Acerinox

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…

World economy 30th May 2024

Acerinox ceases activity at Malaysian factory and changes model in Cadiz as prices unsustainable due to Chinese overproduction

Intermoney | The company informed the National Securities Market Commission (CNMV) yesterday, with the market closed, the cessation of activity in the factory of Bahru Stainless (Malaysia) and the change in the operation model in the factory of Acerinox Europe, located in Cadiz. Regarding the Malaysian factory, Acerinox has already informed its Asian customers about the cessation and has assured that the supply to these customers will be made, from…

European economy 20th May 2024

UK Competition Authority to conduct formal investigation into Acerinox’s acquisition of Haynes International

Morgan Stanley | Haynes International has indicated that the UK Competition and Markets Authority (CMA) will conduct a formal investigation into the transaction. Haynes remains optimistic that the pending reviews will be resolved positively and that the necessary approvals will be obtained. In fact, the company expects the transaction to close by the end of the year (as opposed to the previous Q3 expectation). Acerinox, for its part, has not…

In Europe 6th May 2024

Austrian Competition Authority to seek Cartel Court approval of Acerinox’s purchase of Haynes

The Austrian Competition Authority (Bundeswettbewerbsbehörde) has informed the company that it intends to send its merger agreement with Haynes to the Cartel Court, as Phase II of the approval process. The company has stated that while it is disappointed by this decision given Austria’s small share of the business, it intends to actively engage with the institutions and remains optimistic that the final outcome will be positive. In any case,…

Spanish economy 26th April 2024

Acerinox’s profit falls 61% in 1Q24 to €53 M, but debt reduced by almost 100 M€ since end 2023

Bankinter: The main figures compared to the company’s own consensus for 1Q24 are: Revenues €1,481M (down 16.9% year-on-year; down 3.1% year-on-year) against €1,516M estimated; EBITDA €111M (down 50.9% year-on-year; up 15.6% quarter-on-quarter) fully in line with €111M estimate, giving an EBITDA margin of 7.5% for the group (7.2% in Stainless Steel and up 8.2% in High Performance Alloys). EBITDA of €53M (against €136M in 3Q 2022) against +€45M estimated. Net…

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