Acerinox, one of the world's largest stainless steel producers, expects steel demand to start recovering in the coming months after its net profit fell by more than half in 2023.

Acerinox's net profit fell 58% to 228 million euros in 2023, following record levels amid the Covid-19 pandemic during 2021 and 2022, when strong demand drove prices up.

Bernardo Velázquez, the CEO of Acerinox, expects there will be an improvement in the second quarter of this year in the US market, but in Europe market it would not be before the third quarter.

The European Steel Association (Eurofer) said earlier this month that the expected recovery of the steel market in 2024 will be slower than expected, as industrial production remains weak due to the gloomy economic outlook.