Outokumpu - 100 years since the discovery of copper ore
(Thomson Reuters ONE) -
PRESS RELEASE
March 16, 2010 at 9.00 am EET
On March 16, 2010 a hundred years have passed since a rich copper ore deposit
was discovered in Outokumpu in the eastern part of Finland. This discovery led
to the establishment of Outokumpu Oy and a booming mining industry in Finland.
Over the years, Outokumpu has experienced a major transformation, evolving from
a mining and multi-metal company to one of the world's leading producers of
stainless steel.
CEO Juha Rantanen: "The history of Outokumpu is a fascinating story that is
tightly connected to the development of Finnish society and world history. From
the very beginning, the hallmarks of the company's operations have been strong
technical expertise, curiosity and courage. These, combined with a genuine
customer focus, are also vital for success in today's global competition, and
form a good basis for the implementation of our strategy. As a strong and fully
recyclable material, stainless steel is one of the key building blocks of a
sustainable future."
A pictorial history of Outokumpu is available online at
www.outokumpu.com/history
Outokumpu's mining operations were small-scale in the early years, but once the
ownership was transferred to the Finnish State in 1925, new opportunities opened
up. A modern electric smelting plant was built in Imatra in 1935. The company
built a metal works in Pori to refine raw copper and manufacture semi-finished
products. During the war, the smelter in Imatra was moved to Harjavalta in
1944. With new ore discoveries, mining operations grew and led to the start-up
of zinc, cobalt and nickel works.
In the 1940s, a shortage of electricity forced Outokumpu to seek ways to
decrease its electricity consumption. This led to the birth of the flash
smelting process - which turned out to be one of the most revolutionary
inventions in metallurgy. Many new smelting plants all over the world adopted
this new method. The company turned its technology expertise into a new
business, which eventually led to the listing of Outokumpu Technology in 2006
and to the birth of Outotec.
Outokumpu started down the road toward stainless steel in 1960 when a chrome ore
deposit was discovered in Kemi. The construction of a ferrochrome smelter in
Tornio, combined with the nickel works in Harjavalta, provided Outokumpu with
the key raw materials for stainless steel. Tornio's steel melt shop and cold
rolling mill started up in 1976.
In 2000, Outokumpu embraced a powerful new strategy of growth and change, which
included strengthening the company's position in stainless steel and pruning
away old businesses, such as the production of nickel. Outokumpu sold its copper
and zinc mining operations, and later also its entire copper products business.
In Tornio, stainless steel production capacity was doubled, giving Outokumpu an
even firmer foothold in the global market. Negotiations with seasoned stainless
steel experts Avesta Sheffield, an Anglo-Swedish company, led to a merger and
two of the oldest companies in the industry became part of the Outokumpu Group.
The Group's history dates back to 1848 in Sheffield, where stainless steel was
invented around 1913. In Sweden, the traditions have even deeper historical
roots. The Degerfors plant celebrates its 350th anniversary this year.
OUTOKUMPU OYJ
Outokumpu is a global leader in stainless steel with the vision to be the
undisputed number one. Customers in a wide range of industries use our stainless
steel and services worldwide. Being fully recyclable, maintenance-free, as well
as very strong and durable material, stainless steel is one of the key building
blocks for sustainable future. Outokumpu employs some 7 500 people in more than
30 countries. The Group's head office is located in Espoo, Finland. Outokumpu is
listed on the NASDAQ OMX Helsinki.
www.outokumpu.com
[HUG#1394054]
ENG Outokumpu 100 years: http://hugin.info/3010/R/1394054/351064.pdf
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