Acerinox sees steel market improving after 2023 profit more than halves [Reuters]
ACERINOX SA UNSP/ADR (ANIOY)
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Source: Reuters
Net profit fell 68% to 228 million euros ($246.31 million) in 2023 after rising to record levels in 2021 and 2022 as strong demand pushed prices higher. A market adjustment that started in the second half of 2022 led to lower stainless steel demand and lower prices, Chief Executive Bernardo Velazquez told Reuters. He said he expects an improvement as early as the second quarter of this year in the United States but not before the third quarter in Europe. "The European economy is still lagging behind the U.S. but lower interest rates are likely to make more money available and could revive demand for household appliances and cars," Velazquez said. The European Steel Association Eurofer said , opens new tab earlier this month that the anticipated steel market recovery in 2024 will be slower than expected as industrial output is still subdued on a bleak economic outlook. Velazquez estimates that steel consumption in both Europe and the U.S. dropped by around a fifth, while the
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