Acerinox Group reports for the first nine months of year 2011 results after taxes and minorities of EUR 103 million, up by 5.4% YoY.

Result before taxes for the third quarter was EUR 5.5 million and result after taxes and minorities was EUR 1 million. This period has been heavily impacted by the sharp fall in the raw material prices and the consumption slow down due to the world financial uncertainty

The inventories have been adjusted to net realizable value for EUR 17 million.

The policy of working capital reduction has allowed us to reduce the debt in the third quarter by EUR 212 million. Moreover, also in the third quarter Acerinox has increased the credit lines by EUR 150 million. This allows us to face the financial uncertainty with confidence

The Phase I of investments in Bahru Stainless started up in November accordingly to the forecasted schedule and budget.

The forecasted market recovery has not occurred, and is not expected until the first quarter 2012.