Spanish stainless steel producer Acerinox S.A. has reported a net profit of €69 million for the first half of the current year, falling 50 percent from the corresponding period of 2018, while its net sales came to €2.44 billion, down by six percent year on year. Meanwhile, the company’s EBITDA in the second quarter fell 30 percent year on year to €186 million. The company said that the factors affecting the stainless steel market in the first half of the year included trade tensions, protectionist measures and the slowdown of global demand.
Acerinox stated that in Europe import pressure and macroeconomic uncertainties continue and visibility is reduced; on the other hand, in the Asian market the excess of supply persists and the company estimates prices will remain low. On the positive side, Acerinox said that it expects the strength of the American market, the company’s key market, to be maintained. However, raw material prices remain very volatile, contributing to difficulties to manage the business.
