Despite all the uncertainties, the company increased its revenue by 10% compared to the same period last year, reaching EUR 3.1 billion in the January-June period.
The Group, which has a melting shop capacity of 3.5 million tons, achieved a gross operating profit (EBITDA) of EUR 112 million in the second quarter of the year. This figure represents a 10% increase compared to the previous quarter. However, factors such as low sales prices in Europe, a strike at Acerinox Europa, and the depreciation of the US dollar limited the quarter's performance. According to the company's data, the depreciation of the dollar had a negative impact of EUR 10 million on the second-quarter EBITDA.
The group achieved a total EBITDA of EUR 214 million in the first six months of the year. However, due to weak performance in the European market and a EUR 48 million tax deduction for impairment, the net loss for the second quarter was EUR 28 million, and the total loss for the first six months of the year was EUR 18 million.
During this period, when capital expenditures amounted to EUR 68 million, operating cash flow was recorded at EUR 48 million. Net financial debt reached EUR 1.2 billion at the end of the quarter. Of this increase, EUR 76 million was due to the decline in the dollar value of cash assets held by the subsidiary North American Stainless (NAS).
Acerinox CEO Bernardo Velázquez commented on the results, stating, “Despite tariff uncertainty and complex macroeconomic conditions that are slowing demand, Acerinox continues to advance its strategic plan.” Velázquez noted that the tariffs imposed on steel and other product imports in the US create an advantage for domestic producers, which could positively impact profitability in the region by increasing product demand.
The group expects third-quarter EBITDA to remain at a level similar to the second quarter, despite the usual summer seasonality and global market uncertainties.
Comments
No comment yet.