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Acerinox expects a recovery in demand going forward

Spanish steelmaker Acerinox said in a statement that it expects demand for steel to start recovering in the coming months after net profit more than halved last year.

Acerinox expects a recovery in demand going forward

Anticipating a turnaround in steel demand, Acerinox, a prominent Spanish stainless steel manufacturer, foresees a rebound in the upcoming months. Despite witnessing a staggering 58% decline in net profit to €228 million in 2023, following unprecedented highs in 2021 and 2022 spurred by robust demand during the Covid-19 pandemic, Acerinox remains optimistic.

Bernardo Velázquez, the CEO of Acerinox, projects a resurgence in the US market by the second quarter of this year, with the European market likely to follow suit not until the third quarter.

However, the European Steel Association (Eurofer) cautioned earlier this month that the anticipated recovery in the steel market for 2024 might be slower than expected. This caution stems from persistently weak industrial production attributed to the somber economic outlook.

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