Deutsche Bank | In recent years, steel stocks have been affected by weak demand, import pressure and political headwinds, and although fiscal spending and interest rates could provide support, we remain cautious on demand. However, the European Commission’s (EC) plans to significantly strengthen trade protection point to a significant shift towards a more steel-friendly industrial policy. If these measures are implemented, even partially, steelmakers are likely to return to an…

Link Securities | Acerinox (ACX) presented its results for the first nine months of the year (9M2025) on Friday, from which we highlight the following aspects: ACX highlighted that 9M2025 has been marked by uncertainty, and after two consecutive years of significant contraction in apparent demand, the sector remains at low levels, with a much slower recovery than initially projected.ACX’s turnover was €4.473 billion in 9M2025, 9.4% higher than the…