Spanish stainless steel producer Acerinox S.A. has reported a net profit of €31 million for the first quarter this year, increasing 24 percent compared to the corresponding quarter of 2014, while its net sales came to €1.14 billion, rising 12 percent year on year, indicating a nine percent growth in sales volume for the given period.
According to Acerinox, the stainless steel market continues digesting the inventory excesses of distributors, which, coupled with the fall in the price of nickel, have slowed apparent consumption. The company estimates a six percent decrease in apparent stainless steel consumption in Europe for the first quarter, compared to a sharp increase in the same quarter of 2014.
In the first quarter, the company's hot rolled product output came to 524,300 mt, down 3.3 percent year on year, while its cold rolled product production totaled 395,100 mt, rising 2.7 percent compared to the first quarter of the previous year.
Acerinox sees improved net profit in January-March
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