Acerinox

Companies 13th October 2025

Acerinox’s poor results in Europe, plus uncertainties in VDM’s specialised business, to continue until Q4 2025

Deutsche Bank | A stable third quarter is expected, but HPA headwinds continue to weigh on results; target price: €14 against last close of €11.84, buy recommendation. Acerinox is set to publish its third-quarter results, and we expect stable figures in line with forecasts. However, poor results in Europe, as well as uncertainties in VDM’s specialised business, will continue into the fourth quarter. Although prices in the US have risen…

Companies 8th October 2025

EC announces proposal to revise steel import quotas

Bankinter | The European Commission (EC) announces a proposal to revise steel import quotas in Europe. It reduces current quotas by 50% and raises the tariff to 50% (from 25%) above a certain quota (18.3Mtn). The aim is to protect the European steel industry in a context of global overcapacity. The EU seeks to prevent cheap steel from countries such as China and India from being diverted to Europe following…

Spanish economy 2nd June 2025

Tariffs on steel and aluminium up from 25% to 50%: negative for ArcelorMittal, positive for Acerinox

Bankinter | US President D. Trump announced that he will raise tariffs on all steel and aluminium imports from all countries from 25% to 50% as of Wednesday 4 June. The 25% tariff was set on 12 March. Analysis team’s view: This increase comes days after a US International Trade Tribunal called into question reciprocal tariffs, but not sectoral tariffs. This new sectoral tariff increase complicates ongoing negotiations with many…

World economy 12th May 2025

US tariff uncertainty causes Acerinox’s profit to drop to €10 million in Q1 2025 from €53 million in Q1 2024

Renta 4 | Negative. Acerinox has published its results for Q1 2025, which reflect the slowdown in demand caused by uncertainty generated by tariffs in the United States, a circumstance that has caused Q1 2025 figures to be slightly below our estimates and those of the market consensus (Q1 2025 EBITDA €102 million, compared to Renta 4’s estimate of €111 million, and €109 million, consensus). Neutral/slightly negative impact on the…

In Spain, Relevant News Item 25th November 2024

Acerinox completes purchase of 100% of US company Haynes International for $798.73 million

Link Securities | Having fulfilled the last of the conditions attached to the transaction yesterday Acerinox, through its wholly owned US subsidiary North American Stainless (NAS), has completed the acquisition of 100% of the shares of the US company Haynes International Inc. for a total cash consideration of $798,735,508. The acquisition agreement was signed on February 4th of this year, subsequently the operation was approved by the General Shareholders’ Meeting…

In Europe 19th November 2024

Acerinox receives final Austrian antitrust approval for Haynes acquisition, completing all necessary clearances

Morgan Stanley | Acerinox confirmed on Friday that Austrian authorities have issued an antitrust clearance for the Haynes acquisition, reinforcing the possibility that the deal will close in 4Q24. While the deal will generate revenues immediately, given the planned $200m investment in Haynes (plus acquisition costs), it will not have a significant impact on FCF until 2028. While this should likely delay the prospect of excess shareholder returns, Ioannis Masvoulas…

In the World 11th October 2024

Acerinox sells Bahru Stainless plant for $95m; will reduce debt by €191m to €96m in 2Q24

Intermoney | Acerinox (ACX) communicated on Thursday to the National Securities Market Commission (CNMV), with the market closed, that they had reached an agreement with Worldwide Stainless for the transfer of its Bahru plant (Malaysia) for $95m. The final closure is expected to take place at the end of November 24. Acerinox had ceased operations at the Bahru plant on 29 May 2024, due to accumulating losses of €527m since…

Companies, Ibex 27th August 2024

Arcelor and Acerinox: attractive valuations versus historical averages

Morgan Stanley | STEEL Alain Gabriel publishes today a recap presentation with the main figures and trends in European steel. His main OWs remain Arcelor and voestalpine (the latter he upgraded to OW last week) and Acerinox and Outokumpu in stainless steel. STEEL Arcelor- trades at a steep discount to its cyclical low multiple with normalised earnings and offers an interesting risk-return 12 months ahead. The new ebitda calculation perimeter,…

Relevant News Item 28th July 2024

Acerinox’s net profit reaches €114m, 59% lower than in 1H2023

Link Securities | Acerinox (ACX) presented on Thursday its results for the first half of the year (1H2024), of which we highlight the following aspects: The 1H2024 results have been affected by the strike at the Acerinox Europe plant from 5 February to 21 June. Thus, ACX’s 1H2024 turnover reached €2,781 million, 21.0% lower than in the same half of the previous year.Also, ACX’s EBITDA ended June at €236 million,…

Spanish economy 25th June 2024

Activity resumes at Acerinox Algeciras plant after 137-day strike

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…

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