Stainless steel group Aperam expects a slight quarter-on-quarter improvement in earnings in the first three months of 2018, with higher sales volumes likely to be partially offset by a weaker European ferro-chrome benchmark.
It expects earnings before interest, taxes, depreciation and amortization (Ebitda) for the January-March period to be slightly better than the $154 million in October-December 2017."In the first quarter of 2017, the European ferro-chrome benchmark shot up to $1.65 per lb, but this quarter it will be $1.18 per lb, which is why the expected Ebitda increase will be slight," Aperam chief financial officer Sandeep Jalan said in a conference call on January 30.Around 17% of Aperam's inventories consist of ferro-chrome so it has a greater presence than nickel, Jalan said, adding that "it is premature...