Acerinox Profits Fall 61 Percent

Reuters reported Acerinox (MCE:ACX) on Wednesday reported a 61 percent fall in first-half net profit, hit by weak nickel prices and sluggish demand in Europe.

As quoted in the market news:

Acerinox, which produces around 10 percent of the world’s stainless steel, said net profit for the six months to end-June was 40.2 million euros ($48.6 million) just below a 43.7 million forecast in a Reuters poll.

The metal producer said it hoped for a quick pick-up in demand once there was more clarity on economic growth, given that stock levels worldwide were at record lows.

Click here to read the full Reuters report.