Acerinox has signaled that a listing of its U.S. operations on a U.S. exchange remains a live option after the company completed its takeover of specialty metals maker Haynes International late in 2024. The U.S. arm produces the bulk of the Spanish steelmaker's earnings, and executives said the relative valuation and liquidity advantages in U.S. markets make the idea worth examining.
"We can’t not consider it," Chief Executive Bernardo Velazquez told Reuters, stressing that higher valuations and deeper liquidity in U.S. markets compared with Spain justify exploring all routes. Executives previously raised the possibility of a local listing for the U.S. business in an interview last year while the Haynes integration was still in progress.
Should the company move forward with an initial public offering, Acerinox's Chief Corporate Officer Miguel Ferrandis said the parent would keep a majority stake in the U.S. unit. Ferrandis told investors on a post-earnings call that no timing has been set for any such transaction.
Velazquez also addressed potential political risk, dismissing concerns that Spain's refusal to permit U.S. military use of bases to strike Iran could provoke American retaliation. "We are not worried in the slightest" about the prospect of reprisals, he said. On the relationship between the U.S. and the U.S.-based business, he added: "The only people who need to worry about this are those who have to export to the United States. We are Americans, we are regarded as Americans and we are fully integrated." The comment referenced the U.S.-based portion of Acerinox's operations, which is a member of U.S. trade associations.
Market observers and academics cited by the company consider a formal U.S. trade embargo on Spain unlikely, but acknowledge uncertainty over how the Trump administration could respond if it chose to act. Analysts at UBS noted in a March research note that Acerinox ranks among the Spanish companies most exposed to the U.S. market.
The company faces a set of strategic choices: whether to tap U.S. public markets to capture higher valuations and liquidity, and how to time any offering while maintaining control of the U.S. business. Executives emphasize that the Haynes acquisition is closed and integration work is a factor in planning but have not provided a schedule for any listing.
Contextual note: The discussions reflect Acerinox's assessment of capital markets and the corporate structure of its U.S. operations following the Haynes deal, without indicating a fixed path or timetable for an IPO.