Madrid, Spain-based stainless steel producer Acerinox has posted its financial results for the third quarter and the first nine months of the current year.
According to the figures provided, Acerinox has posted a net profit of €8.68 million in January-September, down 92 percent year on year, affected by weak global demand. In the given period, the net sales of the company for the year totaled €3.51 billion, decreasing by 2.9 percent year on year. The company cited the continued drop in nickel prices and the consequent decrease in alloy surcharges as the reason for the decrease in sales.
In the third quarter, Acerinox reported a net loss of €31.48 million compared to a net profit of €960,000 in the same quarter of 2011. The net sales of the company increased by 3.54 percent to €1.09 billion, compared to the corresponding quarter of the previous year.
Acerinox's steel production for the first nine months, amounting to 1,699,863 mt, was up 12.1 percent compared to the first nine months of the previous year, thanks to good inventory management. The company's cold rolling production was 1,087,095 mt in the given period, up by 14.5 percent year on year. In the third quarter, the company's steel production increased to 522,500 mt, rising by15.6 percent compared to the corresponding quarter of 2011.
The slight improvement in demand experienced since September, the stabilization of the alloy surcharges as a result of increases in nickel prices and the price increase announcements indicate that the recovery will continue throughout the first quarter of 2013.