According to Acerinox’s financial statement, the Spanish steelmaker experienced a significant decline in profits during both Q2 and H1 of 2023. In Q2 2023, the company’s net profit dropped by 59pct YoY, amounting to EUR 142 mln (USD 157 mln). Similarly, during the first half of 2023, Acerinox’s net profit declined by 54pct YoY, reaching EUR 278 mln (USD 307 mln).
The company attributed the challenging market conditions in all sectors, especially in stainless steel, to the destocking that began in the second half of 2022. However, the high performance-alloys sector performed satisfactorily.
During Q2 2023, Acerinox’s steel output decreased by 22pct YoY to 486,000 tons, and in H1 2023, the steel output dropped by 21pct YoY to 1.02 mln tons.
Despite uncertainties and weakened demand, the company expects a positive impact on its order book in the second half of the year. The stainless steel sector’s performance in the third quarter is predicted to be influenced by seasonal patterns typical of the summer months, particularly in Europe. Acerinox anticipates favorable results in the third quarter, although they may not surpass those of the second quarter.
Based in Madrid, Spain, the Acerinox Group is a prominent player in stainless steels and high-performance alloys, with a global presence on five continents, factories on four continents, and customers in 81 countries.
1 USD / 0.9 EUR
