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UPDATE 1-Acerinox posts 9-mths net loss, Q3 profit

Published 10/28/2009, 01:57 PM
Updated 10/28/2009, 02:03 PM
ACX
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* 9-months net loss 235.6 million euros vs f'cast 235 mln

* Q3 profit 19.4 million euros

* Sees 6-10 percent demand growth in 2010

(Adds detail, background)

MADRID, Oct 28 (Reuters) - Spanish stainless steel maker Acerinox on Wednesday posted a nine-month net loss of 235.6 million euros ($349.5 million), in line with forecasts, but said it turned a profit in the third quarter.

A Reuters survey of six analysts had predicted Acerinox would record a loss of 235 million euros in January through September, compared with a profit of 125.4 million in the first nine months of 2008.

Acerinox added in a statement it made a net profit of 19.4 million euros in the third quarter due to cost-cutting and an improvement in the stainless steel market, though it said the latter still awaited a firmer growth environment.

Acerinox said it expected the uptick in stainless steel demand seen in the third quarter of 2009 to slow by the end of the year and to grow about 6 to 10 percent in 2010.

It said steel prices should improve in the first quarter of 2010.

The company's steel production for the first nine months of 2009, like profits, was also down from the same period of 2008, by 21.3 percent to 1.385 million tonnes.

Third-quarter output had, however, improved by 40 percent from the previous three months to 610,900 tonnes.

Acerinox shares closed at 13.89 euros on Wednesday, down 2.3 percent on the day, before the results statement. The stock has traded between a year low of 8.00 euros on March 5 and a high of 15.55 on Sept. 11. (Reporting by Jonathan Gleave and Martin Roberts; Editing by David Holmes) ($1=.6740 Euro)

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