Acerinox obtained good results in 2024, which has allowed it to achieve a solid cash generation in an environment of uncertainties stemming from the complex geopolitical situation in Europe and a certain slowdown due to the U.S. elections.
After 2023, a year in which demand fell by around 20 percent, neither of the two markets experienced the expected recovery during 2024. Amid this situation, Acerinox managed to reaffirm its strong position and the success of its strategy.
The Acerinox Group described the year 2024 as “transformational”, marked by strategic decisions such as the sale of the Bahru Stainless plant, a difficult but necessary decision that responded to the overproduction in China and Indonesia and its impact on prices and profitability in Southeast Asia, chief executive officer of Acerinox, Bernardo Velázquez Herreros stated. On the other hand, the acquisition of Haynes International was completed, which Velázquez also described as “a key strategic step for establishing a solid platform for stainless steel and high-performance alloys in the United States”.
The EBITDA for the year, 29 percent lower than that of 2023, has been impacted by the following extraordinary milestones:
- The sale of Bahru Stainless has resulted in an EBITDA income of EUR 146 million.
- The expenses associated with the acquisition of Haynes International amounted to EUR -21 million.
- Provision of EUR -12 million for the Rejuvenation Plan for the workforce of Acerinox Europa
- Inventory regularization in the sum of EUR -58 million to adjust them to market value
EBITDA of the stainless steel division, EUR 384 million, was 28 percent lower than that of 2023 due to the strike at Acerinox Europa and the drops in prices in all of the markets where the Group operates. The sales margin was 9 percent (10 percent in 2023).
EBITDA of the high-performance alloys division, EUR 117 million, was 33 percent lower than that of last year. The major differences with respect to 2023 were mainly due to the effect of raw materials, which were very positive last year and not so this year. The sales margin was 9 percent (12 percent in 2023).
Profit after tax and non-controlling interests amounted to EUR 225 million, after realizing an impairment of tax credits in the amount of EUR 62 million. This result was 1 percent less than that of 2023.
Net financial debt, at December 31, 2024, stood at EUR 1,120 million, an increase of EUR 779 million (EUR 341 million at December 31, 2023) due to the acquisition of Haynes International (EUR 841 million) and the debt payment prior to the sale of Bahru Stainless (EUR 60 million). Without these transactions, net financial debt would have been EUR 219 million.
Shareholder remuneration has amounted to EUR 155 million in ordinary dividends. The interim dividend has been effected by way of a cash payment of EUR 0.62 per share, representing a 69 percent payout.
Furthermore, the Acerinox Board of directors, at their meeting of December 18, 2024, approved the distribution of an interim dividend for the year 2024, payable in cash of EUR 0.31 gross per share for each existing and outstanding share entitled to receive such dividend. The interim dividend for 2024 was paid on January 24, 2025 in the sum of EUR 77 million.
Published May 2025
