Acerinox profit rises in Q3 as US business drives results

Spanish steelmaker Acerinox reported net profit of €85 million in the third quarter of 2026, up from €25 million a year earlier. Sales rose 12.4% to €1.59 billion, while EBITDA increased 84.3% to €199 million. North American operations were the main driver of growth as demand in Europe remained weak.

EBITDA at the stainless steel division reached €175 million, compared with €76 million in the third quarter of 2025. The high-performance alloys division saw EBITDA fall to €24 million from €32 million, as it continued to face weak demand from the oil and gas and chemical sectors. Acerinox estimated that the conflict in the Middle East reduced quarterly EBITDA by €16 million through higher energy and transport costs.

Crude steel production rose 11.1% year on year to 501,000 tonnes. Output of hot-rolled long products increased 18.2% to 39,000 tonnes, while cold-rolled production declined 4.9% to 272,000 tonnes.

Demand in Europe remained subdued. Acerinox estimated that apparent consumption of stainless steel flat products in the region fell 22% in the third quarter and 11% over the first nine months. Imports of those products into the EU declined 42% in January–September and 50% in the third quarter. The company linked the drop in part to the Carbon Border Adjustment Mechanism (CBAM), which took effect on January 1, 2026, and new EU steel trade defence measures introduced on July 1. The measures cut annual tariff-rate quotas by 55% and raised duties on imports exceeding those quotas from 25% to 50%.

Acerinox CEO Bernardo Velázquez said North America remained the company’s main source of profitability, while the European market was under pressure from seasonal factors and weaker-than-expected demand. He said high inventories and weak economic conditions were still limiting the impact of the new trade measures. The company does not expect a recovery in Europe before early 2027.

For January–September, Acerinox’s sales rose 1.9% to €4.56 billion, EBITDA increased 46.4% to €470 million, and net profit reached €162 million, compared with €7 million in the same period a year earlier. Crude steel production was up 4.9% to 1.53 million tonnes. The company expects fourth-quarter EBITDA to fall from the third quarter because of typical year-end seasonality in the US. It also expects working capital and net financial debt to decrease by year-end.