Luxembourg headquartered stainless steel leader Aperam has reported EBITDA of EUR 235 million in July-September 2022 quarter & net income of EUR 96 million, down 42% YoY & 69% YoY respectively. Aperam CEO Mr Timoteo Di Maulo said “Aperam s differentiated value chain and stable operations in Brazil enabled us to generate solid results and considerable free cash flow in the third quarter. We achieved this despite a pronounced inventory cycle and energy challenges in Europe and have, as usual with NWC discipline, begun our cash release immediately as markets started to turn, in particular in Europe.”Sales for the third quarter of 2022 decreased by 26% at EUR 1,818 million compared to EUR 2.457 million for the second quarter of 2022. Shipments decreased from 635 thousand tonnes in the second quarter of 2022 to 508 thousand tonnes in the third quarter of 2022, due to pronounced destocking by customers in Europe.EBITDA decreased during the quarter to EUR 235 million from EUR 402 million due to negative inventory valuation, lower volumes and a price/cost squeeze.The Company recorded a net income of EUR 121 million for the third quarter of 2022, compared to EUR 317 million for the second quarter of 2022.The Stainless & Electrical Steel segment had sales of EUR 1,186 million for the third quarter of 2022. This represents a 28% decrease compared to sales of EUR 1,643 million for the second quarter of 2022. Steel shipments during the third quarter were 352 thousand tonnes, a decrease of 19% compared to shipments of 432 thousand tonnes during the previous quarter. Shipments in Brazil were seasonally normal and remained at a high level but customers’ destocking impacted Europe in the seasonal trough quarter. Average steel selling prices for the Stainless & Electrical Steel segment decreased by 12% compared to the previous quarter.