[SMM Stainless Steel Market Flash] Aperam Says European Margins Were €75/t Before EU Trade Measures

Published: Jul 31, 2026 18:51

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Luxembourg-based stainless producer Aperam told its Q2 2026 earnings call that its European business was already earning about €75 a tonne before the EU's new trade defence measures took effect, and that it welcomes the rules as strengthening the European steel community rather than as a disruption — a framing that differs from peers attributing recovery chiefly to import curbs, with Aperam stressing its diversified portfolio instead. Adjusted EBITDA was €130 million in Q2. The company guides Q3 adjusted EBITDA and shipments lower on seasonality and the absence of valuation effects, with net financial debt flat in Q3 and falling by year-end. Full-year capex guidance is about €200 million, back-end loaded, with the base dividend held at €2.00 a share.

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