Spain-based stainless steel producer Acerinox reported that its net profit in the second quarter of the year increased by 4.4% q-o-q to EUR 142 million, down 59% compared to the same period in 2022. The y-o-y decrease was mainly due to lower steel demand.
EBITDA for the period was also down 55% y-o-y to €236 million, but slightly up on the previous quarter due to a stronger performance in the US.
Acerinox said that the current market is facing uncertainties and weak demand, but it is still optimistic about the order volume in the second half of this year due to the reduction of market inventories.
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