FILE PHOTO: The logo of Spanish stainless steel manufacturer Acerinox is pictured during the “Tube Fair” in Duesseldorf, Germany, April 7, 2016. REUTERS/Wolfgang Rattay
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)