Weak stainless prices dents Acerinox earnings

Apr 23, 2013 | 05:47 PM | Elfi Middelbeek

Tags  Acerinox, North American Stainless, stainless steel, nickel, earnings report, Elfi Middelbeek

LONDON — Acerinox SA, parent company of North American Stainless Inc. (NAS), saw a sharp drop in first-quarter earnings due to falling nickel and stainless steel base prices, the company said April 23.

The Madrid-based stainless producer posted net income of €15.31 million ($19.9 million) for the three months ended March 31, down 47.9 percent from €29.36 million in the same period last year. Sales fell 15.8 percent to €1.04 billion ($1.35 billion) from €1.23 billion in the same comparison due to fewer sales, lower stainless steel prices and nickel....

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