Aperam publishes its Q2 2024 results

Second quarter 2024 results “Specialties transformation continues, a first step towards normalization in stainless” Luxembourg, August 1, 2024 (07:00 CET) – Aperam (referred to as “Aperam” or the “Company”) (Amsterdam, Luxembourg, Paris, Brussels: APAM, NYRS: APEMY), announced today results for the three months ended June 30, 2024.

Highlights

• Health and Safety: LTI frequency rate of 2.0x in Q2 2024 compared to 1.5x in Q1 2024
• Shipments of 583 thousand tonnes in Q2 2024 remained broadly stable versus shipments of 585 thousand tonnes in Q1 2024
• Adjusted EBITDA of EUR 86 million in Q2 2024, compared to Adjusted EBITDA of EUR 55 million in Q1 2024
• Net income of EUR 59 million in Q2 2024, compared to net loss of EUR (19) million in Q1 2024
• Basic earnings per share of EUR 0.82 in Q2 2024, compared to EUR (0.26) in Q1 2024
• Free cash flow before dividends amounted to EUR 111 million in Q2 2024, compared to EUR (141) million in Q1 2024
• Net financial debt of EUR 607 million as of June 30, 2024, compared to EUR 674 million as of March 31, 2024

Strategic initiatives

Leadership Journey® Phase 5: Gains reached EUR 12 million in Q2 2024, the second quarter of the 2024 – 2026 program with target gains of EUR 200 million.

Prospects

• Q3 2024 EBITDA is expected at a slightly higher level versus Q2 2024
• We guide for higher Q3 2024 net financial debt

Timoteo Di Maulo, CEO of Aperam, commented: “After 7 extremely challenging quarters, fading destocking finally brought some market improvement to European stainless. Our Alloys and Distribution businesses continue to perform at high levels on pace to achieve the 2025 improvement target. The combination with the conclusion of Leadership Journey® Phase 4 investments for Europe and the cost reduction measures explains the rebound in results of Europe. We have taken the necessary restructuring actions in a responsible and cooperative partnership with our workforce to adapt to a changing competitive environment. This keeps the Leadership Journey® Phase 5 on track, protects Aperam’s cost leadership position in Europe and secures employment as we leverage the significant investments in our footprint from the past three years.” 

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