Spain headquartered stainless steel maker Acerinox Group has recognised profits after tax and non-controlling interests amounting to EUR 741 million in the first nine months of the year. Acerinox recognised revenue of EUR 6,996 million, giving rise to a 47% increase compared to the first nine months of 2021. Moreover, EBITDA, which totalled EUR 1,186 million, was 77% higher than that of the same period in 2021, and the EBITDA margin on sales increased to 17%. Melting shop production, 1,792,480 tonnes, decreased by 10% compared to the same period in 2021. Acerinox, while giving the outlook, said “Our main market, the United States, maintain a better tone than the rest of the markets. This is expected to continue in the coming months. The high levels of imports and inventories reached in the summer have led us to reduce production and sales in order to optimise margins. The outlook in our main market, the United States, is positive, while in Europe uncertainty prevails, due to the war and high energy prices. The fourth quarter will be affected by the inventory reduction in the market and the aforementioned circumstances, and we expect EBITDA to be lower than in the third quarter. Even so, the 2022 results will be the best in our history, thus demonstrating our capacity to take advantage of the good moments in the cycle and the level of competitiveness achieved. In the fourth quarter we expect a reduction in working capital, which would have a positive effect on cash generation and debt reduction.”
Spain headquartered stainless steel maker Acerinox Group has recognised profits after tax and non-controlling interests amounting to EUR 741 million in the first nine months of the year. Acerinox recognised revenue of EUR 6,996 million, giving rise to a 47% increase compared to the first nine months of 2021. Moreover, EBITDA, which totalled EUR 1,186 million, was 77% higher than that of the same period in 2021, and the EBITDA margin on sales increased to 17%. Melting shop production, 1,792,480 tonnes, decreased by 10% compared to the same period in 2021. Acerinox, while giving the outlook, said “Our main market, the United States, maintain a better tone than the rest of the markets. This is expected to continue in the coming months. The high levels of imports and inventories reached in the summer have led us to reduce production and sales in order to optimise margins. The outlook in our main market, the United States, is positive, while in Europe uncertainty prevails, due to the war and high energy prices. The fourth quarter will be affected by the inventory reduction in the market and the aforementioned circumstances, and we expect EBITDA to be lower than in the third quarter. Even so, the 2022 results will be the best in our history, thus demonstrating our capacity to take advantage of the good moments in the cycle and the level of competitiveness achieved. In the fourth quarter we expect a reduction in working capital, which would have a positive effect on cash generation and debt reduction.”
