Acerinox summed up the first half of the year
One of the largest operators of the market of stainless metal - the Spanish manufacturer Acerinox - summed up the financial results for the first half of 2012. As the corporation reports, the company's net profit for the six months amounted to 40.2 million euros, which is 61% less than the same period last year. At the same time, the EBITDA of the company (profit before taxes and production costs) for the period January-June deteriorated less radically: this figure fell only 36% (to € 166 million).
Representatives of Acerinox consider the fall of nickel prices as the culprits for the current situation (from the beginning of February its quotes on stock exchanges have "slid" by 25%) and sluggish demand for stainless steel among European consumers, due to expectations of a more loyal price policy from producers and the consequences of the widespread economic downturn. Nevertheless, representatives of the Italian metallurgical business are in no hurry to sign under pessimistic forecasts for the whole 2012. In their opinion, now the world market of stainless steel is characterized by a record low level of stock. So, according to Acerinox, the situation with buying activity in the sector can radically change even in the shortest possible time.