[Ferro-Alloys.com]It is reported that Acerinox’s net profit slumped by 92.6% in the first 9 months this year to reach €8.68 million.

In the third quarter of this year, the firm posted a net loss of €31.8 million, far away from analysts’ forecasts of a net profit of €26 million.

Acerinox stated that the stainless steel market situation in the third of this year was characterized by typical weak demand of the period and lower alloy surcharges each month due to weak nickel prices.

However, Acerinox believed a recovery in the steel market will come soon.

The company said the slight improvement of demand in September made hem to believe that the worst time is just past. The lowest level was marked in August and the recovery will continue throughout the first quarter of 2013.