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Acerinox Earnings in 9 Months Dip by 49% YoY

Steel News - Published on Tue, 12 Nov 2019

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Spain based leading stainless steel manufacturer Acerinox SA announced that its turnover for the quarter totalled EUR 1.22 billion, representing a slight decrease of 2% in comparison with the second quarter, raising the net sales posted during the first nine months to EUR 3.661 billion, 5% lower than in 2018. After taxes and minority interests, net result was EUR 44 million in the third quarter, a figure 19% higher than that obtained during the previous quarter. Throughout the first nine months the figure totalled EUR 113 million, 49% less

Melting production, standing at 542,425 tonnes, decreased by 5% compared to the second quarter of 2019. The Group produced a total of 1.74 million tonnes between January and September, 10% less than in the first nine months of 2018.

Outlook “The decrease in industrial activity, together with overproduction by Asian countries, in particular China and Indonesia, have been putting market prices under great pressure. Under these circumstances, which include the usual year-end closing procedures in inventory controls, we predict that the markets are going to maintain behaviour similar to the current fiscal year, without any foreseeable signs of recovery for the time being. The Acerinox results for the fourth quarter will be aligned with those of the previous quarter, backed-up by business in the United States, although they may be subject to change depending on the results of the final negotiations on the labour force adjustment plan of the Campo de Gibraltar factory.”

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Posted By : Rabi Wangkhem on Tue, 12 Nov 2019
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