Spanish stainless steel producer Acerinox S.A. has announced its financial results for the third quarter and the first nine months of this year.
In the third quarter, the company reported a net profit of €70 million, decreasing by 51 percent compared to the same quarter of last year, while its sales revenue amounted to €1.55 billion, down by 10.9 percent compared to the previous quarter and by 28 percent year on year. In addition, the company’s EBITDA was €146 million, moving down by 40 percent compared to the same period of 2022.
Meanwhile, in the first nine months of this year the company reported a net profit of €348 million, down by 53 percent year on year due to challenging market conditions, while its sales revenue came to €5.08 billion, declining by 27 percent year on year. In the given period, EBITDA amounted to €607 million, down 49 percent from the same period of last year.
According to the company's statement, geopolitical challenges and macroeconomic circumstances continue to have a significant impact on real demand and the company does not expect a recovery during the fourth quarter. For the fourth quarter, Acerinox expects a slightly lower EBITDA than in the third quarter, while EBITDA for the whole year will be the fourth-best in the group’s history.