Acerinox’s net profit falls in Q1

Monday, 27 April 2020 14:21:21 (GMT+3)   |   Istanbul

Spanish stainless steel producer Acerinox S.A. has reported a net profit of €28 million for the first quarter of the current year, decreasing by 14 percent compared to a net profit of €33 million in the corresponding quarter of 2019, while its net sales came to €1.16 billion, declining by the four percent from the first three months of the previous year. The company also said EBITDA in the first quarter this year fell by six percent, year-on-year and rose by 15 percent quarter on quarter, to €85 million.

In the first quarter, the company's crude steel production decreased by five percent year on year to 599,000 mt. In the given period, the company’s hot rolled product output decreased by three percent to 517,000 mt, while its cold rolled product production totaled 393,000 mt, down by seven percent, both compared to the same quarter of the previous year.

The company stated that the European Union has implemented antidumping provisional measures for hot rolled products from China, Indonesia, and Taiwan, and is carrying out an anti-subsidy investigation for the same materials from China and Indonesia. The company expects the European Union to extend the antidumping measures in force for cold rolled products from China and Taiwan.

According to Acerinox, the coronavirus outbreak is affecting market developments significantly in the current period, and so the second quarter of this year will reflect the coronavirus outbreak’s negative impact in the statement of its profit or loss. The company also expects to operate its facilities at 65 percent of its normal activity in the second quarter this year.

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