Madrid, Spain-based stainless steel producer Acerinox has posted its 2011 financial results. According to the figures provided, the sales revenue of the company for the year reached €4.67 billion, increasing by 3.8 percent year on year, although sales volumes did not show any increase. EBITDA in 2011 declined by 10.6 percent to €340.51 million, while net profit dipped by 39.9 percent to €73.72 million, both on year-on-year basis.
On the production side, last year Acerinox's output reached 2.02 million mt of crude steel, down 1.88 percent, 1.77 million mt of hot rolled products, down -0.21 percent, and 1.27 million mt of cold rolled products, down 1.58 percent, all on year-on-year basis. The group performed better in the first half of the year, but in the second half confidence levels in the global markets decreased and, consequently, the raw steel production of Acerinox also declined, down by 11.4 percent, with cold rolled production down 6.2 percent, both compared to the first half.
The group's 2012 forecast is generally positive for the first six months of 2012. In particular, its US-based subsidiary North American Stainless is set to operate at full capacity at least in the first three months of the year, while in Europe Acerinox already reports a slight increase in new orders due to restocking activities in the whole supply chain. Meanwhile, Acerinox is more cautious for the second half of the year.