Acerinox

Acerinox SA Period End 31 December 2008

Acerinox Annual Report 2008

Inappropriate reclassification of a financial asset
Spanish stainless steel producer Acerinox inappropriately regards strategic alliances as rare circumstances to reclassify an investment between IFRS categories, avoiding recognition of a €9.8 million loss that would have increased pre-tax loss by 57.6%.