Spanish stainless steel producer Acerinox S.A. has reported a net profit of €80 million for the second quarter of the current year, rising 51.7 percent from the corresponding quarter of 2017, while its net sales came to €1.33 billion, increasing by 12 percent year on year. Meanwhile, the company’s EBITDA in the second quarter rose by 20 percent year on year to €151 million.
Acerinox stated that the American market continues to have a positive outlook for the third quarter, despite the expected negative impact on alloy surcharges due to the fall in prices of chrome and nickel. In Europe, imports remain high and are exerting downward pressure on base prices. The company hopes that the protective measures announced by the European Union will have a positive effect in the second half of the year. Meanwhile, inventories in Asia keep at normal levels and Acerinox hopes that this situation will allow price increases in the region and also lead to improve prices in global markets.
According to the company’s statement, despite the uncertainties generated by trade wars, Acerinox is optimistic for future movements in demand. This situation, together with good levels in the European market, allows it to expect a good third quarter, in line with the second quarter; and cumulative figures for the year would be above the same period of last year.