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Spotlight: Growth and lessons from Eastern Europe
By Matthew Saltmarsh

Friday, November 16, 2007
HELSINKI: During its short history as a nation, Finland has always kept a sharp eye focused eastward. Once, there was trepidation about Russia's intentions; more recently, excitement about economic opportunities from working with the giant next door.

One of the Finnish companies leading the charge has been Rautaruukki, a steel maker that is being transformed under the stewardship of Sakari Tamminen, its chief executive since 2004.

" 'Old Europe' has great opportunities in building up Eastern Europe, and we are doing that as a company," he said in a recent interview here.

Tamminen, 53, an engineer by training, joined Rautaruukki in 2003 as senior vice president and became chief executive a year later. He immediately embarked on a five-year strategy to change the company from a sluggish carbon steel producer to a niche supplier of highly specialized products to Eastern Europe and Russia, a region that now represents a fifth of net sales.

Rautaruukki was established in 1960 as a state-owned steel maker. The government sold a majority of its shares in an initial public offering in 1989 and has further cut its stake, but it remains the largest shareholder, with 40 percent, which Tamminen says offers stability. The company, going by the marketing name Ruukki since 2004, now employs 14,500 people in 24 countries.

The company has moved away from its bread and butter, rolled steel products, and now prefers making specialty structures and components like bridge and harbor fittings for commercial and industrial clients. It has also beefed up in the energy sector, selling components for wind power and other power generation plants, as well as structures for oil rigs.

The goal is to achieve a 50-50 sales balance between traditional steel and the new specialist units by the end of the decade, a process that is nearing fruition. This involved aggressive divestitures and acquisitions. Steel is still more important than what the company calls "solutions" in terms of net sales, but the latter accounts for more than half of the company's staffing.

The direction has been set, and the shareholder benefits are stark: In 2002, operating profit was €6 million, or $9 million, on revenue of €2.9 billion; last year, profit was €529 million on revenue of €3.7 billion. The share price climbed from just over €3 in 2003 to a high of €52 this summer, before slipping, in line with the broader market, to around €34 this week.

Tamminen expects the company to post annual sales growth in excess of 10 percent this year.

"He has defiantly proven that he's capable of managing this transition," said Claes Rasmuson, an analyst at Swedbank Markets in Stockholm. Others share the view. In a poll of investors released this week by the magazine Arvopaperi and the PR agency Pohjoisranta, Tamminen was voted the highest regarded Finnish chief executive.

Tamminen repeatedly declines to take credit for the company's success. In typically Finnish style, he is even coy when asked about his business ethos. "We do things as a team," he said. "We try to take decisions fast and implement fast." Profit has been lifted by the boom in emerging markets since 2000 and the resultant surge in steel demand, bringing what some analysts call a "super cycle" in prices.

Tamminen acknowledges that the strength of Eastern European markets is "a major surprise," but he is still bullish. Demand from India and Eastern Europe should sustain prices even in the event of a slowdown in China, he said.

Last year's steel merger between Arcelor and Mittal has also worked well for the Finnish company, highlighting the difference between more traditional producers like Arcelor-Mittal, which grow through economies of scale, and medium-sized players with profitable regional niches. High transport costs and other overheads mean there is no point in companies like Rautaruukki scaling up. "Those who are driving the consolidation - Mittal is the key - are driving it with healthy business principles," Tamminen said.

Born near the historic western seafaring town of Rauma, Tamminen had to "get his hands dirty" on the family farm as a youth, something he credits with keeping him grounded and thriving on responsibility. Prior to joining Ruukki, he spent most of his career at the engineering company Metso, where he rose to chief financial officer.

Tamminen sees the main risks for Ruukki's future in the labor market: rising wages abroad and a difficulty in retaining employees. "We are competing for the same people with all kinds of companies," he said. "The challenge is how to create an environment where they stay."