Spanish steel producer Acerinox reported adjusted EBITDA of €112 million in Q2, falling short of the €126 million analysts expected  . This figure also marks an 11 % decline compared to the same quarter in 2024 and a modest 10 % increase from Q1 2025. The company’s Q2 performance benefited from strong U.S. operations, where demand remained stable, but was dampened overall by sluggish European markets  .

CEO Bernardo Velázquez attributed the shortfall to global trade uncertainties—particularly the 50 % steel import tariffs imposed by the U.S. The tariffs have caused Asian steel initially destined for the U.S. to be diverted into Europe, leading to a surge in cheap imports that are undercutting European prices and compressing margins  . The company recorded a €48 million impairment on European tax credits, linked to these lower-than-expected European revenues  .

As a result, Acerinox reported a net loss of €28 million for Q2, compared to a €62 million net profit in Q2 2024 and an anticipated €43 million profit  . Also noteworthy was the €10 million negative impact from USD/EUR exchange ratesand a €27 million rise in net financial debt (to €1.222 billion), largely due to the weak euro’s effect on the U.S. dollar assets of its North American stainless steel unit  .

Regarding the outlook, Acerinox expects Q3 EBITDA to stay roughly in line with Q2, acknowledging persistent macroeconomic challenges and tariff uncertainty. The company also emphasized progress in its Haynes International acquisition, noting synergies of about US $75 million among its U.S. high-performance and stainless steel subsidiaries