Steelmaker Acerinox cautious on second quarter as strike drags on [Reuters]
ACERINOX SA UNSP/ADR (ANIOY)
NASDAQ:AMEX Investor Relations:
acerinox.com/en/accionistas-inversores
Company Research
Source: Reuters
improve only slightly in the second quarter due to the weak European market and the prolonged strike at its Spanish mill. The company said that there is no guarantee that the labour dispute at its Spanish steel mill Cadiz will be resolved in the short term. Workers have been on strike for three months due to discrepancies with several points of the proposed agreement including salaries and flexible hours. Its European business reported an EBITDA loss of 31 million euros ($33.22 million) in the first quarter due to the industrial action and poor market. European steelmakers have struggled with softer demand amid a fragile economic environment and stiff competition from cheaper Asian rivals. "The European market continues to be weak and has not experienced the expected recovery...even with the reduction in supply," the company said. Steel demand in Europe, which has been challenged by high inflation and tighter monetary policy, is expected to show very modest growth this yea
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