AT A GLANCE: Acerinox blames 'geopolitical tensions' for 2019 loss

A summary of stainless steel producer Acerinox’s financial results for October-December and the full year of 2019.

In brief The Spain-based company reported lower production as a result of reduced consumption, caused by the uncertainty and geopolitical tensions arising from the UK’s departure from the Europan Union as well as increasing protectionism globally. Reduced earnings were linked to a provision of €38 million ($41.6 million) for layoffs in Acerinox Europa. Demand in the European markets, particularly in Germany and Italy, decreased on the economic slowdown, despite the European Commission’s safeguard measures. The US market reported a 10% drop...

Published

Carrie Bone

February 28, 2020

19:55 GMT

London