Outokumpu’s Q123 results came in higher than the street’s expectations and the group’s guidance. In short, the sequential uptick, expected due to seasonality, was also supported by lower costs and despite destocking by distributors. The outlook confirmed the peers’ guidance for a fairly stable Q2, which should lead to upgrades from analysts – particularly since the Ferrochrome business is expect to recover “at full speed”. Expect only some fine-tuning of our numbers as we are already above th ....