The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Anssi Kiviniemi - SEB, Research Division - Analyst
: Yes. It's Anssi from SEB. Most of my questions are related to the strategy, so kind of, well, I'll just shoot them and you can refer to the following
presentation. First of all, can you indicate a little bit, on cost savings, on what functions, what units are you targeting when you are talking about
the layoffs?
Question: Anssi Kiviniemi - SEB, Research Division - Analyst
: Definitely. Then I only have one question left. Cash flow was boosted by the deferred tax payments, 21 months payments. Is it kind of split evenly
during the next, let's say, 2 years, the payback? So how should we -- with the timing of those. And when we now enter into Q4, you indicate fairly
flat volumes and indicate that, inventory, you cannot go further down with it. How should we'll -- kind of think about the working capital situation
and development when we enter into Q4?
Question: Anssi Kiviniemi - SEB, Research Division - Analyst
: Okay, that's helpful. Let's come back afterwards on the strategy.
Question: Anssi Kiviniemi - SEB, Research Division - Analyst
: I will continue with the questions that I had in previous presentation, but firstly, kicking off, Outokumpu has done a lot of efficiency measures in
the past 5 to 6 years, and now you're coming with a new program. How does the new measures differ from the already-made measures during the
previous years?
Question: Anssi Kiviniemi - SEB, Research Division - Analyst
: Okay. And the second question is on the urgency. I mean 9 quarters. I understand that, but kind of how should we expect the actions to take place
on a time line? It's EUR 200 million kind of efficiency improvement. Is it steady-state improvement, i.e., EUR 100 million in 2021, EUR 100 million in
2022? Or what's the plan on that side?
Question: Anssi Kiviniemi - SEB, Research Division - Analyst
: Okay. Then the last question. Does the strategy include option or opportunity to make larger structural changes to the business setup, i.e., selling
or ending one business or site or even division? How should we think about that?
Question: Anssi Kiviniemi - SEB, Research Division - Analyst
: And for example, sites in Europe, you are going to keep all of them. You're just going to improve the performance in each one of them, right?
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