[SMM Stainless Steel Market Flash] Acerinox Plans H2 Destocking After Q2 Free Cash Flow of Minus €65 Million

Published: Jul 28, 2026 09:29

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Spain's Acerinox told its Q2 2026 earnings call it will cut working capital in the second half after a build in net working capital, driven mainly by higher inventory and tax payments, pushed net financial debt to €1.3 billion, or 2.5 times EBITDA, and left free cash flow at minus €65 million for the quarter. Both debt and cash flow came in worse than consensus. Management said it expects working capital to fall in Q3 depending on raw material prices, particularly nickel, with a focus on controlling inventory tonnage and days. Cumulative synergies reached €16 million in the quarter, about 70% of the full-year target. A producer-level destocking cycle at a major Western mill is a demand signal worth tracking for 300-series raw materials.

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