Madrid, Spain-based stainless steel producer Acerinox has announced its forecast for a loss in the fourth quarter, pointing out that the market conditions for stainless steel are worse than expected. The company expects to see results similar to the third quarter, when it registered a net loss of €31 million.
Acerinox also stated that it has approved a plan to save €60 million annually in 2013 and 2014.
The company's shares have declined by almost 4.5 percent following the news of the fourth quarter forecasts.