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Investing.com -- Acerinox SA (BME:ACX) on Friday reported third-quarter EBITDA of €108 million, missing consensus estimates of €113 million by 4% as challenging market conditions persisted across its key segments.
The stainless steel producer faced significant pressure in European markets, where high imports, reaching a 24% market share, negatively impacted both volumes and prices. Meanwhile, U.S. demand remained stable, though the company anticipates a decline in the fourth quarter.
The High Performance Alloys (HPA) segment underperformed expectations, generating €32 million in EBITDA against consensus estimates of €34 million.
Customers in this segment have been hesitant to commit capital to large investment projects due to uncertainty around tariff disputes, with Oil & Gas and chemical sectors adopting a "wait and see" approach.
The aerospace sector showed gradual improvement, while electronics, power, and automotive markets remained stable.
Despite market challenges, Acerinox generated positive free cash flow of €64 million in the quarter, supported by €85 million in working capital inflows. Capital expenditure reached €88 million, aligning with the company’s full-year guidance of €250-300 million.
Looking ahead, Acerinox expects continued uncertainty from geopolitical tensions and tariff disputes to weigh on demand across both its stainless steel and HPA segments.
The company forecasts fourth-quarter performance to be lower than the third quarter, with seasonal factors affecting U.S. operations despite stable order books and recent price increases.
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