Renta 4 | ACERINOX. Possible new production halt in Algeciras plant due to energy prices.
1-. Acerinox has informed workers’ representatives at its Algeciras plant that it will begin to implement the ERTE (Temporary Employment Regulation) agreed on in March from September 11, for a maximum period of 15 days. This move is the result of high energy prices.
2-. The aim is to cut production of steel lines, hot rolled and hot annealed.
Valuation:
1-. Negative news, but with a limited impact, as it will only affect determined lines in the plant, with normal cold rolling activity maintained. Whatsmore, we should recall that this measure was taken during H1’22 without any impact on the group’s results.
We reiterate our OVERWEIGHT stance and Target Price of 19,7 euros/share.
