Acerinox’s EBITDA for the second quarter rose by 85% compared with the first quarter, reaching EUR 176 million. During the first six months of the year, melt shop production increased by 2% to 1.03 million tonnes, while turnover declined by 3% to EUR 2.97 billion due to changes in the product mix.
The company highlighted not only the strong performance of its North American operations but also changing market conditions in Europe as key factors behind the improvement in its financial performance. Acerinox CEO Bernardo Velázquez said that new regulations had brought a notable shift to market conditions in Europe.
CBAM and new tariffs push imports lower
According to Acerinox, stainless steel imports into Europe fell by 31% in the first half of the year, despite final demand showing no significant signs of recovery.
The company attributed the decline to the impact of CBAM, which entered into force on January 1, 2026, as well as new trade defence measures introduced on July 1. Under the new system, annual import quotas were reduced by 55%, while a 50% tariff is applied to imports exceeding the quota.
Acerinox considers these measures critical to limiting excess production from countries with significant overcapacity and supporting the competitiveness of European producers.
Strong recovery in stainless steel operations
Acerinox’s stainless steel division recorded a significant improvement in performance during the second quarter. The division’s EBITDA increased from EUR 82 million in the first quarter to EUR 154 million. In the second quarter of last year, EBITDA stood at EUR 78 million.
The restart of the P4 line at Acerinox Europa following last year’s fire contributed to improved production capacity and margins. Meanwhile, the company’s US operation, North American Stainless (NAS), remained the main contributor to the group’s profitability.
Defence and data centres support Haynes demand
Acerinox’s High Performance Alloys (HPA) division also recorded an improvement during the second quarter. Increased defence spending and the recovery in the aerospace sector supported Haynes’ order outlook, while the electrification required for data centre investments boosted demand for industrial gas turbines.
In contrast, the oil and gas and chemical processing sectors showed a weaker performance due to geopolitical developments. The HPA division’s EBITDA reached EUR 22 million in the second quarter, compared with EUR 13 million in the first quarter.
Acerinox expects higher EBITDA in Q3
Following the acquisition of Haynes, accumulated synergies exceeded EUR 16 million, while the company continues its USD 200 million investment plan to strengthen its long and high-value-added products platform in the US by 2028.
Acerinox expects its EBITDA for the third quarter of 2026 to be slightly higher than in the second quarter, despite seasonal weakness and scheduled maintenance shutdowns. The company bases this outlook particularly on the strong performance of its North American operations and the gradual improvement in the European stainless steel market.
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