Acerinox recently celebrated its Capital Markets Day, in which it confirmed its strategy based geographical diversification of its plants (distributed over 4 continents), a policy of differential investment, the control of costs and strengthening its balance sheet, with a special stress on the generation of cash. Its exposure to the US, where the fundamentals remain solid, amounts to around 45% of its sales.

The metal industry is not performing well on the stock exchange in current year due to lower expectations about the US infrastructures investment plan and fears of contraction in China’s growth. Specifically, Acerinox has dropped around 14% in the last three months, while in the whole year lost near 5%. Analysts have been supporting the company with a recomendation of “hold” and buy”, but Citi has broken the tendency by downgrading to “sell” and cutting target price to €10.50 from previous €14.