Spanish stainless steel producer Acerinox S.A. has announced its financial results for the second quarter and the first half of this year.
In the second quarter, the company reported a net profit of €142 million, increasing by 4.4 percent quarter on quarter and dropping by 58.6 percent compared to the same quarter of last year, while its sales revenue amounted to €1.74 billion, down by 2.4 percent compared to the previous quarter and by 31.4 percent year on year. In addition, the company’s EBITDA was €236 million, rising by 4.4 quarter on quarter and moving down by 54.9 percent compared to the same period of 2022.
Meanwhile, in the first half of this year the company reported a net profit of €278 million, compared to €609 million recorded in the same period of 2022, while its sales revenue came to €3.52 billion, declining by 27.0 percent year on year. In the first half of this year, EBITDA amounted to €462 million, down 51.0 percent from the same period of last year, when the company reported historical results.
In the second quarter, the company’s total steel production decreased by nine percent quarter on quarter and by 21.9 percent year on year to 486,000 mt. The company’s stainless steel production decreased by 9.7 percent compared to the previous quarter and by 22.6 percent year on year to 465,000 mt.
Also, in the first six months of this year, the company’s total steel production decreased by 21.0 percent year on year to 1.02 million mt, while its stainless steel production declined by 21.5 percent year on year to 979,000 mt.
According to the statement, the company estimates that, despite uncertainties surrounding the market and weak demand, its order book will improve in the remainder of this year once inventories start to normalize. The company pointed out that, even though the third quarter will be shaped by the summer months, especially in Europe, it expects good results, maybe lower compared to the second quarter.