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Spain’s Acerinox reports core profit jump on tax reform

Spain’s Acerinox reports core profit jump on tax reform

MADRID: Spanish stainless steel maker Acerinox reported on Wednesday a 49 percent jump in annual core profit driven by benefits from the U.S. tax reform and a recovery in prices during the final quarter.

Earnings before interest, taxes, depreciation and amortization (EBITDA) for 2017 rose to 489 million euros ($596.68 million). Net sales increased 16.6 percent to 4.63 billion euros.

Madrid-based Acerinox, which gets 60 percent of its core profit from the United States, said that 2018 started “satisfactorily” with an increase in base prices seen in the North American market.