Spanish steel maker Acerinox’s profit jumps on strong demand

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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)