Outokumpu Jumps Most in 3 Weeks on Steel Order: Helsinki MoverKati Pohjanpalo
Outokumpu Oyj gained the most in three weeks in Helsinki trading after winning an order to supply tailor-made stainless steel for five chemical tankers.
Outokumpu shares jumped as much as 5.5 percent, the most since May 20, in the Finnish capital. The stock traded up 4.8 percent at 54 euro cents at 1:48 p.m., valuing the Espoo, Finland-based company at 1.1 billion euros ($1.5 billion). The volume of shares traded was 40 percent of average daily trading over the past three months.
Outokumpu will deliver 12,250 metric tons of duplex stainless steel to a Chinese shipyard to construct five chemical tankers for Stolt Tankers, a unit of Stolt-Nielsen Ltd., the company said in a statement to the Helsinki Stock Exchange today. The contract includes an option for an additional three vessels.
The steel will be supplied in tailor-made large plates and includes services such as edge preparation, forming and welding to larger assembly sections. Deliveries start next year and continue through 2015. Outokumpu didn’t disclose the value of the order, which includes training and technical support.