MADRID, Dec 19 (Reuters) - Spanish stainless steel maker Acerinox predicted a full-year loss and said it was cutting costs and delaying dividends as its battles a faltering global economy.
“Stainless steel market conditions are worse than expected,” the company said on Wednesday, adding it expected the fourth quarter to be similar to the third, when it lost 31 million euros ($41 million).
Oversupply and declining demand have hit stainless steelmakers this year, along with the falling price of nickel.
Acerinox, which produces around 10 percent of the world’s stainless steel, said it would replace interim dividends in January and April with a single final payment in July.
It did not specify how much it expected to pay out in dividends. Acerinox paid three interim dividends of 0.10 euros per share and a final dividend of 0.15 euros/share for 2011.
Acerinox also said it had approved a plan to save 60 million euros ($79 million) annually in 2013 and 2014.
$1 = 0.7568 euros Reporting by Clare Kane, Editing by Paul Day and Mark Potter