Luxembourg-headquartered global stainless steel producer Aperam SA, which was spun off by ArcelorMittal and separately listed in 2011, has announced its financial results for the third quarter and the first nine months of the current year.
In the third quarter, Aperam reported a net profit of €24 million, increasing by 14.3 percent quarter on quarter and decreasing by 35.1 percent year on year, while the company’s sales revenues amounted to €841 million, up 2.8 percent quarter on quarter and down 13.5 percent compared to the same period of the previous year. Aperam’s EBITDA increased by 32.6 percent from the previous quarter and was down by 17.7 percent year on year to €65 million, driven by higher volumes, strict cost control and the company’s flexible multi-product business in Brazil. In the given quarter, Aperam’s steel shipments declined by 14.9 percent to 432,000 mt compared to the second quarter of this year. Volumes in both Europe and Brazil improved from their second quarter lows on the back of the economic recovery.
Meanwhile, in the first nine months of the current year, the company’s net profit decreased by 37.8 percent to €74 million, while its sales revenues amounted to €2.71 billion, down 16.3 percent, both compared to the first nine months of the previous year. In the first nine months this year, the company’s EBITDA declined by 27.8 percent year on year to €184 million. In the same period, Aperam’s steel shipments dropped by 9.4 percent year on year to 1.25 million mt.
Aperam CEO Timoteo Di Maulo stated that a challenging competitive environment continues due to the coronavirus-related slowdown and continued price pressure in Europe. Aperam said it expects an improvement in the fourth quarter, but some positive drivers may only prevail for the short term. Besides, the company expects its EBITDA in the fourth quarter to increase compared to the third quarter.