Luxembourg-headquartered global stainless steel producer Aperam SA, which was spun off by ArcelorMittal and separately listed in 2011, has announced its financial results for the second quarter and the first half of 2014.
In the second quarter, Aperam registered a net profit of $36 million compared to a net loss of $11 million in the same quarter of 2013. In the given quarter, the company's sales amounted to $1.44 billion, increasing six percent year on year, while steel shipments improved by 16,000 mt to 466,000 mt compared to the second quarter of the previous year. Aperam's EBITDA increased to $164 million from $81 million in the same period of the previous year.
During the first six months of the current year, Aperam recorded a net profit of $55 million compared to a net loss of $39 million in the first half of 2013. In the given period, the company's sales amounted to $2.84 billion, increasing by eight percent year on year, while steel shipments improved by one percent to 941,000 mt compared to the first half of the previous year. Aperam's EBITDA increased to $293 million from $146 million in the same period of 2013.
"We are pleased to have once again improved our profitability and strengthened our balance sheet in the second quarter. Looking ahead, the improvement of the stainless steel market is underway but we remain cautious in view of the current economic environment and in particular uncertainties regarding the nickel price evolution and pressure from imports," commented Philippe Darmayan, CEO of Aperam.