Acerinox reduces production capacity

According to the company's press release, the plant in Spain will now operate in three shifts instead of five. The main reasons for this decision are the unfavourable market conditions in recent years, financial performance and the need to implement a new organisation and production model at the plant.

Acerinox said it is committed to negotiating a collective bargaining agreement at the plant in Spain and assessing the impact of the three-shift organisational model on current labour levels. It was also announced that the Bahru Stainless plant in Malaysia will be closed and deliveries to customers will be made from the group's other sites.

Acerinox, which achieved revenues of EUR 6.6 billion and a net profit of EUR 228 million last year, performed well in the first quarter of 2023 with EBITDA of EUR 111 million. However, operating cash flow was EUR 188 million, while the company's profit after tax and non-controlling interests was recorded as EUR 53 million.