Acerinox Sa (ACRXF) Q1 2025 Earnings Call

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WEBVTT 00:00:01.280 -- 00:00:06.808 Good morning, everyone, and welcome to the Acerinox First Quarter 25 conference 00:00:06.808 -- 00:00:08.570 call. 00:00:08.570 -- 00:00:13.738 Today, the presentation will be hosted by our CEO, Bernardo Velázquez, 00:00:13.738 -- 00:00:19.844 our Chief Corporate Officer, Miguel Fernández, and our CFO, Esther Camos. 00:00:20.287 -- 00:00:25.023 After our prepared remarks, we will open the line for questions. 00:00:25.023 -- 00:00:30.177 Before getting started, let me remind you that this conference call is being broadcast 00:00:30.177 -- 00:00:33.120 on our website, atherinos.com. 00:00:33.306 -- 00:00:36.976 Now, I would like to give the floor to our CEO, Bernardo. 00:00:36.976 -- 00:00:39.377 Please go ahead. 00:00:40.835 -- 00:00:45.300 Good morning, everyone. Thank you for attending this presentation. 00:00:45.965 -- 00:00:51.055 Before I came here, I was reading the reactions in the newspapers and saying 00:00:51.055 -- 00:00:55.944 something like, I think those results are shrinking because of tariffs. 00:00:55.944 -- 00:01:01.241 This is not reflecting the reality. Steve and Miguel will explain later our financial 00:01:01.241 -- 00:01:05.907 data and why the profits are below Q1 2024. 00:01:05.907 -- 00:01:08.551 But this is not the situation. 00:01:08.551 -- 00:01:11.675 Remember, there was a correction in the market in Q4. 00:01:11.675 -- 00:01:17.123 And as expected, we started this quarter recovering gradually, 00:01:17.123 -- 00:01:19.546 recovering step by step. 00:01:19.546 -- 00:01:25.857 March was a good month in other book. Other book is in a healthy situation. 00:01:25.857 -- 00:01:30.985 And in the 2nd of April, with the announcement of the Liberation 00:01:30.985 -- 00:01:35.071 Day, with the tariffs, that crea...