Madrid headquartered Spanish stainless steel giant Acerinox has reported best half year results in its 52-year history for January to June 2022. Group EBITDA totaled EUR 945 million, increasing by 150% compared to the same period of 2021, when EBITDA totaled EUR 378 million. The Group’s net profit amounted to EUR 609 million, a 201% increase compared to the same period of 2021, when profits totaled EUR 203 million. Revenue also increased significantly in the first six months of 2022 to total EUR 4,821 million, giving rise to a 57% increase compared to the first half of 2021. During this six-month period, Acerinox produced 1.29 million tonnes, a slight decrease compared to the same period of 2021, when production totaled 1.34 million tonnes.The improvement in performance during the first half of 2022 was progressive. In the second quarter of 2022, EBITDA increased by 24% compared to the first quarter, increasing from EUR 422 million to EUR 523 million. Revenue increased by 11% to EUR 2,535 million compared to the previous quarter, and net profit increased from EUR 266 million in the first quarter to EUR 343 million in the second, a 29% increase.Acerinox said “There remains a healthy demand from end customers, but there has been a drop in dealer orders following the end of the inventory replenishment process that started at the end of 2020. The strength of the market and the stability of costs in the US, coupled with the Group’s order backlog, provide us with optimism for the third quarter. The exceptional EBITDA achieved in the second quarter, helped by the revaluation of inventories, is a new historical record for Acerinox.”Acerinox CEO Mr Bernardo Velázquez said “We are witnessing a process of regionalization. The regionalization process that is taking place will increase local purchases and will offset, to a certain extent, the economic recession. Not only do we expect a greater local purchasing component in our main markets, but the closer sourcing will also boost the development of the entire industry in the countries in which we operate, which will further promote stainless steel consumption. If we add to this situation the congestion and high transport costs and the measures against unfair competition in the different markets, which will make exports less competitive, we believe that this new decade that we are starting in such a turbulent way will allow us to value the geographical diversification of the Acerinox Group and all the progress we are making, which will boost Acerinox’s results.Expected EBITDA in the third quarter of 2022 is likely to be above the average quarterly results of the excellent 2021, the best year in the Group’s history. The second half of the year will be marked by the conflict in Russia and Ukraine and the many uncertainties arising therefrom. The factor which causes greatest concern at the moment is energy, not only because of high prices in Spain, but also because of uncertainties about future regular supply in Germany.