Acerinox’s Q1 melting shop production rises
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Update time : 2023-04-28 17:14:39
Acerinox, a stainless steel manufacturer based in Spain, reported that its melting shop production was 533,968 tons in the first quarter of this year, up by 34% compared to the previous quarter and decreasing by 20% from the same period a year ago. The year-on-year decrease in production was due to the destocking process in the global markets.
Meanwhile, the revenue was EUR 1,782 million, a quarter-on-quarter increase of 5% and a year-on-year drop of 22%. EBITDA was posted at EUR 226 million, soaring by 250% quarter on quarter and down by 47% year on year. The EBITDA margin rose to 13%.
According to Acerinox, the geopolitical situation, stock levels, and cost inflation is seriously impacting the European market’s consumption and prices. However, the company expected a slightly higher EBITDA in the second quarter owing to the better North American stainless steel market and the steady high-performance alloys sector.
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