Acerinox plans to close the purchase of the North American alloys producer Haynes in the third quarter of the year, which will allow it to increase revenues in the United States by nearly 1,000 million euros and obtain 60% of its total turnover in the country, he explained. the company’s CEO, Bernardo Velázquez, in a meeting with journalists on the occasion of the general shareholders meeting.
This operation has a high strategic value for the company, at a time marked by deglobalization and the return of tariffs. The world is fragmented into commercial regions and Acerinox can also present itself as a North American company, having industrial production on the ground. “We are returning to a more regionalized world” and “all governments are realizing the need to have closer supplies,” said Velázquez.
However, Acerinox does not plan to separate itself from Spain. “We are not going to make a Ferrovial,” said the company’s president, Carlos Ortega, when asked about the possibility of starting to trade in the United States. The objective now is to integrate Haynes and take advantage of its potential both in synergies and in the manufacture of value-added products.
Acerinox has budgeted additional investments of close to 200 million dollars in the American company. “It has the ‘triple A’: American, alloys and aerospace,” said Ortega. The newly acquired company is a leading manufacturer of technologically advanced high-performance alloys.
The new company will complement Acerinox’s business in the United States, where it is a national leader in stainless steel. It already has plants in Nevada and Kentucky, and earns about half of its revenue in the country. Last year, its total turnover was 6,608 million euros. In 2020, Acerinox already acquired VDM Metals in Germany.
Global stainless steel production is being affected by rising geostrategic tensions and deglobalization trends. It falls 10% in the United States and 6% in the EU, but increases 13% in China, whose manufacturers already account for 70% of world production. The Asian country “produces even though it has no market,” explained Velázquez.
The response to this trend is to manufacture products with greater added value, especially in countries like Spain, which “can no longer compete on labor or energy costs,” said the CEO. The company’s strategic plan aims to add 100 million euros to gross operating profit (ebitda) between 2024 and 2026.
Regarding the situation in the Spanish factory in Algeciras, which has been on strike and stopped for more than 70 days, the company recalls that “it has recorded losses in four of the last five years” and considers that it needs “more flexibility and value-added products.” to get ahead. Negotiations are ongoing and management is confident of reaching a solution.
Regarding the possibilities of closing the plant or transferring it to another owner, the president of the company has been categorical. “We are Spanish, it is difficult for us to close it or sell it,” said the president.
