Finland's Outokumpu exits arbitration proceedings regarding Fennovoima

Fortum Oyj

14/02/2025 19:52

Feb 14 (Reuters) - Stainless steel manufacturer
Outokumpu  OUT1V.HE  has been cleared out of arbitration
proceedings regarding Fennovoima by the International Chamber of
Commerce, it said in a statement on Friday.
    Outokumpu was joined in arbitration proceedings in 2023 over
a dispute between Fennovoima Oy and Rosatom entities related to
the termination of an engineering, procurement and construction
contract for a nuclear power plant.
    Finnish-led consortium Fennovoima, which includes Outokumpu,
Fortum  FORTUM.HE  and SSAB  SSABa.ST  among others, scrapped a
contract for Russia's state-owned Rosatom in 2022 to build a
nuclear power plant in Finland, citing delays and increased
risks due to the war in Ukraine.
    Fennovoima was set up to commission the nuclear power plant,
which Rosatom was due to build in the cape of Hanhikivi on
Finland's west coast. The project was approved by the Finnish
Parliament in December 2014 despite political wrangling, but it
was dogged by hold-ups from early on.

 (Reporting by Devika Nair in Bengaluru; Editing by Leslie
Adler)
 ((Devika.MadhusudhananNair@thomsonreuters.com;))