Bernardo Velázquez, CEO of Spanish stainless steel producer Acerinox S.A., has stated in the company’s financial and operational results for the second quarter and the first half of the current year that the tariff barriers imposed on imports of steel and other products in the US are expected to strengthen the position of US producers. Acerinox completed the acquisition of US-based high-performance alloys manufacturer Haynes International through its wholly-owned US subsidiary North American Stainless (NAS) in late 2024.
Mr. Velázquez pointed out that the impacts of the tariffs could lead to increased demand for Acerinox’s products in the US and potentially its profit margins in the region. However, he noted that, due to the tariffs, there is a risk that imports of Asian material to the US market will be further diverted toward the European market, which is the world’s largest open market. A substantial increase in steel imports to the EU, often at below-cost prices, would create downward pressure on prices and margins in this market, negatively impacting Acerinox’s operations and profitability in Europe. Velázquez said this situation requires constant monitoring and the implementation of adaptive strategies to mitigate any adverse effects. He added that Europe needs to protect its industry and economy by strengthening safeguard measures, as well as other trade and defense measures, if it wants to maintain its strategic autonomy.
In the second quarter, the company reported a net loss of 28 million, compared to a net profit of €62 million in the second quarter of 2024, while its net sales amounted to €1.51 billion, rising by 16.0 percent year on year. In addition, Acerinox’s EBITDA in the second quarter went down by 10.4 percent year on year to €112 million.
In the given quarter, the company’s crude steel production increased by 25.0 percent year on year to 480,000 mt. Also, its hot rolled product output rose by 13.0 percent compared to the same quarter of 2024 to 42,000 mt, while its cold rolled product production totaled 318,000 mt, up by 29.0 percent year on year.
Meanwhile, in the first half of this year, Acerinox’s net loss amounted to €18 million, compared to a net profit €114 million in the first half of 2024, while its net sales advanced by 10.0 percent year on year to €3.06 billion. The company’s EBITDA in the given period went down by 9.3 percent compared to the same period of 2024 to €214 million.
In the January-June period this year, Acerinox’s crude steel production increased by 17.0 percent year on year to 968,000 mt, while its hot rolled product output grew by 16.0 percent to 81,000 mt and its cold rolled product production moved up by 18.0 percent to 624,000 mt, both on year-on-year basis.
