Spain's Acerinox sees Q1 earnings jump almost five-fold on raw materials price boost

Spanish stainless steel producer Acerinox reported an almost five-fold rise in first quarter earnings, year-on-year, it said on Thursday April 27.

In a strong market, supported by high raw materials prices, Acerinox’s earnings before, interest, taxes, depreciation and amortisation (Ebitda) rose to €191.24 million ($298.65 million) for the January-March period, up from €40.99 million ($44.72 million) in the corresponding period in 2016.
“[Acerinox has] demonstrated its dynamism and flexibility by capitalising on the improvement in market conditions and the increase resulting from the rise in raw materials prices, [by] increasing production and improving margins and volumes," Acerinox said.

Acerinox’s Ebitda for the full year 2016 was €329.07 million ($359.02 million), up by 14.97% from €286.23 million ($312.28 million)...

Published

Viral Shah

April 27, 2017

15:37 GMT

London

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