Acerinox : Improvement on the cards in Q1, but especially in Q2
>Q4 worse than expected - Q4 EBITDA came in at € 58m (vs € 97m expected), mainly due to a € 22m impairment of inventory. Management cited a sudden deterioration in the market, especially in Europe. But the group reacted rapidly to adjust production (sequential production decline of 16% in Q4), giving priority to cash generation and deleveraging.EU safeguard measures are working - Management says that the European safeguard measures are working well fo...Acerinox is the parent company of a group engaged in the manufacture and sale of flat and long stainless steel products, and stainless steel wires. Co.'s major products include slabs, billets, black coils, plates, hot-rolled coils, hot-rolled sheets, flat bars, hot-rolled re-bars, hot-rolled black bars, engraved sheets, cold-rolled coils, cold-rolled sheets and circles. Co. also provides long stainless steel products, such as wire rods, angles, hot rolled flat bars, hot rolled re-bars, reinforced bars in coils, cold rolled re-bars, hot rolled black bars, cold drawn bars, and smooth turned bars. In addition, Co. offers wires, welding wire bars, and bars for electrodes.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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