[Ferro-Alloys.com]Spain-based Acerinox said that the global stainless steel market touched the lowest point in August and it believed that the recovery would continue into the first quarter of 2013.

Acerinox posted losses of €31 million for the third quarter of this year, due to global poor demand and pressures on cheap imports from Asia into Europe.

However, the firm’s production of crude steel and cold rolled steel products increased by 12.1% and 14.5% year on year respectively in the third quarter.

In the given period of time, the firm’s capacity utilization rate was at 79%, lower than that in the first two quarters of this year.

Meanwhile, the firm posted profits of €8.6 million for the first nine months of this year, declining substantially from €102.7 million in the same period of 2011.