Finance
Acerinox books loss in Q2 as trade war hurts European steel market
Published by Global Banking and Finance Review
Posted on July 24, 2025
2 min readLast updated: January 22, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on July 24, 2025
2 min readLast updated: January 22, 2026
Acerinox reports a Q2 loss due to trade war impacts, missing forecasts and affecting tax credits. Shares fell 2.6% as European steel market faces challenges.
(Reuters) -Acerinox booked a surprise loss in the second quarter as uncertainty related to U.S. President Donald Trump's trade war hurt the Spanish steelmaker's ability to meet forecasts and benefit from planned tax credits in Europe.
Although its U.S.-based business gives Acerinox an edge over other European steelmakers coping with the wave of protectionism and Trump's 50% tariffs on steel imports, uncertainties related to the trade war are affecting the flow of exports and steel demand.
As a result of the geopolitical turmoil and tariff wars, Acerinox did not meet its forecasts in Europe and booked an impairment of 48 million euros ($56.5 million) on tax credits in the second quarter, it said in a statement on Thursday.
It reported a net loss of 28 million euros, compared to a profit of 62 million euros a year earlier. Analysts polled by LSEG had expected a profit of 43 million euros.
Acerinox's shares fell 2.6% in the first hour of trading in Madrid.
Tariffs could also cause steeper price declines in Europe, CEO Bernardo Velazquez said in the statement, as imports of Asian material meant for the U.S. market will be diverted towards Europe.
"A substantial increase in steel imports into the EU, often at below-cost prices, creates downward pressure on prices and margins in this market, negatively impacting our operations and profitability in the European region," he said.
Even though demand in the U.S. remained stable and Trump's tariffs favour local producers like Acerinox, the company said the ongoing trade negotiations were weighing down the market, as large distributors only replace stocks they sell while awaiting more market clarity.
Acerinox is the largest producer of stainless steel in the United States.
Its adjusted earnings before interest, taxes, depreciation and amortisation fell to 112 million euros in the second quarter, missing analysts' forecast of 126 million euros.
($1 = 0.8500 euros)
(Reporting by Javi West Larrañaga in GdanskEditing by Tomasz Janowski and Milla Nissi-Prussak)
Acerinox reported a net loss of 28 million euros in the second quarter, compared to a profit of 62 million euros a year earlier.
Tariffs imposed by the U.S. created downward pressure on prices and margins in Europe, negatively impacting Acerinox's operations and profitability.
Analysts polled by LSEG had expected a profit of 43 million euros for Acerinox, but the company reported a loss instead.
Acerinox booked an impairment of 48 million euros on tax credits in the second quarter due to geopolitical turmoil and tariff wars.
Acerinox is the largest producer of stainless steel in the United States, which gives it an edge over other European steelmakers.
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