Spanish stainless steel producer Acerinox S.A. has reported a net profit of €56 million for the first nine months of the current year, decreasing by 58 percent compared to the same period of 2014, while its net sales came to €3.31 billion, rising 0.6 percent year on year. The company’s EBITDA in the same period decreased by 31 percent year on year to €245 million.
In the January-September period of this year, the company's hot rolled product output came to 1.55 million mt, down 1.9 percent year on year, while its cold rolled product production totaled 1.21 million mt, rising 3.2 percent compared to the same period of the previous year.
According to Acerinox, the results are a consequence of the drop in the price of nickel, which has forced the company to reduce the value of its inventory by €21 million. However, the drop in the price of nickel appears to have come to an end, while imports are falling, having affected Europe and the United States, the company’s main markets, in 2014 and 2015. In addition, inventory levels are steadying in Europe, America and Asia, leading to forecasts of a more stable market for the coming year.