STOCKHOLM, April 24. /TASS/. Finland’s Metso Outotec has completed the process of winding down its business in Russia, the company reported on its website on Monday.

"This wind down process was completed in the first quarter of 2023, and Metso Outotec has since discontinued business with Russia," the company said stressing that it has not taken new orders from Russia from February 2022.

To cover the costs of the wind down process, the company booked a non-recurring charge of 150 million euros in the second quarter of 2022, the company said.

The press service of the corporation also reported that the termination of existing contracts with Russian counterparties that did not fall under EU sanctions was initiated by the Finnish side.

Metso Outotec was formed in 2020 following the merger of the Minerals division of Metso and Outotec. It is engaged in the development of technologies for processing raw materials for enterprises in the mining and processing and metallurgical industries. Headquartered in Helsinki, Metso Outotec employs over 15,000 people in over 50 countries.