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 first quarter of 2014.
In the first quarter, Aperam registered a net profit of $19 million, compared to a net loss of $28 million in the same quarter of 2013. In the given quarter this year, the company's sales amounted to $1.4 billion, up 9.8 percent, while steel shipments improved by 18.4 percent to 475,000 mt, both year on year. Aperam's EBITDA almost doubled to $129 million compared to the first quarter of 2013.
"Looking forward, despite the current recovery of real stainless steel demand, we remain cautious given the uncertainties regarding the evolution of the nickel price and the apparent demand for 2014. However, we are confident we will be able to increase our profitability in the second quarter," commented Philippe Darmayan, CEO of Aperam.