Which company this profile covers
Acerinox, S.A. is the Spanish parent of a group manufacturing and selling stainless steel and high-performance alloys. It was incorporated on 30 September 1970 and its registered office is at 100 Calle Santiago de Compostela, Madrid. Its tax ID is A28250777. The parent directs strategy, financing and corporate services; subsidiaries carry out industrial operations.
This profile uses the worldwide consolidated boundary. Acerinox Europa, North American Stainless, Columbus Stainless, Roldán, Inoxfil, VDM Metals and Haynes International are group businesses with distinct entities, plants and local responsibilities.
2025 accounts: identity and reporting boundary; Legal notice: legal name, tax ID and registered office
Origins, founders and industrial expansion
The fiftieth-anniversary book describes a project led by Victoriano Muñoz Cava on the instructions of José María Aguirre Gonzalo, then Banesto’s vice-chair. Founding agreements with Nisshin Steel and Nissho Iwai were signed in Tokyo in April 1970. Initial shareholders included Banco Guipuzcoano, Banesto, Bandesco, the two Japanese companies, Efrén Beltrán and Manuel Umbert. Its origins were therefore a shared industrial and financial venture.
The Campo de Gibraltar plant was the starting point. The stock-market listing followed in October 1986; North American Stainless was established in 1990 and the investment in Columbus Stainless followed in 2002. The 2020 purchase of VDM Metals opened diversification into specialty alloys. Haynes joined on 21 November 2024. Shortly afterwards, Bahru Stainless in Malaysia was sold on 3 December 2024, while commercial activity remained in the country.
Fiftieth-anniversary book: origins and expansion; 2025 accounts: identity and reporting boundary; 2025 report: divisions and industrial network
Listed ownership and significant holdings
Acerinox is listed in Madrid and Barcelona and is an IBEX 35 constituent. At year-end 2025 it had 249,335,371 ordinary shares. The corporate holdings table checked on 8 November 2026 reports 18.958% of voting rights for Corporación Financiera Alba, an indirect 5.705% for Fundació Privada Daniel Bravo Andreu and 3.041% for Industrial Development Corporation. Filing dates differ and the table is not a register of every shareholder.
It also distinguishes rights attached to shares from financial instruments. A significant holding does not make an investor Acerinox’s parent. The shareholders in the 1970 venture should likewise be distinguished from present ownership.
2025 report: divisions and industrial network; Significant holdings checked in November 2026
Leadership and corporate decisions
Carlos Ortega Arias-Paz is chair and Bernardo Velázquez Herreros is chief executive. The February 2026 results presentation also identifies Miguel Ferrandis as chief corporate officer and Esther Camós as chief financial officer. The 30 October 2026 announcement confirms Velázquez as CEO. Strategy combines high-performance-alloy integration with investment and working-capital discipline; expansion announcements must be distinguished from facilities already commissioned.
Carlos Ortega Arias-Paz: current chair; 2025 results presentation: leadership team; Results for the first nine months of 2026; 2025 report: Haynes integration and investments
Businesses, products and markets
The stainless division comprises three integrated flat-product plants—Acerinox Europa, NAS and Columbus—and two long-product plants, Roldán and Inoxfil. VDM Metals and Haynes form the high-performance-alloys division. The group reports 15 factories on three continents and sales in more than 80 countries. Its own network and destination markets are different measures: selling in a country does not mean manufacturing there.
Products serve transport, construction, food processing, industrial equipment, energy and aerospace. Within Haynes, HASTELLOY generally identifies corrosion-resistant alloys and HAYNES high-temperature families. These are material brands of the business acquired by the group. Selection requires composition, processing and testing specifications; a commercial name does not replace technical verification for a particular application.
2025 report: divisions and industrial network; Haynes: alloy families and applications
Revenue and earnings for 2025
The consolidated January–December 2025 accounts report revenue of €5,780.513 million, compared with €5,413.128 million in 2024. The loss attributable to the group was €40.074 million, against a €224.946 million profit. The total consolidated loss, before allocation between parent shareholders and non-controlling interests, was €54.217 million. These measures differ from EBITDA and the company’s adjusted presentation figures.
Net operating cash flow was positive at €455.489 million. An accounting loss alongside cash inflow requires examination of adjustments and working-capital movements. Moreover, 2025 includes a full year of Haynes, whereas 2024 includes only the period after acquisition. Nine-month 2026 results are a subsequent update, not a replacement for the latest annual close.
2025 accounts: consolidated revenue and earnings; 2025 accounts: cash flows; 2025 accounts: identity and reporting boundary; Results for the first nine months of 2026
Workforce and geographical distribution
At 31 December 2025 there were 9,139 employees: 7,801 men and 1,338 women. This is year-end headcount, not average staffing or full-time equivalents. By employment location, the United States had 3,184 people, Spain 2,564, Germany 1,825 and South Africa 1,226. The report’s nationality table answers a different question and should not be used as the geographical distribution of jobs.
There were 8,953 permanent and 186 temporary contracts. Contractor work is reported separately in safety data. When new plants are integrated, this distinction is needed so changes in indicators are not explained only by who enters the reporting boundary.
Year-end 2025 workforce: countries and contracts; 2025 injuries: employees and contractors separately
Industrial transformation, digitalisation and AI
Haynes integration connects its capabilities with NAS and VDM. The 2025 report documents joint trials, R&D projects and preparations for vacuum melting, forging and finishing equipment. It also describes NAS expansion and VDM projects at different construction, installation and commissioning stages. Dates forecast in that report remain plans; they are not automatically treated here as confirmation of delivery during 2026.
Corporate learning includes artificial intelligence alongside safety, technical skills, languages and leadership. This establishes a training offer, not an AI system independently controlling occupational risks. The 2025 average of 58.2 training hours per employee covers all subjects, not prevention alone.
2025 report: Haynes integration and investments; Training and skills in 2025
Prevention arrangements and everyday controls
Stainless production combines load handling, repetitive movements, chemicals, noise, vibration and thermal stress. The 2025 report describes risk assessments, ISO 45001-based systems and site-specific emergency plans. Management of change requires risk review when equipment or operations change and allows workers to contribute observations.
The corporate safety page describes 6S workplace organisation, a safety minute at shift handover, accident reporting and stronger lockout/tagout—LOTO—audits. It also describes a joint emergency drill with firefighters at Palmones. These are published practices, some with historical references; the page does not establish daily implementation at every plant in November 2026.
Process safety and management of change in 2025; Published health and safety practices
Process safety: an engineering case at NAS
Process safety addresses loss of containment of substances, energy and molten metal, which can lead to fire or explosion. Acerinox reported zero Tier 1 events, seven Tier 2 events and a PSIR of 0.30 per million hours for 2025. These tiers classify process events and are not counts of lost-time injuries.
A case submitted by NAS to Worldstainless describes an incident in which raising the tundish caused the stopper arm to strike a beam and open the steel flow. The team and a contractor developed a prototype and final design avoiding that interference. The 2025 submission reports approximately six months without recurrence after installation. This is a local result over a limited observation period, useful for examining how a physical modification controls a hazardous sequence; it does not establish accident-free performance across NAS.
Process safety and management of change in 2025; Worldstainless 2025: Acerinox Europa and NAS cases
Psychosocial assessment and follow-up at Acerinox Europa
The 2025 report identifies a PSICOMET pilot at Spanish sites. Acerinox Europa’s Worldstainless award submission describes the procedure: five trained people review indicators and action plans monthly; an initial ten-question screen is integrated into the medical examination, followed where indicated by further assessment and support.
The documentation mentions MentallyPRO for closer examination of workload, working time, participation, leadership and change management, plus confidential review by occupational health surveillance. The case reports lower costs of mental-health sickness absence but provides no study design establishing that the programme caused the decline. The prevention distinction matters: identifying individual needs and providing support should accompany assessment and changes to working conditions. The pilot is not extrapolated to the worldwide workforce or treated as independent validation of the tools.
2025 report: participation and psychosocial pilot; Worldstainless 2025: Acerinox Europa and NAS cases
Assistance, participation and healthy-organisation arrangements
The report describes employee-assistance programmes at major facilities, with psychological counselling, 24-hour psychologist access and monthly workshops. It also reports that Acerinox Europa obtained AENOR Healthy Organisation certification in 2025. That entity and date remain explicit: this is not presented as certification of the entire group or proof of absence of harm.
Health and safety committees, worker representation and the whistleblowing channel provide ways to raise hazards and concerns. Assessing their effectiveness would require participation, response, organisational-action and follow-up data. A reporting channel or support benefit is part of the system, with a different role from removing exposure.
2025 report: employee assistance and wellbeing; 2025 report: participation and psychosocial pilot
Injuries: distinguishing people, rates and contractors
The 2025 table records 124 recordable injuries and 56 lost-time injuries among employees over 16,939,570 hours. Rates per million hours are TRIR 7.32 and LTIFR 3.31. Contractors account for 34 recordable and 14 lost-time injuries over 6,278,791 hours, with TRIR 5.42 and LTIFR 2.23. The published combined indicator is different: LTIFR 3.01 and TRIR 6.80.
No fatal accidents are reported for either population in 2025; the contractor comparison does record one in 2024. There were 23 reported work-related illnesses among employees in 2025. The footnote says contractor absence and occupational diseases are not recorded. The table therefore cannot establish zero illness among everyone working at the facilities.
2025 injuries: employees and contractors separately; 2025 injury indicators and comparison limits
Certified coverage and limits of comparison
The report places coverage by facilities with certified systems at 8,298 people, or 91% of the 2025 workforce, citing ISO 45001 and ISO 14001. The former concerns occupational health and safety and the latter environmental management. This is reported employee coverage, not a single certificate covering every entity or a guarantee that each control is effective.
The injury series warns that Haynes is absent from 2024 data, although it was considered when setting 2025 targets. It also notes changes in the treatment of VDM Germany contractor hours. Numerators, denominators and populations therefore remain explicit: a change in the rate alone does not establish an equivalent improvement across an identical set of sites.
2025 report: safety-management coverage; 2025 injury indicators and comparison limits
Circularity and industrial exposure
Scrap is a central raw material. The report explains that recycled-input proportions vary with product specifications and distinguishes this measure from recycled content in output. It also retains a target to recycle 90% of waste from its own operations by 2030. This is not an achieved result or a statement that every product contains that recycled percentage.
For prevention, circularity and safety should be examined together using their own indicators. Recovering metals still requires control of process substances and energies; environmental improvement does not replace exposure assessment, maintenance or emergency planning.
Circularity: materials, products and targets; Process safety and management of change in 2025
Workforce challenges and interpreting performance
The report links higher 2025 production to the lower 2024 base, affected by the Acerinox Europa strike, and to Haynes integration. Performance therefore sits in a context of industrial relations and integration as well as technical efficiency. This reference does not establish that every labour disagreement has been resolved or assign legal responsibility to either party.
For other organisations, the useful lesson is to connect an incident to a verifiable modification, maintain employee and contractor participation, and distinguish support-programme outcomes from changes in working conditions. This is an independent editorial reading of public sources; it does not establish a commercial relationship with Sabentis.
2025 production and the effect of the 2024 strike; Worldstainless 2025: Acerinox Europa and NAS cases; 2025 report: participation and psychosocial pilot
Frequently asked questions
Are Acerinox and Acerinox Europa the same entity?
No. Acerinox, S.A. is the listed parent. Acerinox Europa is the Campo de Gibraltar industrial business. This profile’s financial figures cover the worldwide consolidated group. [1]
Are Haynes and Bahru both in the 2025 group boundary?
Haynes, acquired in November 2024, is consolidated throughout 2025. Bahru Stainless was sold in December 2024; retaining a Malaysian commercial subsidiary does not mean retaining that plant. [1]
What does the 3.01 LTIFR represent?
It is the published combined lost-time injury frequency per million hours in 2025. The employee rate is 3.31 and the contractor rate 2.23. It is not a death count. [1] · [2]
Does comparison with 2024 use the same boundary?
Not fully. The safety note excludes Haynes from 2024 and flags VDM Germany contractor-hour treatment. The Acerinox Europa strike also affected 2024 production. [1] · [2]
Does the psychosocial programme prove it caused lower absence?
The submission describes a procedure and reports a favourable local trend. It provides no design isolating the programme’s effect or supporting extrapolation across the group. [1]
Does ISO 14001 certify occupational safety?
ISO 14001 concerns environmental management. The report also cites ISO 45001 for health and safety and reports 91% employee coverage at facilities with certified systems, not a universal certificate. [1]
