UK markets closed
  • NIKKEI 225

    27,772.93
    +305.70 (+1.11%)
     
  • HANG SENG

    24,952.35
    +824.50 (+3.42%)
     
  • CRUDE OIL

    86.29
    -0.67 (-0.77%)
     
  • GOLD FUTURES

    1,839.10
    -4.10 (-0.22%)
     
  • DOW

    34,752.97
    -275.68 (-0.79%)
     
  • BTC-GBP

    31,414.55
    +595.87 (+1.93%)
     
  • CMC Crypto 200

    1,013.06
    +17.80 (+1.79%)
     
  • ^IXIC

    14,161.80
    -178.46 (-1.24%)
     
  • ^FTAS

    4,274.52
    +0.73 (+0.02%)
     

Spanish steel maker Acerinox's profit jumps on strong demand

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
The logo of stainless steel manufacturer Acerinox of Spain is pictured in Duesseldorf
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

MADRID (Reuters) - Spanish stainless steel maker Acerinox said on Wednesday its net profit jumped 12-fold in the first nine months of the year as strong demand more than offset cost inflation.

Acerinox said its net profit rose to 373 million euros ($432 million) from 31 million euros in the same period a year ago. Overall revenues rose 38% to 4.77 billion euros.

The company added it was on course for its best annual results in its 51-year history and, given its order books, it expects fourth quarter profitability to be even higher than in the third quarter.

It said positive factors, such as rising global demand for stainless steel and special alloys and higher prices, had more than offset cost increases, most notably for energy in Europe.

($1 = 0.8633 euros)

(Reporting by Inti Landauro; Editing by Mark Potter)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting