Acerinox Gains as Trump Tariffs Lift U.S. Steel Prospects

Acerinox [ACX.E] shares opened up by around 1.29% today as U.S. tariffs on imported steel and aluminum instituted by President Donald Trump doubled from 25% to 50%.

The Spanish stainless steel producer operates North American Stainless (NAS), a fully integrated mill in Kentucky, positioning it to potentially benefit from the new tariffs that may disadvantage foreign competitors lacking U.S. production facilities. 

In light of the tariffs coming into effect, Acerinox shares have risen 6.19% over the past month, climbing from EUR 10.35 to about EUR 10.99 at today’s open.

This percentage gain in the Madrid-based steel producer’s share price is broadly in line with Spain’s benchmark, as the IBEX 35 rose 4.86% over the same period — from 13,518 on 5 May to 14,175 at opening on 4 June. (Source: Yahoo Finance)

YTD Shines Bright for Acerinox

The year has started strong for Acerinox, with shares up 13.42% year-to-date — rising from EUR 9.69 at the start of 2025 to approximately EUR 10.99 at today's open. This performance places it among the top gainers on Spain’s IBEX 35 index, which has climbed 21.26% so far this year, from 11,676 to 14,158 points.

Acerinox’s rally has been particularly sharp since 9 April, when shares were trading at EUR 8.96. They’ve climbed steadily over the past two months to reach EUR 10.99 at today’s open — a 22.66% gain.

In early April, President Trump announced the “Liberation Day” tariffs on 2 April, sparking initial volatility across markets. But a few days later, he introduced a 90-day temporary pause before full implementation, easing the immediate concerns.

U.S. Operations Remain Core to Acerinox Strategy

Acerinox has operated its North American Stainless (NAS) plant in Kentucky since 1990; by the end of the 2000s, it had become the largest stainless steel producer in the United States.

With a nominal capacity of 1.4 million tons per year and over 1,350 employees on site, the company reportedly has plans to expand the facility.

The U.S. and Europe remain Acerinox’s key markets, according to its Q1 2025 earnings report. In the first three months of 2025, the group reported a 5% increase in consolidated revenue year-on-year, although EBITDA declined 8% versus the first quarter of 2024. Still, the company said results showed an improvement over 2024’s Q4.

America’s Steel Market Amid New Tariffs

In its Q1 report report (released on 8 May), Acerinox said geopolitical tensions and trade policy continue to weigh on demand for stainless steel and high-performance alloys. Still, the U.S. order book for stainless remains solid, and the company expects stable conditions for high-performance alloys.

The United States remains the world’s largest steel importer. Under the latest executive order, President Trump has moved to double tariffs on steel and aluminum imports from 25% to 50%, framing the move as essential to safeguarding the domestic industry’s future.

However, this measure could increase revenues of U.S. steel companies, but may come at a high cost to U.S. manufacturers and households, the Peterson Institute for International Economics reports.

Conclusion

Acerinox enters the second half of 2025 with strong year-to-date performance, supported by solid U.S. stainless order books and rising momentum in its share price. 

The company said its operations in Kentucky may benefit from tariffs affecting competitors without U.S. production, though it also warned that geopolitical tensions and trade policy continue to weigh on demand for stainless steel and high-performance alloys.

How the tariffs will ultimately reshape market dynamics—and whether the gains prove durable—remains to be seen.

* Past performance does not reflect future results.