Previous close | 9.58 |
Open | 9.63 |
Bid | 9.41 x 0 |
Ask | 9.80 x 0 |
Day's range | 9.61 - 9.63 |
52-week range | 8.67 - 11.28 |
Volume | |
Avg. volume | 484,226 |
Market cap | 2.492B |
Beta (5Y monthly) | 1.27 |
PE ratio (TTM) | 10.12 |
EPS (TTM) | 0.95 |
Earnings date | N/A |
Forward dividend & yield | 0.60 (6.64%) |
Ex-dividend date | 13 Jul 2023 |
1y target est | N/A |
Spanish steelmaker Acerinox said on Thursday it expects demand for steel to start recovering in coming months after its net profit more than halved last year. Net profit fell 58% 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.
Haynes (HAYN) agrees to be acquired by North American Stainless for $970 million, with Acerinox injecting $200M to bolster operations, solidifying their position for long-term success.
Spanish steelmaker Acerinox on Friday reported a halving in third quarter net profit, pointing to a shrinking world steel market which it said is unlikely to recover before 2024. Softer demand in Europe this year due to economic uncertainty and higher interest rates has weighed on steelmakers' earnings, which had hit record levels in 2021 and 2022. Acerinox said the market downturn likely means its fourth quarter earnings before interest, tax, depreciation and amortisation (EBITDA) will be slightly lower than the 146 million euros booked in the third quarter.