2001 FIRST SEMESTER RESULTS

ACERINOX, S.A. has obtained record productions in the first half of the year 2001, with the following increases compared to the same period of last year: 7.8% in Melting Shop (514,716 Tn), 15.8% in Hot Rolling (383,748 Tn) and 3.7% in Cold Rolling (300,259 Tn). Similarly, deliveries of physical units have risen by 8.5% in one of the worst times of the stainless steel history.
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ACERINOX, S.A. has obtained record productions in the first half of the year 2001, with the following increases compared to the same period of last year: 7.8% in Melting Shop (514,716 Tn), 15.8% in Hot Rolling (383,748 Tn) and 3.7% in Cold Rolling (300,259 Tn). Similarly, deliveries of physical units have risen by 8.5% in one of the worst times of the stainless steel history.

In the second quarter the destocking process has ended in the commercial subsidiaries which have reached normal levels with similar costs as the replacement ones. Consequently, the sign of results has changed as particularly reflected in the month of June which coincides with a consolidation of the European market improvement.

The long products subsidiary, ROLDAN, S.A., and that of wire INOXFIL, S.A. have also raised their outputs and sales. Satisfactory results are obtained in both.

NAS has been unable to work at full capacity due to the extreme weakness of NorthAmerican market. Nonetheless, stocks have reached normal levels, a fact which also has occurred in the Service Centers of USA. Thus, a very positive reaction is expected during the last quarter of this year on the basis of even a slight improvement of NorthAmerican economy feeling, together with the start-up of Kentucky Melting Shop the assembly of which is in its final stage.

The results of June 30 of ACERINOX Group reflect said situation and even though they have sharply diminished in relation to the 1st quarter of year 2000, which was the best in last years (75.4%), those of second quarter already are better than those of first quarter of the year 2001 (+ 8.2%). Said trend is expected to rise next months.

The Book of Orders of ACERINOX, S.A. covers fully the production capacity of third quarter with an ongoing price improvement.

 

Madrid, 23 July 2001