2022 was an ace year for Acerinox despite geopolitical instability and inflation

THE Acerinox Group’s 2022 results were the best since its creation in 1970, announced chief executive Bernardo Velázquez.

The Spanish stainless steel group’s €8.69 billion turnover was 30 per cent up on 2021 thanks to good demand, although net profits of €556 were 3 per cent down, owing to €204 million losses by Bahru Stainless in Malaysia.

Acerinox had an EBITDA (earnings before interest, tax, depreciation and amortisation) of €1.27 billion, Velázquez announced, despite the instability caused by the geopolitical situation and Russia’s invasion of Ukraine.

The company also had to contend with inflation – especially energy prices in Spain – supply chain problems and the collapse of nickel prices on the London Metal Exchange in March, he added.

Following an unsuccessful merger attempt with the Mittal family’s Aperam last year, which would have created a global steel giant, the company continues to look for opportunities to continue growing especially in the US, where the group already focuses 50 per cent of its sales.