ACERINOX S.A. 
Chairman's
Report
Carlos Ortega Arias-Paz
Annual Shareholders' Meeting | Fiscal Year 2023
Madrid, April 22, 2024
Our purpose
Higher-value-added
Leaders in the supply of stainless steels and high-performance alloys
Driving the circular economy
Mission and vision
Suitable materials
A more efficient future
A more sustainable society
Value generation
NAS
Kentucky
VDM
New Jersey
Nevada
Acerinox Europa
Spain
VDM
Germany
Bahru
Malaysia
Columbus
South Africa
New economic order
Supply chain disruptions
Regionalization
Strategic autonomy
2023: Acerinox's resilience
€6,608M €228M €703M
Revenue | Net profit | EBITDA | ||||
The fourth best in our | ||||||
history |
Setting a new profitability level
5
EBITDA margin
5
Difficult circumstances
European market
Geopolitical situation and Chinese overproduction
Increased costs
Inventory reduction
Decrease in apparent demand
at production sites
Our strategy |
VDM |
New Jersey |
Nevada |
VDM |
Germany |
Strengthening our |
presence |
in HPAs and in the USA |
€67 million |
investment in |
VDM Metals |
Purchase offer for Haynes |
International |
Purchase offer
Haynes International
Complementary | R&D&i | A highly | |
lines of business | experienced | ||
team |
Strengthening our presence
in the HPA sector
+
Stainless steel - HPA
Objectives
Transaction details
Haynes International
$970 | $61 per share $798 million | |||||||||||
million | 8.7% premium | |||||||||||
$200 | Group reinvestment over the next four | |||||||||||
million | years | |||||||||||
$71 | Synergies identified | |||||||
million | ||||||||
Aerospace | |||||||||||||||||||||||||||
America | Special alloys | ||||||||||||||||||||||||||
Stock market
IBEX 35
Euro STOXX 50 - European
DAX - German
PSI - Portuguese
CAC 40 - French
FTSE 100 - British
Nikkei - Japanese
CSI 300 - Chinese
DJ Industrial - US
S&P 500 - US
NASDAQ-100 Index
22.8%
19.2%
20.3%
11.7%
17%
3.8%
28.2%
-11.4%
14%
24%
53.8%
Share performance
The most international.
World leader in high-performance alloys.
Leader in the US.
20.0%
15.0%
In 2023 | Analysts' recommendation | ||||||||||||
December 28 | |||||||||||||
€10.70 | |||||||||||||
81% | 14% | 5% | |||||||||||
October 23 | Buy | Hold | Sell | ||||||||||
€8.80
Average share
price target €13.30
+15%
10.0%
5.0%
0.0%
-5.0%
-10.0%
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Disclaimer
Acerinox SA published this content on 24 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 April 2024 11:01:30 UTC.
