In 2022, Acerinox navigated a shifting global landscape marked by geopolitical tension and an energy crunch that reshaped steel markets. The company pressed ahead with its growth trajectory, and analysts expect the momentum to continue into the current year, though currency moves present a notable factor. The euro rose by 1.79 percent in the prior month, a shift that could influence more than half of the company’s dollar-denominated EBITDA. Market observers highlight Acerinox’s strong exposure to the United States, the region driving the most export activity on the company’s balance sheet. If the current forecasts hold, the dollar may ease further in 2023 as U.S. monetary policy tightens at a different pace than Europe’s, affecting cross-border earnings and cash flow dynamics.
On the Atlantic side, the U.S. operations are central to Acerinox’s strategy. A planned investment of 244 million dollars is designed to lift overall production capacity by 20 percent, adding about 200,000 tons of stainless steel capacity in North America. The latest annual results show EBITDA reaching a historic high of 1,276 million euros for 2022, driven primarily by solid performance in the United States. Acerinox stands as a leading contributor to U.S. stainless steel output, reinforcing its role in national production levels.
owing to its significant footprint in the United States, Acerinox projected an EBITDA rebound in the first quarter of 2023 that would exceed the prior fourth quarter’s figure. The outlook also reflects a noticeable uptick in demand for alloyed steel grades. According to market commentary from XTB, the company aims to sustain stainless steel demand into 2023 and generate robust cash flows throughout the year.
save results
Across the globe, Acerinox remains appealing to investors. The firm posted earnings after tax and minorities of 556 million euros for 2022, down 2.8 percent year over year, while turnover rose 30 percent to 8,688 million euros. A positive development was the reduction in net indebtedness by 440 million euros during the year, bringing net debt to 440 million and placing Acerinox among Ibex 35’s four companies with the lowest net debt-to-EBITDA ratio at 0.35.
These results supported higher shareholder remuneration, with an annual dividend of 0.6 euros per share, up 20 percent from the prior year. The firm confirmed a 150 million euro allocation to reward shareholders at year-end, aligning with a payout around 18 percent of earnings.
Irregular citation
Related news
Even with record results and forecasts for continued improvement into 2023, Acerinox shares showed volatility. In the United States, stock performance fell about 11.82 percent last year but rebounded with a 25.94 percent rise over the past six months. In Spain, the stock traded near 9.2 euros in 2022, experiencing several swings and a notable September dip before a partial recovery.
Market commentary from Adrian Hostaled of XTB suggested a price range for Acerinox shares between 7.9 and 10.5 euros in the near term. The analyst noted that a tangible catalyst would be needed for the stock to break above the 10.5 euro resistance; otherwise, the price could linger in that band for several weeks.