Acerinox Has Announced Its Financial Results for 2012

Madrid, Spain-based stainless steel producer Acerinox has announced its financial results for 2012, posting a net loss of €18.33 million, compared to a net profit of €73.73 million in the previous year. In 2012, the company's sales revenues amounted to €4.55 billion, decreasing by 2.5 percent year on year. However, the sales volume increased by 9.7 percent compared to 2011 due to the downward trend of nickel prices throughout the year and the depressed base prices especially in Europe.

In 2012, Acerinox achieved its best production performance since 2007. The company's steel production for the full year 2012, amounting to 2.2 million mt, was up 8.3 percent year on year. Acerinox's cold rolling production was 1.4 million mt in the given period, up 11.6 percent, while its hot rolling production increased by 7.6 percent to 1.9 million mt, both year on year. For the first time Acerinox's Malaysian subsidiary Bahru Stainless contributed to the cold rolled output of the group, registering cold rolled production of 56,482 mt.

According to Acerinox, the slight improvement in prices and activity allowed the company to be profitable in January, and this profitability is expected to be maintained during the first quarter. The company added that the ongoing uncertainty in the macroeconomic picture does not allow longer-term projections.