Low steel prices hurt Aperam’s results at the end of 2025

The company expects recovery in 2026

European stainless steel producer Aperam reported adjusted EBITDA of €67 million in Q4 2025, slightly below market expectations (€68.4 million). The figure was more than 40% lower than in the same period of 2024, reflecting continued weak demand and low steel prices in Europe.

According to the company, the average selling price of stainless and electrical steel in Q4 fell by 16% y/y, and overall in 2025, the market was under pressure due to reduced consumption in key industries. Against this backdrop, Aperam’s financial results remained subdued, despite cost optimization measures.

At the same time, the company forecasts an improvement in performance in Q1 2026 compared to the end of 2025. Additional support for European producers should be provided by new EU regulatory instruments, in particular the Carbon Border Adjustment Mechanism (CBAM), which came into force on January 1, as well as the European Commission’s proposal to reduce steel import quotas.

Analysts expect that the combination of CBAM and stronger trade protection will gradually accelerate price growth in the region, with a more noticeable effect in 2026. This could create the conditions for Aperam and other European steelmakers to return to profitability after a prolonged period of weak market conditions.

As reported by GMK Center, global stainless steel production in 2024 increased by 7% compared to 2023, reaching 62.621 million tons. Over the year, Europe, including Ukraine, increased stainless steel production by 1.5% y/y – to 6.09 million tons. The US increased its production by 6.9% y/y – to 1.95 million tons over 12 months. China produced 39.44 million tons of stainless steel during the same period, up 7.5% y/y. In Asia, excluding China and South Korea, stainless steel production grew by 6.4% y/y last year – to 7.32 million tons.