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Acerinox obtains profits totalling EUR 33 million in Q1

Steel News - Published on Wed, 15 May 2019

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Acerinox obtained profits totalling 33 million euros in the first quarter of 2019 after taxes and minority interests, a figure which represents an increase of 103% compared with the fourth quarter of 2018 and a fall of 44% in relation to the first quarter of 2018. The EBITDA for the first quarter totalled 90 million euros, a figure 56% higher than that of the fourth quarter of 2018 and 24% lower than that of the first quarter of the previous year. The Group’s turnover (1,202 million euros) rose by 6% with respect to the previous quarter and fell by four percentage points in comparison with the same period of 2018.

Between January and March the Group’s steelwork production increased by 22% compared with the last three months of 2018, totalling 627,920 tonnes, 6% less than in the same quarter of the previous year.

Acerinox achieved these profits in a highly competitive and complex market environment. The definitive safeguard measures approved on 1 February in the EU corrected many the errors of the preliminary measures, imposing annual quotas on countries accounting for more than 5% of imports. Tariffs of 25% will be imposed once this amount is exceeded. This decision will boost the activity of our plant in Europe and South Africa.

The USA continues to be the market displaying the best performance as a result of the strength of its economy and the customs duties, which are having a positive effect on domestic producers.

Chief Executive Officer Mr Bernardo Velázquez explained that “stocks in Europe and the United States are at reasonable levels, according to the information available, and we expect imports to remain under control in both regions, although the market conditions continue to be very competitive.”

As for Rafael Miranda, Chairman of Acerinox, he declared that “we expect the positive trend of results to continue in the second quarter”.

A dividend of 0.30 euros will be paid on 5 June and a second payment of 0.20 euros will be made on 5 July, charged to the Share Premium

Source :

Posted By : Rabi Wangkhem on Wed, 15 May 2019
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