ACERINOX EUROPA SA

Acerinox Europa, S.A. is the Spanish operating company associated with Acerinox Group's integrated stainless-steel flat-products complex at Palmones in Los Barrios, Cádiz. Although the factory is commonly identified with the Acerinox name and is the industrial origin of the wider Acerinox Group, the legal entity Acerinox Europa was established in connection with a corporate segregation completed in 2011. Acerinox, S.A. transferred the industrial, distribution and logistics activities connected with its integrated flat stainless-steel plant into the newly created subsidiary. The subsidiary's stated corporate purpose is the manufacture and sale of stainless steel and related or similar products. The Palmones complex covers the principal stages of flat stainless-steel production, including raw-material melting, casting, hot rolling, cold rolling, annealing and pickling, together with finishing, quality control, warehousing and dispatch. Its output is supplied to industrial customers and service centers that use stainless steel in construction, architecture, transport, food processing, household appliances, energy, chemical processing, industrial equipment and other applications. The plant produces a broad range of stainless-steel grades and surface finishes rather than a consumer-facing branded product portfolio. Acerinox Europa therefore functions primarily as a business-to-business industrial manufacturing brand and as a production platform within Acerinox's global supply network. The plant's historical roots go back to the founding of Acerinox in 1970 as a Spanish-Japanese industrial venture. Its location in the Campo de Gibraltar gives it access to port, road and industrial infrastructure, while its integrated configuration allows the company to control a substantial portion of the production cycle. The site has been described by Acerinox as one of three integrated flat-product plants in the Group, alongside North American Stainless in the United States and Columbus Stainless in South Africa. The wider Acerinox network also includes long-product plants and the High-Performance Alloys division. Acerinox Europa has undergone several modernization and restructuring phases. In 2015, Acerinox approved investment in a new Sendzimir cold-rolling mill and a new annealing and pickling line at the Campo de Gibraltar factory. These projects were intended to improve productivity, expand manufacturing flexibility and support higher-value products. The company has also pursued operational, environmental and research initiatives, including programs related to resource efficiency, sustainable development and collaboration with Spanish scientific institutions. The plant experienced a major labor dispute in 2024. A strike began on February 5 and continued for nearly five months before an agreement was reached on June 21. Acerinox reported a material effect on the Group's results, while the dispute was connected to negotiations over working organization, employment conditions and the plant's future operating model. In May 2024, the Group announced that Acerinox Europa would move from five shifts to three shifts as part of a new organizational and production model. In July, the company and the works council signed a collective bargaining agreement intended to provide a framework through December 31, 2027, with greater efficiency, flexibility and diversification. Acerinox Europa remains an active subsidiary and a strategically important European manufacturing asset. Its importance is not measured through a separately listed share price, because the company is not independently publicly traded. Instead, its performance is reported within Acerinox Group's consolidated results. The company operates within a highly cyclical stainless-steel market affected by energy costs, nickel and alloy prices, import competition, industrial demand, regulation and decarbonization requirements. Its current strategic role is to maintain a competitive, flexible and higher-value European production base while supporting Acerinox's international distribution network.

The history of Acerinox Europa is closely connected with the development of Acerinox and the industrialization of the Campo de Gibraltar. Acerinox was founded in 1970 as a Spanish-Japanese venture involving the Spanish banking and industrial sector and Japanese stainless-steel interests. The project established an integrated stainless-steel production base in southern Spain, where the Palmones factory in Los Barrios, Cádiz, became the central European manufacturing asset and the industrial origin of the Acerinox Group. The Palmones complex was designed as an integrated flat-products plant rather than a standalone finishing operation. Its production system incorporates the transformation of raw materials into molten steel, casting and slab production, hot rolling, cold rolling, annealing, pickling and finishing. This configuration enabled Acerinox to manufacture a broad range of stainless-steel grades and dimensions for industrial customers. The location also provided access to the port facilities, transport links and industrial infrastructure of the Bay of Algeciras and Campo de Gibraltar. For many years the plant operated as part of Acerinox, S.A. In 2011, Acerinox announced a corporate segregation under which the business connected with the Palmones factory would be transferred to a newly created wholly owned subsidiary called Acerinox Europa, S.A. The transferred business included the factory's production units, distribution and logistics activities and the associated contractual and operational relationships. The transaction was intended to create a legally autonomous industrial company while leaving the operation within the Acerinox Group. The subsidiary became the legal vehicle for the Spanish flat-products manufacturing business, while Acerinox, S.A. retained its role as the listed parent and group-level company. Following the segregation, Acerinox Europa continued to operate the plant without a fundamental interruption to production or management. The early 2010s were characterized by attention to order-book management, production planning and efficiency. The plant remained a major employer in the region and an important contributor to the local industrial economy. In 2013, José Luis Masi left the factory's executive leadership on reaching retirement age, although he remained associated with the company as a non-executive board member for a period. During the middle of the decade, Acerinox invested in the modernization of the Palmones site. In October 2015, the Group approved investment in a new Sendzimir rolling mill and a new annealing and pickling line. These projects were strategically important because they could improve cold-rolling capability, product quality, manufacturing flexibility and the plant's ability to serve higher-value applications. Modernization also formed part of the Group's broader effort to keep its European asset competitive in a market exposed to global overcapacity, changing alloy prices and strong import competition. Acerinox Europa's activities have increasingly been presented within Acerinox's sustainability and innovation framework. Stainless steel is inherently recyclable, and the Group has emphasized resource efficiency, energy management, product durability and responsible industrial operations. The Palmones factory has participated in sustainability communications, including a 2022 event connected with the United Nations Sustainable Development Goals. In 2023, the site hosted representatives of the General Foundation of the Spanish National Research Council and researchers from the ComFuturo program, reflecting continuing links between the plant and Spanish metallurgical research. The plant encountered its most serious recent operational challenge in 2024. Employees began a strike on February 5 during a period of weak European stainless-steel demand and negotiations over the future organization of the factory. On May 23, Acerinox announced that the plant would move from five shifts to three shifts as part of a new organizational and production model. The company stated that the change was intended to address market conditions and recent financial performance, while also acknowledging that the revised model could affect employment levels. After almost five months, the strike ended on June 21 when the company and employee representatives reached an agreement. Acerinox later reported that the stoppage had reduced Acerinox Europa's EBITDA by approximately EUR 43 million in the first half of 2024. In July 2024, Acerinox and the works council signed the plant's fourth collective bargaining agreement, valid until December 31, 2027. The agreement was presented as a basis for greater efficiency, flexibility and diversification. It marked an attempt to stabilize labor relations while implementing the new production model. Subsequent company communications described the plant as moving toward operational recovery and renewed customer confidence. Today, Acerinox Europa remains an active and strategically important subsidiary of Acerinox Group. It is one of the Group's three integrated flat stainless-steel plants, alongside North American Stainless in Kentucky and Columbus Stainless in South Africa. Its principal role is to supply stainless-steel flat products to European and international industrial markets while adapting the Palmones operation to energy costs, regulatory requirements, import competition, changing demand and the Group's emphasis on higher-value products.

• 2026

  Johannes Strydom is appointed chief executive of Acerinox Europa

  [10]Acerinox Europa corporate registry informationboe.es

  Public corporate and registry information identifies Johannes Lafras Strydom as the newly appointed chief executive of Acerinox Europa.

• 2024

  Acerinox announces a three-shift operating model

  [3]Acerinox announces change in the operating model of Acerinox Europaacerinox.com

  The company announces that Acerinox Europa will move from five shifts to three shifts as part of a new organizational and production model responding to market and financial pressures.

• 2024

  Nearly five-month strike ends

  [4]Acerinox improves its EBITDA by 13% in the second quarter of 2024acerinox.com

  The strike that began on February 5 ends on June 21 after the company and employee representatives reach an agreement.

• 2024

  Collective bargaining agreement signed through 2027

  [4]Acerinox improves its EBITDA by 13% in the second quarter of 2024acerinox.com

  Acerinox Europa and the works council sign a collective agreement valid through December 31, 2027, designed to support efficiency, flexibility and diversification.

• 2023

  Research collaboration with the Spanish National Research Council

  [7]Acerinox Europa and Spanish National Research Council collaborationacerinox.com

  Acerinox Europa hosts a visit involving the General Foundation of the Spanish National Research Council and researchers from the ComFuturo program, emphasizing metallurgical research and industrial innovation.

• 2022

  Participation in the United Nations Sustainable Development Goals campaign

  [8]Acerinox and United Nations Sustainable Development Goalsacerinox.com

  The Palmones workforce participates in an Acerinox event marking the United Nations Sustainable Development Goals, connecting the factory's workforce and sustainability activities.

• 2021

  Fernando Gutiérrez becomes chief executive of Acerinox Europa

  [13]Fernando Gutiérrez becomes chief executive of Acerinox Europaeuropasur.es

  Fernando Gutiérrez González is appointed chief executive officer of Acerinox Europa with effect from January 1, 2021, with responsibility for the company's industrial, commercial, financial and administrative planning.

• 2015

  Modernization investment in rolling and finishing equipment

  [5]Acerinox 2015 annual accounts and management reportsacerinox.com

  Acerinox approves investment in a new Sendzimir rolling mill and a new annealing and pickling line for the Campo de Gibraltar factory.

• 2014

  Acerinox highlights the regional importance of the Palmones factory

  [12]Acerinox highlights the regional importance of the Palmones factoryacerinox.com

  Acerinox presents the Los Barrios plant as the origin of the Group and a major employer in the Campo de Gibraltar, with more than 2,000 direct employees cited in a company press release.

• 2013

  Factory chief executive José Luis Masi retires from executive leadership

  [9]Acerinox consolidated report on Acerinox Europaacerinox.com

  José Luis Masi leaves the director and chief executive position at the factory after reaching retirement age, while remaining associated with the company as a non-executive board member.

• 2011

  Acerinox Europa is established through corporate segregation

  [2]BOE/BORME: Acerinox Europa segregation projectboe.es

  Acerinox announces the creation of Acerinox Europa, S.A.U. as the beneficiary of a segregation transferring the Palmones integrated flat stainless-steel business, including production, distribution and logistics activities.

• 1970

  Acerinox is founded and the Spanish stainless-steel industrial project begins

  [11]Acerinox is founded and the Spanish stainless-steel industrial project beginses.wikipedia.org

  Acerinox is established as a Spanish-Japanese stainless-steel venture. The industrial project that later becomes Acerinox Europa's Palmones factory forms the foundation of the wider Acerinox Group.

Business-to-business integrated stainless-steel manufacturer serving European and international industrial markets. Acerinox Europa is positioned as a large-scale, technically integrated and increasingly flexible flat-products production platform within Acerinox Group, with emphasis on manufacturing efficiency, product diversification, quality, recycling and higher-value stainless-steel applications.

• Stainless steel · 1970

  Integrated stainless-steel flat products

  Acerinox Europa operates an integrated flat-products stainless-steel complex. The production route includes melting and casting, hot rolling, cold rolling, annealing, pickling and finishing. The integrated structure allows the company to control product chemistry, thickness, surface quality and delivery specifications across a broad industrial product range.

• Flat stainless-steel products · 1970

  Hot-rolled stainless-steel strip and plate

  Hot-rolled products are produced by reducing cast stainless-steel slabs at high temperature. They provide input for subsequent cold-rolling and finishing operations and can also serve applications where dimensional precision and surface requirements are compatible with hot-rolled material. Typical end uses include industrial equipment, construction, transport and processing machinery.

• Flat stainless-steel products · 1970

  Cold-rolled stainless-steel sheet and strip

  Cold-rolled sheet and strip are manufactured to tighter thickness and surface tolerances than hot-rolled material. They are used in applications requiring a controlled appearance, formability, dimensional accuracy and corrosion resistance, including appliances, architecture, food equipment, transport components and general industrial fabrication.

• Finished stainless-steel products · 1970

  Annealed and pickled stainless-steel products

  Annealing and pickling restore material properties after rolling and remove surface oxides and scale. Acerinox Europa's annealing and pickling capability supports the production of consistent, corrosion-resistant stainless-steel surfaces and helps prepare material for further finishing or direct shipment to industrial customers.

• Specialized stainless steel · 1970

  Stainless-steel grades and surface finishes

  The plant supplies multiple stainless-steel families and surface specifications for different combinations of corrosion resistance, strength, formability, weldability, appearance and temperature performance. Product selection is generally made by industrial customers according to the requirements of construction, food processing, energy, transport, chemical processing and equipment manufacturing.

• 2023ComFuturo and FGCSIC industrial research collaboration

  Spain

  Acerinox Europa hosted representatives of the General Foundation of the Spanish National Research Council and researchers connected with the ComFuturo program. The initiative emphasized the relationship between the factory, metallurgy research and industrial innovation.

  Outcome. The visit strengthened the public profile of Acerinox Europa's research and innovation links, although no separate commercial product launch was announced.

  Source
• 2022United Nations Sustainable Development Goals banner

  Spain

  Acerinox Europa employees participated in a symbolic event at the Palmones factory to mark the anniversary of the United Nations Sustainable Development Goals. The activity presented the plant as part of Acerinox Group's broader sustainability and responsible-industrial-development program.

  Outcome. The campaign increased visibility for the Group's sustainability commitments and connected the local workforce with the United Nations framework.

  Source

• 2024

  Change from a five-shift to a three-shift operating modelStrategy

  Background

  Acerinox cited difficult market conditions, the plant's recent financial performance and the need for a new organizational and production model at Los Barrios.

  Action taken

  The company announced that Acerinox Europa would operate in three shifts instead of the usual five and would continue discussions with employee representatives regarding the implementation and employment effects.

  Aftermath

  The decision contributed to a major labor dispute that began on February 5, 2024. The strike ended on June 21, and a collective bargaining agreement valid through December 31, 2027 was later signed.

  Source

• 2024

  Agreement ending the Acerinox Europa strikeOther

  Background

  The plant experienced a strike lasting nearly five months during negotiations over working arrangements, employment and the future production model.

  Action taken

  Acerinox Europa and employee representatives reached an agreement on June 21 and subsequently signed the plant's fourth collective bargaining agreement.

  Aftermath

  The agreement established a labor framework through the end of 2027 and was presented by Acerinox as supporting greater efficiency, flexibility and diversification. The strike nevertheless had a substantial effect on first-half operating performance.

  Estimated EBITDA impact of the strike on Acerinox Europa. EUR -43 million (First half of 2024)

  Source

• 2015

  Investment in a new Sendzimir mill and annealing and pickling lineStrategy

  Background

  Acerinox identified modernization of the Campo de Gibraltar factory as important to the plant's competitiveness, productivity and ability to supply higher-value products.

  Action taken

  The Group approved investment in a new Sendzimir rolling mill and a new annealing and pickling line at Acerinox Europa.

  Aftermath

  The project expanded and modernized the plant's cold-rolling and finishing capabilities and formed part of the Group's long-term industrial investment program.

  Source

• 2011

  Segregation of the Palmones industrial business into Acerinox EuropaM&A

  Background

  Acerinox sought to place the integrated flat stainless-steel production, distribution and logistics activities of the Palmones factory in a legally autonomous subsidiary while retaining control within the Acerinox Group.

  Action taken

  Acerinox established Acerinox Europa, S.A.U. and transferred the relevant assets, liabilities, contracts, production units and operating relationships to the new company.

  Aftermath

  Acerinox Europa became the operating company for the Spanish integrated flat-products plant, while Acerinox, S.A. continued as the listed parent and group-level entity.

  Value of transferred assets in the segregated economic unit. EUR 934,042,014.54 (2011 segregation project)

  Source

1. 1Acerinox Group: About usacerinox.com
2. 2BOE/BORME: Acerinox Europa segregation projectboe.es
3. 3Acerinox announces change in the operating model of Acerinox Europaacerinox.com
4. 4Acerinox improves its EBITDA by 13% in the second quarter of 2024acerinox.com
5. 5Acerinox 2015 annual accounts and management reportsacerinox.com
6. 6Acerinox Group executive committeeacerinox.com
7. 7Acerinox Europa and Spanish National Research Council collaborationacerinox.com
8. 8Acerinox and United Nations Sustainable Development Goalsacerinox.com
9. 9Acerinox consolidated report on Acerinox Europaacerinox.com
10. 10Acerinox Europa corporate registry informationboe.es
11. 11Acerinox is founded and the Spanish stainless-steel industrial project beginses.wikipedia.org
12. 12Acerinox highlights the regional importance of the Palmones factoryacerinox.com
13. 13Fernando Gutiérrez becomes chief executive of Acerinox Europaeuropasur.es