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Spanish steel maker Acerinox’s profit jumps on strong demand -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Acerinox logo, a Spanish manufacturer of stainless steel, is shown during “Tube Fair”, Duesseldorf (Germany), April 7, 2016. REUTERS/Wolfgang Rattay

MADRID, Reuters – Spanish stainless steel producer Acerinox announced Wednesday that its net profit grew 12-fold over the past nine months due to strong demand outweighing cost inflation.

Acerinox reported that its net profit increased to 373million euros ($432million) from 31 million in the previous year. Total revenues increased by 38%, to 4.77 billion euro.

It stated that it had achieved its highest annual performance in 51-years and its order book indicates it expected fourth quarter profitability even greater than the third quarter.

The report stated that positive factors such as increased global demand for stainless and other alloys, and higher prices had outweighed cost increases, especially for European energy.

($1 = 0.8633 euros)

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