April 24, 2020 / 7:09 AM / a month ago

Acerinox to operate at 65% of capacity in Q2 due to coronavirus disruptions

MADRID, April 24 (Reuters) - Spanish steel maker Acerinox said on Friday it expects to operate at 65% of its capacity during the second quarter due to market disruptions caused by the coronavirus pandemic.

“The COVID-19 pandemic is significantly affecting the development of markets during the second quarter,” the company said on Friday, after reporting its first quarter net profit fell to 28 million euros from 33 million euros a year earlier.

Acerinox said that given the uncertainty over when global economic activity will fully resume, it could only give a short-term forecast for its outlook.

The steelmaker’s first quarter didn’t include activity from recently acquired VDM, it said. (Reporting by Inti Landauro; Editing by Susan Fenton)

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