The high performance alloys sector continues to see strong demand, especially in the chemical, petrochemical and aerospace industries, the Spanish firm said.
The company expects good results in the third quarter, albeit lower than in the second quarter.
Acerinox's consolidated revenues decreased 2% y-o-y to €1.74 billion ($1.93 billion) in Q2, but Ebitda and net profit increased 4% to €236 million and €142 million, respectively.
Melt shop production decreased 9% to 486,000 tonnes.
Bernardo Velázquez, CEO of Acerinox, said: "In the stainless steel sector, the Group strategically benefits from its geographical diversification, enabling optimal operations according to market conditions. The American market in particular has performed favourably, underlining its importance as our main market," says Bernardo Velázquez, CEO of Acerinox.
In the first half of 2023, consolidated revenue decreased by 27 per cent y-o-y to €3.5 billion, while Ebitda and net profit decreased by 51 per cent and 54 per cent to €462 million and €278 million, respectively. Smelter production decreased by 21% to 1.02 million tonnes.
All plants in the Stainless Steel division were affected by a period of reduced market inventories and lower apparent demand. In addition, the Spanish plant faced challenges due to high energy costs, while the South African plant compensated for the market weakness by continuing its diversification programme, producing both stainless and carbon steel.
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