Acerinox delivered €112 million in Q2 EBITDA, a 10 % gain over Q1, but suffered a €28 million net loss after a €48 million tax credit impairment. Robust operations in North American Stainless and high‑performance alloys offset flat European demand, helping the company navigate trade-related headwinds. Integration of Haynes is progressing, aiming for USD 75 million in synergies across adjacent units. With cautious optimism, management expects Q3 EBITDA to mirror Q2 levels once tariff uncertainties settle.