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Acerinox registers 55% less net profit in H1 2023

Acerinox reported that its net profit in the first six months of the year reached 276.1 million euros, down 55% compared to the same period last year.

Acerinox registers 55% less net profit in H1 2023
Acerinox, a Spanish steelmaker of stainless steel, reported that its net profit in the first six months of the year reached EUR 276.1 million, a drop of 55% compared to the same period of the previous year.

According to the company, the drop was due to less demand from the industry, which registered a drop of 26% in revenue. In addition, stainless steel prices have fallen 19% in Germany, 15% in Asia, and 6% in the US. The expected recovery has not yet occurred.

However, the company pointed out that signs of improvement are already being noted for the second half of the year, compared to the same period last year, since orders implied an optimistic outlook.

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