Outokumpu cleared out of arbitration proceedings regarding Fennovoima

Outokumpu cleared out of arbitration proceedings regarding Fennovoima

Outokumpu Corporation was joined in 2023 into arbitration proceedings by the International Court of Arbitration of the International Chamber of Commerce over a dispute between Fennovoima Oy and Rosatom entities. On February 14, 2025, Outokumpu received the Arbitral Tribunal’s confirmation that it does not have jurisdiction to adjudicate claims brought by RAOS Project Oy and JSC Rusatom Energy International (JSC REIN) against Outokumpu. This decision terminates the arbitral proceedings with respect to Outokumpu.

In January 2023, RAOS Project Oy had filed with the Secretariat of the International Court of Arbitration of the International Chamber of Commerce a request to join Outokumpu into existing arbitration proceedings, which related to the termination of the Engineering, Procurement and Construction (EPC) contract between Fennovoima and RAOS Project. Fennovoima terminated the EPC contract with RAOS Project in May 2022.

Since then, Outokumpu has disputed the existence of any liability grounds pertaining to the above matter, including the existence of any contractual relationship, obligation, or arbitration agreement between Outokumpu and any Rosatom entity, including RAOS Project Oy. The Arbitral Tribunal now accepted Outokumpu’s position by ending the arbitration with respect to Outokumpu.

Outokumpu holds 23% of the shares in Voimaosakeyhtiö SF, which holds 97% of the shares in Fennovoima Oy. Outokumpu has valued its ownership in Voimaosakeyhtiö SF, which is the majority shareholder of Fennovoima Oy, at zero since 2021.

For more information: 

Investors: Linda Häkkilä, Head of Investor Relations, tel. +358 400 719 669 

Media: Päivi Allenius, SVP – Communications, tel. +358 40 753 7374 or Outokumpu media desk, tel. +358 40 351 9840

Outokumpu Corporation