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Acerinox posts earnings beat on US market growth, but sees lower Q4 earnings

By Reuters News

Oct 30 (Reuters) - Spanish steelmaker Acerinox ACX.MC reported third-quarter earnings above market expectations on Friday, thanks to a slight improvement in the US, but expected lower earnings in the ongoing quarter when business typically slows.

The stainless steel producer reported core earnings of €199 million ($222 million) in the quarter ended September 30, up 84% year-on-year, and well above the €187 million expected by analysts polled by LSEG.

Here are more details:

  • Acerinox, whose US mills generate most of its earnings, has benefited from US measures to protect domestic steelmakers, including 50% tariffs on steel imports

  • It has also profited from increased protectionism in the EU in the form of higher tariffs and lower import quotas

  • Still, the European stainless steel market has not recovered as expected, the company said, referring to "weak economic conditions"

  • "We will have to wait until early 2027 since low consumption means products purchased before the measures took effect are selling slowly", Acerinox said in the earnings filing

  • Due to typical year-end seasonality in the US, which involves a decline in activity, the company expects lower Q4 earnings

  • The steelmaker estimated the Iran war caused a €16 million hit in the quarter

($1 = 0.8957 euros)

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