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    Ioannis Masvoulas

    Research Analyst at Morgan Stanley

    Ioannis Masvoulas is an Equity Analyst at Morgan Stanley Securities Ltd., specializing in coverage of European industrials and energy-related companies, including SIG Combibloc, Mytilineos, METKA, Aluminium of Greece, and Protergia. He has delivered research widely cited by institutional investors and industry events, contributing to consensus forecasts and playing a role in significant corporate transactions. Masvoulas began his career as an Analyst at Macquarie Capital before joining Morgan Stanley, and he holds the CFA designation, reflecting his strong professional credentials and expertise in equity analysis. His performance is recognized through inclusion in consensus panels such as Vara Research, with his reports shaping market perspectives on covered firms.

    Ioannis Masvoulas's questions to OUTOKUMPU OY /FI (OUTKY) leadership

    Ioannis Masvoulas's questions to OUTOKUMPU OY /FI (OUTKY) leadership • Q1 2024

    Question

    Ioannis Masvoulas inquired about the main priorities for the incoming leadership team and the rationale behind the Q2 guidance for negative raw material-related effects, particularly concerning the company's hedging policy amidst rising nickel prices.

    Answer

    CEO Heikki Malinen outlined priorities for the new leadership, including navigating the current tough economic period through cost control, and then focusing on Phase 3 strategy and capital allocation while maintaining the commitment to shareholder returns. CFO Pia Aaltonen-Forsell added the priority of keeping the balance sheet strong. On hedging, she explained that the guided loss is not solely from nickel, with some negative momentum from Ferrochrome. She described the nickel hedging policy as conservative, covering commitments but not fully hedging inventories, noting it performed well in the prior year.

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    Ioannis Masvoulas's questions to OUTOKUMPU OY /FI (OUTKY) leadership • Q4 2023

    Question

    Asked about the regional outlook for Q1, the impact of the Red Sea situation on restocking, ferrochrome profitability, and the strategy for buybacks and cash levels given the net cash position.

    Answer

    The company responded that Europe is on a slight upward trajectory while the U.S. saw some price pressure, and scrap market tightness is a key factor. Early signs of restocking are visible, but not large swings. Ferrochrome profitability drivers were varied, and a gradual inventory reduction may continue. Regarding the balance sheet, the company is comfortable with its current strong cash position while assessing future capital allocation, noting the upcoming convertible bond maturity.

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