"The change in our customers' expectations has caused inventories to be high in most markets," said Chief Executive Officer Bernardo Velazquez, adding that the markets were starting a regularisation process that Acerinox expected to end by the beginning of 2023.

Acerinox posted nine-month earnings before interest, taxes, amortisation and depreciation (EBITDA) of 1.19 billion euros compared with 671 million euros for the same period last year.

Steel production in the third quarter, at 502,366 tonnes, was 22% lower year-on-year and 19% lower than in the previous quarter.

The company said it would propose a dividend increase to 0.60 euros gross per share from 0.50 euros per share at next year's annual shareholders' meeting.

(Reporting by David Latona; Editing by Robert Birsel)