Aperam anticipates a slowdown in Indonesian nickel and continues to reduce its debt
The stainless steel producer published its newsletter on 9 November 2026. Its main analysis focuses on the limits of the growth of Indonesian nickel.
The document also reports remarks from its chief executive on the third quarter and on the group's deleveraging trajectory.
According to Aperam, the rise of Indonesian nickel could lose momentum
According to Aperam, Indonesian nickel pig iron (NPI) has become, within a decade, the main source of nickel for stainless steel production, with more than 50% of global supply. Mining restrictions, declining ore grades and slower investment could, however, limit its growth.
Refined nickel and the recycling of stainless steel scrap should therefore take on a growing role, reshaping supply chains and production costs across the sector. In the same newsletter, Aperam says it supports the European Commission's proposal to strengthen export restrictions on scrap.
Net debt down and revenue more than doubled at AMC
Sud Sivaji, chief executive officer, describes the third-quarter 2026 results as the "best third-quarter performance in four years," against a backdrop of seasonality and weak demand in Europe. He adds: "Our net financial debt continued to decline, even in the third quarter, and we are on track to meet our deleveraging target by the end of 2027."
On the industrial front, Aperam Magnetic Components (AMC) more than doubled its revenue following the acquisition of Magnetec and expanded its presence in Europe and Asia. The subsidiary targets electric mobility, energy, industrial applications and electrical safety.
Aperam also reports recycling 96% of the water it withdraws and a 5.83% decrease in the intensity of its water withdrawals in 2025, with a target of a 40% reduction by 2030. After five years of testing, its ENDUR 300 stainless steel has shown a service life of up to three times that of carbon steel.
