The Andalusian-origin company is considering two main approaches: a dual listing that includes its current participation in the Spanish market, or the spin-off and public offering solely of its United States business. Although no definitive timelines have been set, the decision could be structured through North American Stainless (NAS), its key subsidiary following the acquisition of Haynes International.
“"If we were to do an IPO for the American perimeter, it would make sense for it to be from NAS, with everything it includes, but we are still looking at all the structures to finalize it."
This strategy is being evaluated based on the superior capitalization of the American market compared to the Spanish one. However, the company's management emphasizes that the situation is not permanent, and a potential return of capital to Europe could rebalance the situation, making such an operation unnecessary.
Despite market volatility, Acerinox maintains cautious optimism, without setting a fixed timeframe for the decision. The company has noted that the market has not always recognized its potential, but its commitment to the United States and special alloys is beginning to yield results, with a clear statement of intent: “We have no ceiling.”
Regarding the impact of international conflicts, such as that in the Middle East, the company has estimated the effect on its Ebitda during the first quarter at approximately two million euros, mainly due to increased gas prices and maritime freight costs. Nevertheless, diversification of suppliers and raw materials has prevented disruptions in the supply chain.
Looking ahead, Acerinox is optimistic about the recovery of the steel market, supported by an investment plan aimed at generating synergies and strengthening its industrial structure. The company anticipates a potential 500 million euro growth in its gross profit, also driven by new European Union measures to protect the continental industry from Asian steel.
The Acerinox Europa factory in Los Barrios (Cádiz) is experiencing a positive period, with prospects for increased production as the market recovers. The implementation of new European tariffs on Asian steel is expected to be a decisive factor in helping the plant regain its historical efficiency and profitability.
