Luxembourg-based global stainless steel producer Aperam reported a year-on-year increase in stainless and electrical steel shipments during the second quarter. The company attributed this to the easing of destocking trends in Europe and improved demand conditions. While production in Brazil was positively impacted by seasonal factors, a delay in the ramp-up of a hot rolling mill hindered output.
Total stainless and electrical steel shipments climbed 12% year-over-year to 419,000 tons in the April-June period, with first-half shipments up 8% to 834,000 tons.
"After a challenging period, the destocking trend is finally subsiding, leading to market improvements in European stainless steel," said Aperam CEO Timoteo di Maulo.
The company's stainless and electrical steel segment reported a 14% increase in adjusted EBITDA to €59 million in the second quarter. Although revenues declined 35% year-over-year, this represents a gradual recovery from a steep downturn.
Shipments in Aperam's services and solutions segment surged 30% to 195,000 tons, while scrap metal shipments in the recycling and renewables segment rose 13% to 397,000 tons.
Overall, Aperam's adjusted EBITDA for the second quarter dipped 16% year-over-year to €86 million due to low sales prices and persistent inflationary pressures. However, it improved significantly from the previous quarter. The company anticipates a slight increase in EBITDA for the third quarter compared to the second.
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