Spanish stainless steel producer Acerinox S.A. has reported a net profit of €8.68 million for the first half of the current year, compared to a net profit of €63.92 million in the corresponding period of 2015, affected by a complicated market environment with a continuous decline in the prices of raw materials, while its net sales came to €1.9 billion, declining by 17.6 percent year on year due to the drop in prices in all markets.
In the first half, the company's hot rolled product output increased by 1.2 percent to 1.22 million mt, while its cold rolled product production totaled 846,140 mt, rising 2.5 percent, both compared to the same quarter of the previous year.
According to Acerinox, after the stabilization of nickel prices and completion of the process of inventory cutbacks, the results of the company have gradually returned to normal, despite not yet including any positive effects from the increase in the price of nickel. In addition, the company expects its results in the third quarter to continue to improve, despite the seasonal decline in demand in Western markets.