The Spanish stainless steel producer Acerinox S.A. has announced that in the first quarter of 2011 its profit after tax amounted to €67.8 million, increasing by 6.7 times as compared to Q1 2010, and up 2.7 times as compared to the previous quarter, thanks to stronger stainless steel demand , particularly in consumer goods.
In the first quarter of this year, Acerinox' net sales came to €1.41 billion, increasing by 41.33 percent year on year.
In the given period, sales in Europe accounted for 40.3 percent of Acerinox' total sales, while 44.4 percent of total sales were made to the Americas. Acerinox supplied 9.1 percent of its total sales to Asia, 5.9 percent to Africa and 0.3 percent to Oceania.
In the first quarter of 2011, the company's hot rolled product output came to 502,300 metric tons, rising by 8.77 percent year on year and up 21 percent quarter on quarter, while its cold rolled product production totaled 346,300 mt, up 8.43 percent year on year and up 17.18 percent quarter on quarter.
Regarding the short-term outlook, Acerinox said that the recent slowdown of orders entry in Europe is leading to a reduction in inventories. However, with the anticipation of a demand improvement, the company expects similar results in the second quarter of this year.