Acerinox to expand US business
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Update time : 2024-04-26 15:19:49
Recently, in order to maximize the synergies and expand its business in the U.S. market, Acerinox plans to acquire Haynes International(HI). This transaction has been approved by U.S. antitrust authorities and is expected to be completed in the third quarter 2024.
However, Acerinox's stainless steel mill named Baru in Malaysia is facing difficulties. As cheap steel from China floods into the area, Baru is losing its competitiveness. Currently, Acerinox is considering suspending its production of Baru plant in Malaysia.
Acerinox’s net sales fell by 24% in 2023 year-on-year and decreased to EUR6.6 billion (US$7.14 billion).
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