Acerinox May Pursue NYSE Listing for US Arm Following Haynes Integration
Potential NYSE Listing and Strategic Considerations
By Javi West Larrañaga
May 8 (Reuters) - The head of Acerinox on Friday kept a door open for a possible New York listing of its U.S. business, which makes the bulk of the Spanish steelmaker's earnings.
Background: Haynes International Acquisition
Acerinox last year floated the possibility of listing its U.S. business locally once the integration of Haynes International was complete, in an interview with Bloomberg News. It had closed the acquisition in late 2024.
CEO's Perspective on Listing
"We can't not consider it," CEO Bernardo Velazquez told Reuters. "While the valuations of U.S. companies and U.S. liquidity remain far higher than those in Spain, I believe we are obliged to explore all possibilities."
IPO Structure and Timing
Were it to go ahead with an initial public offering, Acerinox would maintain a majority stake in the U.S. business, Chief Corporate Officer Miguel Ferrandis said during a post-earnings call, adding that the timing of such a move was not yet decided.
U.S.-Spain Relations and Business Impact
Concerns Over U.S. Reprisals
Velazquez also said Acerinox was "not worried in the slightest" about possible U.S. reprisals against Spain for its refusal to allow U.S. military use of bases to strike Iran.
Integration and Perception in the U.S.
"The only people who need to worry about this are those who have to export to the United States. We are Americans, we are regarded as Americans and we are fully integrated," Velazquez said, referring to the U.S.-based part of the business, which is also a member of U.S. trade associations.
Analyst and Academic Perspectives
While analysts and academics agree that it would be difficult for the U.S. to impose a trade embargo on Spain, it is not clear how the Trump administration could retaliate. UBS analysts said in a March note that Acerinox was among the Spanish companies most exposed to the U.S. market.
(Reporting by Javi West Larrañaga in Gdansk, editing by Milla Nissi-Prussak)
