stainless steel producer Acerinox SA saw its earnings surge in
the third quarter compared with a year earlier, the company
said Oct. 31.
interest, taxes, depreciation and amortization (Ebitda) totaled
37.6 million ($51.7 million), up from 8.7 million
in the corresponding period a year earlier.
consumption and slight increases in prices make us cautiously
optimistic," the company said, with signs of growth not only in
Europe but in Asian and North American markets.
of flat products grew 1.1 percent year on year, Acerinox said,
mainly due to capital goods exports.
alongside lower inventory levels allowed for price increases on
stainless steel flat products, it added.
Acerinox also cited
the success of its company-wide improvement plan as a reason
for improved earnings.
Acerinox last year
said it planned to save about 60 million per year in 2013
and 2014 through its Excellence Plan III. The financial
statement shows that it was able to save 36 million in
the first nine months of the plans execution.
Group-wide melt shop
production fell 2.4 percent in the third quarter, however, to
509,800 tonnes from 522,200 tonnes. Acerinox said this was due
to planned maintenance outages and new equipment
Net sales dropped to
967 million ($1.33 billion) in the third quarter from
1.09 billion in the same 2012 period.
A version of this
article was first published in AMM sister publication Steel