Acerinox ends 2025 with a loss

Madrid-based stainless steel and specialty alloys producer Acerinox S.A. has reported growth in revenue in 2025 that nonetheless resulted in a net loss of about 40 million euros ($46 million).

The metals producer ended the year with a money-losing fourth quarter, finishing with a 47 million euros ($54.4 million) loss in the three months, pushing it into the red for the calendar year.

Acerinox and its CEO Bernardo Velázquez are pointing to positive aspects of 2025, including revenue of about $6.7 billion, representing a 7 percent increase compared with 2024.

That increase, says Acerinox, was “driven by the successful integration and the first full year of Haynes International within the group.”

Acerinox announced its agreement to acquire United States-based specialty alloys producer Haynes International in 2024. Acerinox also operates the recycled-content North American Stainless mill in Kentucky.

Despite its loss attributable to shareholders, Acerinox says it recorded adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $488 million last year and a sales margin of 7 percent.

Those figures, says the metals company, demonstrate its “structural resilience in a complex macroeconomic environment with low global demand.”

Regarding the Haynes International acquisition, Acerinox says it has provided added value and diversification in “higher margin sectors such as aerospace.” Adds the company, “Thanks to this incorporation, the high-performance alloys division obtained EBITDA of $156 million (+15 percent), mitigating the slowdown in sectors such as oil and gas and the chemical processing industry.”

The company says it is entering 2026 with an outlook of gradual growth, predicting the year now underway will bring “an improving trend, supported by both improvement in market conditions and the strengthening of the European regulatory framework.”

“We are confident that the new regulatory measures being adopted by the EU will mark a  necessary and decisive cycle shift in the sector,” says Velázquez. “Despite caution regarding short-term European demand, Acerinox now has a more solid competitive foundation thanks to new trade measures, that should be approved as soon as possible, and the Carbon Border Adjustment Mechanism (CBAM), tools that will act as catalysts for local business by curbing unfair competition from imports. While we do not control economic cycles, we have the ideal industrial model to capture maximum value as soon as the market improves.”

Velázquez made his remarks in late February, just before attacks by Israel and the United States on Iran and Iranian responses targeting other energy-producing nations. A prolonged conflict could bring rising energy and transportation costs to Europe, where Acerinox operates several facilities.

Additionally, U.S. President Donald J. Trump has threatened to take trade measures against Spain after that nation’s government declined to allow U.S. armed forces to use bases in Spain to stage attacks on Iran.