Aperam stainless steel shipments fall in 2Q

Luxembourg-based stainless steel producer Aperam's shipments fell during the second quarter on a wider drop in demand caused by the Covid-19 pandemic.

Aperam, which operates out of Europe and Brazil, shipped 376,000t of steel products in April-June, down by 19pc from a year earlier. Shipments for the first half of 2020 were down by 16pc to 814,00t.

The lower steel shipments aligned with weaker prices to cause the group's sales to fall by 25pc on the year to €818mn, and earnings before interest, tax, depreciation and amortisation to decrease by 48pc to €49mn.

Aperam chief executive Timoteo Di Maulo said that although demand has started to recover, the company expects it to remain well below historical levels and that the third quarter will be equally as challenging.

Di Maulo also noted that an ongoing lack of revision to EU safeguards against stainless steel imports into the region continued to represent a strong headwind for Aperam's performance.

By Ronan Murphy