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
Acerinox reports Q4 loss as CBAM and tariff tensions weigh
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.
Results and outlook amid CBAM and tariff uncertainty
Q4 performance and near-term expectations
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.
CBAM impact and European market dynamics
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.
EU safeguards timeline and expected 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.
U.S. tariffs, supply-chain disruptions, and end-market demand
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.
Oil and gas and chemical processing demand trends
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)
