Aperam: stock hit by profit warning
(CercleFinance.com) - Aperam's shares are down 7% in heavy trading volumes on Monday morning, following the warning issued by the stainless steel producer on Friday evening regarding its Q3 results.
On Friday evening, the group reduced its targets for the current quarter following incidents at its two foundries in Genk and Chatelet, Belgium.
While production volumes were previously expected to rise slightly sequentially (quarterly), they are now expected to be similar between Q2 and Q3.
Following the recent fall in steel prices, which has led to its inventories falling in value, Aperam has also reduced its adjusted Ebitda target for Q3.
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