Acerinox's First-Quarter Profit Falls Dramatically on Weak Steel Demand

SEATTLE (Scrap Monster): Spanish steelmaker Acerinox said on Thursday its net profit in the first-quarter fell 81% compared with the same period in 2024 as demand for stainless steel in Europe failed to pick up and global trade uncertainties further hit the industry.

The company booked a net profit of 10 million euros ($11.28 million) in the quarter, down from 53 million euros, a year ago.

Tariff-related uncertainties and an adverse backdrop caused markets to slow down and postponed an awaited recovery of demand, it said.

Even though the steel maker expects to benefit from tariffs as the U.S., where its most profitable steel mills are located, it is concerned production that previously supplied North America would now flood the European Union and hurt its business there.

Courtesy: www.reuters.com