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    ACX   ES0132105018


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Acerinox Shares Drop After Nippon Steel Sells 7.9% Stake at Discount

06/18/2021 | 04:55am EST

By Pietro Lombardi

Shares in Spanish steelmaker Acerinox SA are in the red on Friday after a large shareholder sold part of its stake at a discount.

Nippon Steel Corp. has halved its holding in the company, selling a 7.9% stake for around 218.1 million euros ($259.7 million). This corresponds to EUR10.20 for each of the roughly 21.4 million shares it sold. The price of the placement is below Acerinox's closing price on Thursday, which was EUR10.82.

Acerinox shares fall 5.6% in European morning trade to EUR10.22, roughly in line with the price buyers paid for Nippon's stake.

"The news is negative for Acerinox," Renta 4 Banco analyst Cesar Sanchez-Grande said, adding that the sale of Nippon's remaining stake is likely after the lock-up period. The Japanese company still has a 7.9% stake in Acerinox.

The news comes at a bad time for the Spanish company, as it hit the stock in a period marked by significant improvement in the company's results, he said.

Write to Pietro Lombardi at pietro.lombardi@wsj.com; @pietrolombard10

(END) Dow Jones Newswires

06-18-21 0454ET

Stocks mentioned in the article
ChangeLast1st jan.
ACERINOX S.A. -4.76% 10.11 Delayed Quote.11.91%
NIPPON STEEL CORPORATION -2.67% 1806.5 End-of-day quote.36.03%
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06/18Nippon Steel sells 7.9% stake in Acerinox for 218 million euros
06/18Acerinox Shares Drop After Nippon Steel Sells 7.9% Stake at Discount
06/17An unknown buyer acquired 7.9% stake of Acerinox, S.A. from Nippon Steel Corporation.
06/01ACERINOX S.A. : Ex-dividend day for final dividend
More news
Sales 2021 6 560 M 7 425 M 7 425 M
Net income 2021 555 M 628 M 628 M
Net Debt 2021 581 M 657 M 657 M
P/E ratio 2021 4,94x
Yield 2021 5,00%
Capitalization 2 734 M 3 094 M 3 095 M
EV / Sales 2021 0,51x
EV / Sales 2022 0,44x
Nbr of Employees 8 305
Free-Float 73,4%
Duration : Period :
Acerinox S.A. Technical Analysis Chart | ACX | ES0132105018 | MarketScreener
Technical analysis trends ACERINOX S.A.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 18
Last Close Price 10,11 €
Average target price 15,94 €
Spread / Average Target 57,7%
EPS Revisions
Managers and Directors
Bernardo Velßzquez Herreros Chief Executive Officer & Executive Director
Miguel Ferrandis Torres Chief Financial Officer
Rafael Miranda Robredo Independent Chairman
Hans O. Helmrich Chief Operating Officer
George Donald Johnston Independent Director
Sector and Competitors