[SMM Stainless Steel Market Flash] Aperam Q1 Free Cash Flow Turns Negative as Seasonal Inventory Build Lifts Debt

Published: Apr 30, 2026 22:24

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Aperam’s free cash flow turned negative at €44 million in the first quarter, compared with positive €112 million in Q4 2025. Working capital increased by €144 million as the company built inventory ahead of a seasonally stronger second quarter, pushing net financial debt up to €1.057 billion, an increase of €79 million from the prior quarter. Management said debt is expected to ease again as earnings improve later in the year.

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