Published by Global Banking & Finance Review®
Posted on February 27, 2026
2 min readLast updated: April 2, 2026
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Acerinox swung to a €47m Q4 net loss as seasonal weakness, price pressure and trade-policy uncertainty weighed on stainless demand, even as it pointed to sequential EBITDA growth in Q1. Management sees CBAM support and lower EU imports early in 2026, but warned customers are delaying purchases amid
By Javi West Larrañaga
Feb 27 (Reuters) - Spanish steelmaker Acerinox posted a fourth-quarter net loss on Friday, saying its results were affected by low seasonal demand for stainless steel, tariff tensions and price pressures.
Still, CEO Bernardo Velázquez flagged a slow recovery in 2026. The company estimates core profit to grow quarter-on-quarter in the first three months of the year.
The company booked a net loss of 47 million euros ($55 million) in the quarter, compared with a 63 million euro net profit a year ago.
Though Acerinox is set to benefit from increased protection in the European Union thanks to the recently enacted Carbon Border Adjustment Mechanism (CBAM), the steelmaker said that prices trended downward in Europe due to a surge in imports in anticipation of the measures.
The European Commission has also proposed additional safeguards for the industry, including cutting import quotas and doubling duties, but they are not expected to come into play before July.
CBAM was already bearing fruit, as imports into the European Union were lower in January and would probably also be in February, Velázquez told Reuters.
Despite 50% tariffs on steel in the U.S. also being a boon for Acerinox —it makes most of its core profits there— the uncertainty brought by erratic U.S. trade policy has caused supply-chain disruptions and has made companies defer investments and purchases.
That was the case in the oil and gas sector, Acerinox said, describing it as "sluggish" in 2025 "due to the lack of new projects" and adding that demand in the chemical processing industry had been significantly weaker.
Shares in the company were up 1.1% at 0921 GMT.
($1 = 0.8472 euros)
(Reporting by Javi West Larrañaga; Editing by Matt Scuffham)
Acerinox posted a net loss of 47 million euros in the quarter, versus a 63 million euro net profit a year earlier.
The company cited low seasonal demand for stainless steel, tariff tensions and price pressures.
Acerinox said prices trended downward in Europe because imports surged in anticipation of CBAM, though it noted imports were lower in January and likely February.
The European Commission proposed measures such as cutting import quotas and doubling duties, but these are not expected to come into effect before July.
Acerinox described the oil and gas sector as sluggish in 2025 due to a lack of new projects and said demand in the chemical processing industry had been significantly weaker.
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