Outokumpu, a pioneer in sustainable stainless steel, has signed an off-take agreement with Canadian mining company Greenland Resources Inc. for the future supply of a strategically important raw material at competitive prices. The agreement covers approximately 8 million pounds of molybdenum per year (value approximately USD 160M at current market prices), representing roughly half of the annual need for Outokumpu. The company’s total raw material procurement, including molybdenum, is approximately EUR 3bn annually.
The off-take agreement supports Outokumpu to further decarbonize and continue its long-term strategy for sustainable and cost-competitive value-chain integration. The agreement provides Outokumpu with a solid base load of molybdenum for business area Europe. The company aims to strengthen its position within advanced materials and molybdenum is a critical raw material for the production of specialty stainless steel.