Spanish stainless steel producer Acerinox S.A. has announced its financial results for the third quarter and the January-September period of this year.
The company has reported a net profit of €133 million for the third quarter of the current year, decreasing by 61 percent compared to a net profit of €343 million in the second quarter of 2021 and down 22 percent compared to the corresponding quarter of 2021, while its sales revenue came to €2.18 billion, rising by 28.0 percent year on year and lower by 14 percent quarter on quarter. Despite higher energy prices, the company said EBITDA in the third quarter this year amounted to €241 million, decreasing by 18 percent year on year and falling by 54 percent quarter on quarter.
Meanwhile in the January-September period of this year, the company reported a net profit of €741 million, up by 99 percent compared to a net profit of €373 million in the corresponding period of 2021, while its sales revenue came to €7.0 billion, rising by 47 percent year on year. The company said EBITDA in the first nine months of this year amounted to €1.19 billion, increasing by 77 percent year on year.
In the third quarter, the company’s total steel production decreased by 22 percent year on year and fell by 19 percent quarter on quarter to 502,366 mt. The company’s stainless steel production decreased by 23 percent year on year to 482,000 mt.
Also, in the first nine months of this year, the company’s total steel production decreased by 10 percent year on year to 1.79 million mt. The company’s stainless steel production declined by 11 percent year on year to 1.73 million mt.
Bernardo Velázquez, CEO of Acerinox, said that the outlook for their main market, the American market, is positive, while the European market is dominated by uncertainty due to the war in Ukraine and high energy prices.
According to the statement, the company estimates that its EBITDA will be lower in the fourth quarter. The company stated that the fourth quarter will be affected by inventory reduction in the market, though it expects the 2022 results to be the best in the company’s history. It also expects an improvement in the first quarter of 2023, when inventories have been adjusted.