Acerinox : Limited decline in EBITDA in Q2 2020 thanks to NAS and the consolidation of VDM
>Mixed performance by division in Q2 2020 - At the Q1 2020 results publication, management had indicated that it was expecting a limiting of the capacity utilisation rate at around 65%, of which 75% in April/ 60% in May and 50% in June. Note that the Bahru (Malaysia) and Colombus (South Africa) production sites were halted in April and have since resumed activity on a moderate base (dependence on Europe and Asia). On our estimates, North American Stainless (NAS, US) m...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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