Acerinox Earnings Fall as Stainless Steel Price Pressure Offsets Higher Output

Acerinox

Acerinox earnings fell in 2025 as weak stainless steel demand, price pressure, and import competition outweighed higher production and revenue growth. The Spanish stainless steel and high-performance alloys producer reported adjusted Ebitda of €422mn, down 5.2pc from the previous year.

Acerinox earnings came under deeper pressure on a reported basis. Reported Ebitda fell by 29pc to €354mn, affected by a €60mn inventory adjustment and a €9mn provision linked to Acerinox Europa’s staff rejuvenation plan.

The group also moved to a €40mn loss after tax and non-controlling interests, compared with a €225mn profit in 2024. Revenue still rose by 7pc to €5.78bn, supported by higher output and the first full-year consolidation of Haynes International.

Stainless Steel Division Faces Weak Europe and Import Pressure

Acerinox increased production in 2025, but the stainless steel division remained under margin pressure. Group melt shop production rose by 6pc to 1.87mn t, while stainless steel melt shop output increased by 7pc to 1.78mn t.

Cold rolling production also rose by 7pc to 1.16mn t. However, stronger volumes did not protect profitability. The stainless steel division’s Ebitda fell by 43pc to €219mn as low European demand and import competition pushed prices lower.

The fourth quarter showed how fragile the market remains. Group melt shop production fell by 11pc from the previous quarter to 403,000t, affected by seasonal weakness and tariff uncertainty. Acerinox said European prices declined as imports increased ahead of the EU carbon border adjustment mechanism.

High-Performance Alloys and Trade Measures Shape the Outlook

High-performance alloys helped soften the stainless steel downturn. The division benefited from the Haynes acquisition, with melting shop production rising by 6pc to 83,000t and finishing shop output increasing by 12pc to 47,000t.

The high-performance alloys division lifted Ebitda by 15pc to €135mn, despite weaker demand in oil and gas and chemical processing. Aerospace performed strongly, showing the strategic value of Haynes in applications that require nickel alloys, specialty materials, and high-reliability supply chains.

Acerinox earnings in 2026 will depend heavily on demand recovery and trade policy. The company expects gradual improvement and slightly higher first-quarter adjusted Ebitda quarter on quarter. It also expects CBAM and tighter EU safeguards to support European producers once fully implemented, while US Section 232 tariffs continue to benefit domestic production through its NAS facility.

The Metalnomist Commentary

Acerinox shows the split inside advanced metals: stainless steel remains exposed to weak European demand, while aerospace-linked alloys offer resilience. Trade measures may help, but competitiveness will still depend on energy costs, import discipline, and demand recovery.