Acerinox Sa (ACRXF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and welcome to our second quarter 2025 results presentation. The call will be hosted today by Bernardo Velazquez, our CEO, together with Miguel Ferrandez, CCO, and Esther Camoz, CFO of the group. As you all know, this has been a challenging second quarter and first half of the year. marked by significant geopolitical uncertainties, regional conflicts, and of course, the tariff war. With no doubt, all of this has impacted the global landscape. During this call, we look forward to discussing the progress we have made in navigating this complex situation. But before getting started, let me remind you that this conference call is being broadcast on our website at erinox.com. where you can also find the financial statements and the management report for the first half of the year. With that, I now give the floor to our CEO. Bernardo, please go ahead. Thank you, Carlos. Good morning, everyone, and thank you for attending this presentation, and thank you, Carlos, for the interaction. It is really been an uncertain year. We expected a recovery for 2025. Remember, after two consecutive years, with the PMI below 50 in the United States, we expected the situation to improve, and that really improved in January and February, but then in March we again went back to below 50, with all the uncertainties that are affecting all the markets all around the world. Basically, we have a lot of uncertainties in our lives, but in this case I think the tariff war is affecting strongly to our business. Imagine how difficult it is to organize your strategy if you don't know if your customers are going to grow or not based on the different tariffs. You don't know how your supplies are going to be affected by the tariffs. And you don't know how your competitors and import c...