MADRID, May 11 (Reuters) - Spanish steel maker Acerinox
said on Tuesday it expects profitability to rise again
in the second quarter as makers of cars and home appliances
"The good performance of industries related to consumer
goods and consuming stainless steel as well as the situation of
inventories, make us optimistic regarding the second quarter,"
Acerinox said in a statement.
Its order portfolio was up 80% from a year ago and up 40%
from the first quarter of 2019.
Its first-quarter net profit rose to 78 million euros ($95
million) from 28 million euros a year earlier, the company said.
Earnings before interest, taxes, depreciation and
amortisation (EBITDA) rose to 161 million euros from 85 million
and the company said it expects that to rise in the second
Those results topped the net profit of 64 million and EBITDA
of 143 million expected by analysts, Refinitiv Eikon data
Acerinox shares were down 2.3% in early trading in Madrid.
The industrial rebound from the contraction last year
triggered by the pandemic has boosted demand for raw materials
such as steel.
Acerinox's largest rival ArcelorMittal last week
reported a decade-high profit for the first quarter and said it
expected global demand for steel this year to grow by between
4.5% and 5.5%.
($1 = 0.8240 euros)
(Reporting by Inti Landauro; editing by Jason Neely)