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Investing.com -- Spanish steelmaker Acerinox (BME:ACX) saw its shares fall by 2.9% on Thursday after reporting a significant decrease in its first-quarter net profit.
The drop in profit is attributed to tariff-related uncertainties and a challenging market environment which led to a slowdown and delayed the anticipated recovery in demand.
Acerinox’s net profit for the first quarter amounted to 10 million euros ($11.28 million), marking an 81% decrease compared to the same period a year ago.
The company also expressed concerns regarding the potential impact of redirected production on its European business.
The steelmaker is worried that production, which was previously supplied to North America, could now flood the European Union market and negatively affect their business operations in the region.
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