMEA business and returning to profitability

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

5/22/2013

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Outline 1. Business Area EMEA at a glance 2. EMEA market environment 3. EMEA Strategy – opportunities and challenges

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

5/22/2013

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Outokumpu Strategy Roadmap +

Restructuring

Deliver on synergies

Mill closures Loading efficiency Procurement & raw materials

Streamlining overlapping activities

New efficiency projects

P150 project (€150 million savings) P300 project Working capital management Cold rolling ferritic optimization

Transform company structure

Ensure financial stability

Ramp-up US presence

Expand Ferrochrome

New leadership

Minimize capex

Ramp-up of Calvert mill

Double production

Market oriented Business Areas

Optimize working capital management

Increase US market share

Achieve selfsufficiency

Customer orientation

Pricing and hedging strategy

Global Group functions

Refinancing

Focus on quality and profitability Integrate Calvert and Mexinox

=

Growth

Optimize efficiency

Leverage HPSA

Strategic review of VDM Strengthen profitability of specialty stainless Strengthen operations in the US

2013 / 2014

Develop APAC

Grow sales of specialty stainless Leverage production at SKS 1)

Performance

Full integration and new culture

Advanced financial performance

Grow business in China, India and other South East Asia

Pursue market leader strategy

2015 1) SKS: Shanghai Krupp Stainless, Outokumpu's cold rolling mill in China.

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

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With strong focus on restructuring in EMEA +

Restructuring

Deliver on synergies

Mill closures Loading efficiency Procurement & raw materials

Streamlining overlapping activities

New efficiency projects

P150 project (€150 million savings) P300 project Working capital management Cold rolling ferritic optimization

Transform company structure

Ensure financial stability

Ramp-up US presence

Expand Ferrochrome

New leadership

Minimize capex

Ramp-up of Calvert mill

Double production

Market oriented Business Areas

Optimize working capital management

Increase US market share

Achieve selfsufficiency

Customer orientation

Pricing and hedging strategy

Global Group functions

Refinancing

Focus on quality and profitability Integrate Calvert and Mexinox

=

Growth

Optimize efficiency

Leverage HPSA

Develop APAC

Strategic review of VDM

Grow sales of specialty stainless

Strengthen profitability of specialty stainless

Leverage production at SKS 1)

Strengthen operations in the US

2013 / 2014

Performance

Full integration and new culture

Advanced financial performance

Grow business in China, India and other South East Asia

Pursue market leader strategy

2015 1) SKS: Shanghai Krupp Stainless, Outokumpu's cold rolling mill in China.

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

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EMEA synergy savings – High contribution ~ EUR 12 million achieved in Q1 2013 Synergy savings over time (cumulative) 250

Others

Max

EMEA

Min

•

200 150

•

100 50 0

50 16 4 12

38

•

12

Q1 13 2013 Actual Target

2014 Target

Q1 2013: ~ EUR 12 million 10% 1%

2015 Target

2016 Target

2017 Target

Target 2013: ~ EUR 38 million 19% 37%

•

We are on track to reach for targeted annual savings of EUR 50 million on group level in 2013 EMEA contributes with approx. 75% to Q1 and annual savings Main EMEA synergies in procurement and production optimization, i.e. Krefeld melt shop closed by the end of 2013 and product swaps Further savings in 2013 also to be reached by optimization of sales network and reduction of administrative cost

44%

89% Production optimization

Procurement

Sales & Admin

Note: synergy saving target of EUR 200 million includes closures of Krefeld and Bochum melt shops but excludes possible savings from closures in Sweden. Total expected implementation and non-recurring cumulative cash costs of up to EUR 160 million incurred in 2013-2017.

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

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Ramp-down of Krefeld melt shop is achieved faster than originally planned •

Krefeld melting swaps – cumulative ktons per month

•

• • • Jan

Feb

Plan

Mar

Apr

May

Actuals

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Forecast

•

Significant volumes successfully transferred to Bochum melt shop Transfers to Tornio progressing according to plan and being accelerated to reach 130kt during 2013 Shift reductions: October 2012 from 3 to 2 shifts, July 2013 from 2 to 1 shift Closure of Krefeld melt shop in Q4 2013 Total cost savings during 2013 expected to be around EUR 8 million higher than original plan Synergy savings: • EUR 18 million in 2013 • EUR 50 million in 2014 and beyond

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

5/22/2013

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New cost-saving programs P150 program

P300 program

• P150 is aiming an additional cost saving of EUR 150 million on group EBITDA level • Full implementation and effective until end of 2014 • Main focus of the P150 program are further head count and general and administration cost reduction, savings in IT, in procurement and in Business Areas. • Considerable impact of EUR 30-50 million EBITDA expected already in 2013

• New program targeting a net working capital reduction of EUR 300 million to be achieved through: • Inventory reduction • Accounts receivables • Accounts payables

EMEA contribution: roughly 20% for the whole program

• Of the total target we expect to achieve approx. EUR 150 million working capital reduction already during 2013

EMEA contribution: Reduction of inventory days by 6% by the end of 2013

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

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Medium and long term actions well on track Pricing structure project

• Developing alternative price models to allow quicker response to raw material price changes • From volumes to profit principle

In introduction phase

Production swaps

• Optimize costs and quality by specialization • Improved flexibility to respond to market changes • Working capital optimization

Ahead of target

Service center strategy

• Increase efficiency • Focus on selected high end market segments • Working capital optimization

Strategic review on service centers ongoing

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

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Strengthening Research & Development

Transport

Water technology

Renewable energy

Medical applications Household applications

Architecture

Meeting customer needs Process stability & costs, additional benefits

Change R&D culture into “business striker” mentality Process development

Base material

Surface structure

Topographics

Cost efficiency

 Corrosion resistance  Mechanical properties  Suitability for customer processing  Prop. of final product

 Easy to clean  Anti fingerprint  Scratch resistance  Color

 Optical appearance  Reflectivity  Technical properties

 Melting  Cold rolling  Finishing

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

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Focus on emerging industries • •

• •

New base material H500 offers high light weight potential Background: The combination of high strength and high formability offers interesting light weight potential for automotive applications Target: Qualification of H500 for automotive applications Status: • Suitable components identified • Development of material-oriented design

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

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Summary • •

• • •

Targeted EUR 38 million synergy savings for EMEA well on track Krefeld melt shop ramp-down is achieved faster then originally planned Production swaps and optimization of cold rolled production under way Alternative pricing and alloy surcharge models being introduced Ferrochrome ramp-up continues to support the turnaround of EMEA

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

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Q&A

Outokumpu Experience 2013 May 22-23, 2013 Old Billingsgate, London, UK

Appendix

Overcapacity of melting capacity in stainless production– prior to planned Bochum melt shop closure (May 2013) EMEA Coil Germany 1)

Sweden

UK & USA

Calvert

San Luis Potosí

APAC

Total

Shanghai

4,300 1,600

800

500

1,600

800

700

750

865

425

Coil

Coil

500

900

3,970

HR

Melting 2)

Finland

Americas Coil

HPSA

870

CR

3,055 Coil, Plate, Long

105 Long Products

350

270

290

Coil

Coil

Coil

1) After Krefeld melt shop closure in 2013, 2) Actual capacities will vary according to product mix and manning.

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

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Balanced stainless production structure – after the planned Bochum melt shop closure (May 2013) EMEA Coil Sweden

UK & USA

Calvert

1,600

500

500

9006

1,600

700

Finland

Germany 1)

San Luis Potosí

APAC

Total

Shanghai

3,500

3,170

HR

Melting 2)

Americas Coil

HPSA

870

CR

3,055 750

865

Coil

Coil

425 Coil, Plate, Long

105 Long Products

350

270

290

Coil

Coil

Coil

1) Outokumpu management will conduct a final review and decision on Bochum melt shop closure in 2015, 2) Actual capacities will vary according to product mix and manning.

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

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Strongest growth in end-use demand by segment is forecasted for Chemical / Petrochemical & Energy CAGR Growth 2013 - 2017

[End-use demand for total stainless steel products] 8%

8%

8%

8%

8%

8%

8%

8%

14%

14%

14%

14%

14%

14%

14%

14%

7%

7%

7%

7%

7%

7%

8%

8%

17%

17%

17%

17%

17%

18%

18%

18%

8%

8%

8%

8%

8%

8%

8%

8%

47%

2011

47%

2012

46%

2013

46%

46%

2014

2015

45%

2016

Metal Processing

Chemical / Petrochemical & Energy

Automotive

Heavy Industries

Architecture / Building & Construction

Consumer Goods & Medical

45%

2017

45%

2018

Consumer Goods & Medical

3.5%

Automotive

4.5%

Architecture / Building & Construction

4.9%

Chemical / Petrochemical & Energy

5.2%

Heavy Industries

5.3%

Metal Processing

4.7%

Data Source: SMR, April 2013

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

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Strongest growth in end-use demand by grade is forecasted for Duplex grades [End-use demand for total stainless steel products] 10%

11%

9%

10%

CAGR Growth 2013 - 2017

10%

11%

10%

10%

Mo containing 300series 47%

46%

47%

46%

47%

45%

45%

45%

27%

28%

27%

28%

28%

29%

29%

29%

15%

15%

15%

15%

15%

14%

14%

14%

1%

1%

1%

1%

1%

1%

2%

2%

2011

2012

2013

2014

2015

2016

2017

2018

Mo Containing 300series

Other 300Series

400series

CrMn Steels

4.6%

Other 300Series

3.6%

400series

5.4%

CrMn Steels

3.3%

Duplex / Lean Duplex

13.3%

Duplex / Lean Duplex

Data Source: SMR, April 2013

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

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Price gaps between Asia and Europe trigger Chinese imports 25,000

Transaction price gap grade 304, 2mm [US$/t] China imports (EU27) [tonnes] 20,000

1,750 1,500 1,250

15,000

1,000 10,000

750 500

5,000 250 0

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2013 2011 2012 2006 2007 2008 2009 2010

• ~17% of all third country imports into EU27 came from China in 2012.

Data Source: CRU Eurofer, May 2013

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

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Development of European transaction prices Reference: Austenitic 304 (1.4301), Cold rolled, SSC/Traders, sheet 2mm European transaction price [EUR/t]

•

Nickel price [USD/t]

5,000

55,000

4,500

50,000

4,000

45,000

3,500

40,000 35,000

3,000

30,000

2,500

• •

Nickel volatility is the major concern for all Stainless Producers ~80% of production costs of stainless steel are raw material related. >50% of production costs are subject to market speculation

25,000

2,000

20,000

1,500

15,000

1,000

10,000

500

5,000

0

0 Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan 00 01 02 03 04 05 06 07 08 09 10 11 12 13

Alloy Surcharge EU

Base Price EU

Nickel

Data source: CRU April 2013; LME Nickel

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

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EMEA operating model designed to improve performance measurability by clear accountabilities Target model: functional accountabilities & KPIs Business Area EMEA - Profitability

Production

Production

Production

Production

Procurement

BA EMEA introduction and challenges, Dr. Ulrich Albrecht-Früh

Production

Production

Supply Chain Management

Production

Supply Chain Management

Production

Supply Chain Management

Sales

Production

Sales

Production

Sales

KPIs • • • •

1 2 3 4

KPIs • 1 • 2 • 3 KPIs • • • • • • •

1 2 3 4 5 6 7

KPIs • 1 • 2

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