Acerinox : Longer transition phase than planned but medium-term drivers still in place
>Q3 results below expectations - Acerinox reported mixed Q3 results yesterday, including EBITDA of € 114m, down 10% vs Q2 while they had been initially guided to be stable. They were also 6% < consensus and 5% < ODDO BHF. This underperformance was shared by the two group divisions:Stainless Steel reported a 7% drop in EBITDA in € 86m, with a slide in shipments due to the weakening industrial environment in the US and Europe, compounded in the US by electoral unc...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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