HELSINKI (Reuters) -Finnish stainless-steel maker Outokumpu noticed its shares soar greater than 6% on Thursday after reporting stronger-than-expected quarterly income, boosted by greater costs for chrome steel and ferrochrome.

The corporate mentioned it expects the robust efficiency to proceed within the second quarter, seeing an extra rise in its adjusted earnings from the primary quarter however stainless-steel deliveries at an analogous degree.

“We’re doing effectively within the Americas,” Chief Monetary Officer Pia Aaltonen-Forsell advised Reuters, including that she anticipated gross sales there to proceed to be robust though the corporate is already working near its most capability within the area.

The group’s world stainless-steel deliveries elevated greater than 6% year-on-year within the first quarter and 10% from the earlier quarter, beating analysts’ expectations.

“Nonetheless, imports from Asia into Europe elevated to a major degree of 35%, creating uncertainty going ahead,” Chief Govt Heikki Malinen mentioned in a press release.

Aaltonen-Forsell mentioned Asian sellers had been trying to European markets as a result of a slowdown in Asian economies following their robust rebound from the COVID-19 pandemic.

The corporate’s adjusted earnings earlier than curiosity, tax, depreciation and amortisation rose to 377 million euros ($400 million) within the January-March quarter from 177 million a yr earlier.

That beat the median forecast of 354.8 million euros from 12 analysts in a company-provided ballot.

“The constructive impression from greater costs greater than offset the unfavourable impression from vital value inflation,” the corporate mentioned in its report.

In Finland, Outokumpu is getting ready for the potential of Russian liquefied (LNG) provides being sanctioned by the European Union by taking steps to exchange them with propane.

“We’re getting ready for this in all seriousness, and we now have a number of backup plans,” Aaltonen-Forsell mentioned.

($1 = 0.9429 euros)