ACERINOX: PROTECTIONIST MEASURES IN EUROPE (ANÃLISIS BANCO SABADELL)
According to the press, the EU has just announced anti-dumping measures against Chinese, Taiwanese and Indonesian stainless steel manufacturers. Specifically, these measures would affect hot-rolled products. The preliminary measures include the payment of a ~19% fee that will be in force until October, when the final measures are expected to be made public for a period of up to 5 years.This news (although expected) is positive for ACX, which has ~30% of its capacity in Europe. We believe that these measures should contribute to a better price environment going forward after several years with strong pressure in prices as a result of the high level of imports (accounting for ~30% of the market) and that have cut the EBITDA contribution from the European business for ACX significantly to
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.
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