Acerinox obtains a profit after taxes of 133.8 million euros in the first nine months of the year

- Profit after tax and minority interests for the third quarter amounted to 57.7 million euros, while in those three months of 2013 was EUR -8.8 million.

- The EBITDA through September, 352.9 million euros is 125% higher that of the same period in 2013.

- The CDP organization recognized Acerinox as the world leader in reducing CO2 emissions

 

In the third quarter of 2014 Acerinox made a profit after taxes and minorities interests of 57.7 million euros compared with a 8.8 million euros loss in the same period last year. In addition, the quarterly EBITDA of 139.9 million euros represents an improvement of 272 compared to last third quarter (37.6 million euros).

With these results, Acerinox obtained in the first nine months of the year a profit after taxes and minorities interests of 133.8 million euros (199 million before taxes). EBITDA generated during that period, is 352.9 million euros, compare to the 156.6 of the same period of 2013. Moreover, the group's production increased by 8% over the same period last year.

Acerinox net sales from January to September accounted for a total of 3,295.3 million, representing an increase of 8.5% over the same period last year. This increase was mostly due to higher sales in physical units (+ 10%), despite lower average prices.

Improvements in the Excellence Plan and cost reductions have led to increased Group´s margins over sales. EBITDA margin has risen from 5% in the first nine months of 2013 to 11% in 2014.

 

Leaders in reducing CO2 emissions

Acerinox has been awarded by the global Carbon Disclosure Project (CDP) and included in Schedule A of the leading companies in the fight against climate change (English The A List: The CDP Climate Performance Leadership Index 2014), for the implementation of activities for reducing the emissions and minimizing the risks of the organization in relation to climate change.

The CDP received data from nearly 2,000 companies worldwide which are independently evaluated following a methodology of public score. Acerinox is one out of 187 companies that have been included within the score band A (highest score) for its performance in the fight against climate change.

Acerinox leads the category "Materials". CDP valued investments that improve both the processes and efficiency, which in 2013 have achieved a 15% reduction in the emission intensity of GHG gases. Acerinox is the only company in the world steel industry under the category "Materials" Index "CDP Climate Performance Leadership Index 2014".

Anti-dumping measures against imports from China and Taiwan

On 26 June the European Commission agreed to hear an application for an anti-dumping proceding against imports of flat-rolled products of stainless steel cold from China and Taiwan. The process is ongoing and currently the information received from the different European producers is under analisys.

Following the announcement of the anti-dumping case, and before any corrective measures are imposed in 2015, there has been a significant increase in imports from Taiwan and China. We hope that provisional measures will be dictated to curb this effect, as it puts at risk the benefits capacity reductions made by European producers.

Appointment of Independent Director and changes in the Management of Acerinox

The Board of Acerinox, S.A. has appointed Mr. Donald Johnston as independent Director. He replaces Mr. Clemente Cebrián, who resigned last July after seven years of service, until the shareholder who nominated him, sold its stake.

Donald Johnston (1955), with both American and British nationalities, has a Degree in Economics from the University of Washington J. Hopkins. Throughout his long career he has been subsequently President of the M&A Group of Deutsche Bank, Director of Bankers Trust International and a member of its Global Executive Committee. He also worked as Managing Director at the offices of New York and London of Salomon Brothers. Mr. Johnston brings 30 years of investment banking experience in the United States and Europe.

Following the proposal of the Appointments and Remunerations Committee, the Board of Directors of Acerinox has approved the following changes in the Management of the company:

- Lucien Matthews (South Africa, 1955) has been appointed CEO of Columbus Stainless. He replaces Dave Martin, whose retirement is scheduled for the month of March 2015. Lucien Matthews has been working up to now as CEO of Bahru Stainless. Engineer by training over 24 years of experience in Columbus, he developed the functions of Head of Technical Department, Commercial Director and Factory Manager, among others.

- Oswald Wolfe (Madrid, 1960) has been appointed CEO of Bahru Stainless. Oswald Wolfe holds a Degree in Law and a Certificate in Business Administration from the Universidad Pontificia Comillas-ICADE, and up to now, he held the position of Commercial Director of Acerinox, S.A. and member of the Steering Committee. His experience in the Group since 1984 in various positions includes Sales Manager in Spain, Belgium and the United States.

- Daniel Azpitarte (Madrid, 1969) has been appointed Commercial Director of Acerinox, and will become a member of the Steering Committee. Daniel Azpitarte is a Mining Engineer from the Polytechnic University of Madrid and since 1996 has held various positions in the sales Department in Spain, Switzerland and Germany. Up to now, he held the position of Corporate Planning Director.