Outokumpu Oyj, the world's second-largest stainless steel maker, said Monday that third-quarter net profit more than doubled, spurred by record-high orders and cost-cutting, REPORTED AP. Net profit came to ¤11.5 million (US$14.5 million), up from ¤4.5 million in the same period a year ago. Revenue in the three months through September came to ¤180 million (US$227 million), up from ¤133 million a year earlier. Finland's leading metals group said its orders in the period hit a record high _ ¤370 million (US$467 million), from ¤140 million in 2005. The company gave a bullish outlook for the rest of 2006. «Following a high order intake during the reporting period, the whole year sales and operating profit will be clearly better than in 2005,» Outokumpu said. «Profitability is expected to improve also in the last quarter of 2006.» Markets had been expecting a positive result after Outokumpu announced two weeks ago that its third-quarter result would be better than anticipated. The company's share price inched up to ¤23.88 (US$30.13) in Helsinki. Based in Espoo, next to the Finnish capital, Helsinki, Outokumpu has 11,000 workers in some 30 countries. The government holds a 40 percent stake in the group.
