Spain’s Acerinox stainless steel output fell 11% year-on-year to 1.73 million tons in January-September
Spanish stainless steel manufacturer Acerinox S.A.U. has released its financial results for the third quarter and January-September of this year.
The company reported a net profit of 133 million euros in the third quarter of this year, down 61% from 343 million euros in the second quarter of 2022 and 22% from the same period in 2021, while its sales were 2.18 billion euros, a year-on-year increase of 28.0% and a month-on-month decrease of 14%. Despite higher energy prices, the company said EBITDA in the third quarter of this year was 241 million euros, down 18% year-on-year and 54% quarter-on-quarter.
Meanwhile, in the January-September period of this year, the company reported a net profit of 741 million euros, a 99% increase compared to the net profit of 373 million euros in the same period in 2021, while its sales revenue was 7 billion euros, an increase of 47% year-on-year. The company said EBITDA for the first nine months of the year was 1.19 billion euros, up 77 percent year-on-year.
In the third quarter, the company’s total steel production fell 22% year-on-year and 19% quarter-on-quarter to 502,366 tonnes. The company’s stainless production fell 23% year-on-year to 482,000 tonnes.
In addition, in January-September 2022, the company’s total steel production fell by 10% year-on-year to 1.79 million tons, and stainless steel production fell by 11% year-on-year to 1.73 million tons.
Acerinox chief executive Bernardo Velazquez said the outlook for the U.S. market, its main market, was positive, while the European market was dominated by uncertainty due to high energy prices.
The company estimates that its EBITDA will be lower in the fourth quarter, which it said will be impacted by lower inventory in the market, according to the statement. The first quarter of 2023 will improve when inventories are adjusted.