Acerinox closes the third quarter of 2015 with a result of -8 million euros after making inventory adjustments totalling 21 million euros

- Profits from January to September stand at 56 million euros. - Despite an increase in turnover, the return to normal of inventories in Europe, America and Asia and the prospects of global economic growth, the drop in the price of nickel requires an inventory adjustment with a net realizable value of 21 million euros.

In the third quarter of 2015 Acerinox achieved negative results totalling 8 million euros, placing the accumulated EBITDA between January and September at 245 million euros, which represents a decrease of 31% in comparison with the same period of the previous year.

The results are a consequence of the drop in the price of nickel (the basic raw material for the manufacture of stainless steel), which has forced the company to reduce the value of its inventory by 21 million euros.

Despite these adverse market conditions, Acerinox achieved a 1% increase in turnover during the first three quarters. Thus, while the Group had a turnover of 3,295 million euros in the same period of 2014, the figure stands at 3,316 million euros in 2015.

As for accumulated profits, after taxes and minority interests, they total 56 million euros between January and September 2015 a figure 58% lower than that for 2014.

It should be noted that the most important variables to have hit stainless steel consumption are improving and inventory levels are steadying in Europe, America and Asia (Acerinox has plants in the above three continents, as well as in Africa, and is present on the five continents), leading to forecasts of a more stable market for the coming year.

In addition to the above, the drop in the price of nickel appears to have come to an end, after undergoing excessive hardship, while imports are falling, having affected Europe and the United States, our main markets, in 2014 and 2015.