Aperam, having 2.5 million tons of stainless flat and electrical steel capacity in Brazil and Europe, reported an 8.6% decrease in sales to EUR 1,493 million in the third quarter of 2024. Sales in the second quarter of 2024 were reported EUR 1,634 million. Shipments increased by 5.5% to 617 thousand tons from 583 thousand tons in the second quarter of 2024 due to the negative seasonality in Europe.
The net income recorded by Aperam increased significantly compared to the previous quarter, from EUR 59 million to EUR 179 million. Furthermore, cash flow from operations totaled EUR 33 million, including a EUR 100 million working capital increase. CAPEX in the third quarter totaled EUR 22 million.
Aperam recorded adjusted EBITDA of EUR 99 million in the third quarter of 2024, compared to EUR 86 million in the second quarter of 2024. Depreciation and amortization recorded at EUR 58 million. Operating income increased to EUR 49 million from EUR 19 million in the previous quarter.
Free cash flow before dividends decreased from EUR 111 million in the second quarter of 2024 to EUR 9 million in the third quarter. The cash return to shareholders totaled EUR 36 million, consisting entirely of dividends.
Q3 2024 net earnings per share increased to 2.47 euros compared to 0.82 euros in the previous quarter. Net financial debt increased from EUR 607 million as of 30 June 2024 to EUR 641 million as of 30 September 2024.
“Our focus is now on reducing net financial debt”
Aperam CEO Timoteo Di Maulo stated on the subject: “The summer quarter with its seasonal trough in Europe has benefitted from Brazil returning to smooth operations post the hot rolling mill upgrade. Despite a soft market environment, we have reached a historic normal profitability per ton as we leverage the capabilities of our modernized footprint resulting in a better product mix. Phase 5 of the Leadership Journey® is picking up speed, which will strengthen our cost leadership position in Europe. Our focus is now on reducing net financial debt towards the end of the year as we prepare for consolidating Universal Stainless, which will open the US and the aerospace market for us.”
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