Bankinter | Acerinox (ACX) resumes activity in Europe. The agreement for the new agreement allows the resumption of activity at the Algeciras Plant, after 137 days of strike.
Analysis: The agreement ends the strike that has continued for the last four months, during the negotiation of the Collective Bargaining Agreement. Stainless Steel losses in Europe amounted to €31 million in EBITDA in 1Q2024. The Group obtained an EBITDA of €111 million in 1Q 2024; of which 30% came from High Performance Alloys and 80M€ from stainless steel from other geographies mainly USA.
The third quarter should be favoured by the return to activity in Europe and the recent cessation of activity in Malaysia and it is also when the purchase of Haynes International is expected to close, which will increase its exposure to the American market and to the special alloys activity. We maintain our Buy recommendation.
