Acerinox Stainless Steel Output Rises Despite Lower EBITDA in Q1

Acerinox Stainless Steel

Strong U.S. operations support Acerinox stainless steel production growth

Acerinox stainless steel output rose 11% year-over-year and 29% quarter-over-quarter in Q1 2025, driven by resilient performance in the U.S. market. The Spanish producer reported 512,000 tonnes of stainless steel and high-performance alloys during the period, with stainless steel alone accounting for 488,000 tonnes.

Revenue grows, but alloy surcharges weigh on earnings

While group revenues climbed 17% from Q4 to €1.55 billion, EBITDA fell 32% quarter-on-quarter to €102 million. Stainless steel segment EBITDA dropped by 50%, reflecting weaker European prices and lower alloy surcharges. European market softness was worsened by rising import pressure, with import share jumping from 14% to 22%.

Outlook driven by U.S. demand and strategic cost controls

Acerinox expects Q2 earnings to improve, backed by a strong U.S. order book and cost-optimization efforts at its Spanish Acerinox Europa and Haynes facilities. However, the company anticipates weaker high-performance alloy sales in Europe, even as U.S. volumes hold steady. The firm’s ongoing strategic plan aims to counteract tariff disruptions and safeguard profitability.

The Metalnomist Commentary

Acerinox’s performance shows how regional diversification—especially U.S. strength—can buffer global stainless producers from European price volatility. Its focus on cost control and operational strategy will be key as trade tensions and import surges continue reshaping the stainless steel landscape.