Good morning, ladies and gentlemen, dear shareholders. On behalf of the Board of Directors, which I have the honor of chairing, and on my own behalf, I would like to thank you for attending, both those of you who are physically present in this room and those of you who are online. I welcome you to this Ordinary General Shareholders' Meeting of Acerinox. This General Shareholders' Meeting is also held by telematic means through the electronic platform set up for this purpose on the corporate website. This platform also allows shareholders to exercise their attendance, representation, and voting rights. In addition, this meeting is being broadcast live so that anyone interested can follow it anywhere around the world, and the recording of the meeting will be available on the company's website for a period of one month after holding this General Meeting of Shareholders.
Next, and in accordance with the provisions of the Acerinox General Shareholders' Meeting regulations, first, I will verify compliance with the legal and statutory requirements for the valid constitution or establishment of this General Shareholders' Meeting, for which I give the floor to the Secretary of the Board of Directors. Thank you, Mr. Chairman. Good afternoon, ladies and gentlemen, shareholders. As the Chairman has said, it is now the time to check that the legal and statutory requirements for the valid constitution of this meeting have been met. This General Meeting of Shareholders is held on the second call as Ordinary Meeting, and in accordance with the Articles of Association, and this is chaired by the Chairman of the Board of Directors, Mr. Carlos Ortega Arias-Paz, assisted by the Secretary, myself.
We have, apart from the Chairman and the Secretary, the Chief Executive Officer, Mr. Bernardo Velázquez Herreros, and the following directors: Ms. Rosa María García Piñeiro, Francisco Javier García Sanz, Laura González Molero, Tomás Evia Armengol, Leticia Iglesias Herraiz, Marta Martínez Alonso, Santos Martínez Conde Gutiérrez Barquín, and Pedro Sainz de Baranda Riva. The above directors are all present at this General Meeting of Shareholders and are present in this room. The call to this General Shareholders' Meeting was resolved by the Board of Directors at its meeting held on the 24th of March 2025. The notice of this meeting was published on the 1st of April on the website of the National Securities and Exchange Commission through a notice of all the relevant information and in the official gazette number 63 in the newspaper Expansion and on the company's website.
The agenda of the meeting is the one included in the notice of the meeting, and since it is quite extensive and known to all of you, it is taken as read. The documentation relating to this General Meeting has been available to shareholders at the registered office and on the company's website without interruption from the time the notice of the call was published. At the same time, the shareholders were also able to request the document be sent free of charge in accordance with the terms set out in the law. It is hereby stated for the record that neither have the shareholders submitted any supplements to the notice of this Ordinary General Meeting nor any alternative proposed resolutions to those approved by the Board of Directors.
The Board of Directors, according to the provisions 203, the Article 203 of the Capital Companies Act, has demanded the presence of the notary public of the Madrid Notarial Association, Ana López Moniz Gallego, who is present in the room, to take the minutes of this General Meeting of Shareholders. Now, on behalf of the Chairman, I would like to report on the provisional attendance figures for the purpose of verifying the valid constitution of this meeting. We still need to check the attendance card, but we have a provisional quorum that is enough to start this General Meeting of Shareholders. Shareholders holding online or present: 521 shareholders holding 69,816,233 shares, equivalent to 28.001% of the share capital. Represented at this meeting are 1,259 shareholders, having 35,947,886 shares, equivalent to 38.47%.
In agreement with the previous information, the right to vote is EUR 38,941,029, and this is 155 million shares, equivalent to 62.472% of the share capital. In accordance with the foregoing, the provisional quorum of attendance complies with the requirements of Article 194 of the Capital Companies Act for the valid constitution of this General Shareholders' Meeting on this second call. The final attendance figures for this meeting will be provided before reading the proposed resolutions on the agenda, which will then be brought to vote. In view of the fact that by virtue of the information provided by the Secretary, sufficient representation of the share capital is in attendance, I declare this General Meeting validly constituted on second call to deliberate and resolve on all the items of the agenda submitted to vote.
In accordance with the provisions of the Regulation of the Commercial Registry, the Notary will then ask the meeting whether there are reservations or protests, objections regarding the statements of the number of shareholders attending and the capital present. In compliance with the provisions of Article 101 of the Regulations of the Commercial Registry and 11.3 of the Regulations of the General Meeting of Shareholders, I hereby declare that I have been requested to attend this meeting and take the minutes of the meeting. I have assessed the capacity of the requester and verified that the meeting has been convened in accordance with the legal and statutory requirements. It is on me to ask whether any shareholder wishes to make any reservation or objection on the statements regarding the number of shareholders present and the share capital present.
If there is any shareholder or representative who wishes to register a reservation or objection regarding the valid constitution of the General Meeting or the overall details of the list of attendees, please do so in the case of the attendees present in this room or in the case of those attending online via the link available on the telematic attendance platform provided on the website in order to record their reservation or objection in writing, which will then be included in the minutes. Thank you, Madam Notary. I now give the floor to the Secretary.
In accordance with the provisions of the Regulations of the General Meeting of Shareholders, shareholders or their proxies who are attending online and wish to speak and, where appropriate, request information or clarification on any item on the agenda, on the information accessible to the public that the company has provided to the National Securities and Exchange Commission since the last General Meeting was held and on the auditor report, or make proposals in legally permitted cases, they have been able to do so today through the telematic attendance platform set up on the website from the connection until 11:45 A.M. today. Likewise, if there is any shareholder present in this room who wishes to speak, he or she may request to do so from this moment until the intervention or time begins by going to the right-hand side of this auditorium from the entrance where the lectern is located.
In order to be recorded in the minutes, please identify yourself with your national ID card to the staff in charge of managing the interventions, indicating the number of shares you hold and whether you are the holder of the shares or whether you are acting on behalf of another person or a proxy. In addition, if any shareholder or proxy present in the room wishes to have his or her speech recorded verbatim in the minutes of the General Meeting, he or she must submit it in writing when requesting his or her turn to speak when it is their time to speak. I hereby inform you that all the interventions made will be answered either verbally during this meeting or in writing within the seven days after the meeting has been held in compliance with Article 197.2 of the Spanish Companies Act.
On the other hand, it is reminded that given that the proposed resolutions formulated by the Board of Directors have been made available and published on the company's website, the online attendees who wish to cast the vote in relation to any of the resolutions regarding the items on the agenda may continue to do so through the link of the telematic attendance platform set up for this purpose on the corporate website until after the reading of the summary of the proposed resolutions, the Chairman declares that the voting period of the proposed resolutions has ended, as stated in the announcement of the call.
At the same time, those shareholders and proxies present in the room who wish to vote against or abstain from voting on any of the proposals on the agenda may do so as of this moment at the table of the Notary, duly identifying themselves and indicating their status as shareholder or proxy for the record in the minutes. Next, we will have Carlos Ortega Arias-Paz with his speech in his capacity of Chairman of the Board of Directors.
Thank you, Luis. Good morning. Again, I sincerely appreciate your time and attention in being here with us today. It is a privilege to have the opportunity to address you as I complete my second year as Chairman of Acerinox. I am deeply grateful for the trust you have placed in me and in the entire team.
I continue to consider it's a great honor and pride to be part of this group and to contribute to the legacy of an organization with such strong and transformative history that continues to move forward to new heights. Our aim remains to strengthen our position as a leading supplier of stainless steel and high-performance alloys, always with a firm commitment to promoting the circular economy at international scale. This vision, more than ever, is aligned with our strategy of offering high-added value solutions based on operational excellence and with a focus on sustainability, one of the fundamental pillars of our economy. Sorry, our company. 2024 has been a transformational and exciting year for Acerinox, marked by great challenges, but also by important opportunities.
In the face of slowing demand and falling prices in our key markets, we have been able to adapt and focus on what we do best, promoting efficiency and creating solutions focused on our customers' needs. One of the main achievements of this financial year has been the strengthening of our presence in high-potential areas, especially in the United States, which continues to be a crucial region for Acerinox. In addition, we have taken important decisions in our global restructuring process. A fundamental step was the renewal of the organizational and production model at our Acerinox Europe plant in Campo de Gibraltar, which included the successful negotiation of the new collective bargaining agreement. Another transcendental milestone was the sale of Bahru Stainless in Malaysia, which has allowed us to concentrate our resources on more relevant markets and projects.
The year has also been marked by regulatory pressure, especially in Europe, with increasing green transition and carbon emissions regulations directly impacting the steel industry. However, we have demonstrated our ability to adapt and anticipate change, reinforcing our focus on diversification and investment in sustainability and innovation. Although this year's results have not reached the levels of the previous year, we are convinced that these strategic decisions put us in an even stronger position. We will thus be able to face the challenges of the future and exploit the opportunities we will undoubtedly have. In such a complex environment, Acerinox results reflect our ability to stand firm even in the most difficult moments of the market.
Despite the global political and economic situation worldwide, Acerinox closed the year with a turnover of EUR 5.413 billion and a net result of EUR 325 million and a debitor of EUR 500 million, which represents a margin on sales of 9%. Uncertainties arising from geopolitical tensions, such as the extended conflict between Ukraine and Russia, the escalation in Gaza, and the more recent changes in tariff policies have directly influenced the global economy, creating an environment of increasing regionalization and policies focused on autonomy and the protection of local industries. Our solid industrial base in the United States, composed of the North American Stainless plant in Kentucky, the diversification towards high-added value alloys through the VDM Metals factories, and the recent incorporation of Haynes International, all of this consolidates our presence in a key region for our growth.
This structure represents an element of strength in the face of the tariff policies announced by the new American administration. On the other hand, the stainless steel market has experienced another year of low activity. The main cause continues to be the prolongation of the inventory adjustment started in the second half of the year 2022, which led to a drop in production at historical levels in both the United States and Europe. In this context, Chinese producers have continued to generate surpluses, significantly affecting international markets. Against this backdrop, Europe has recorded a small growth of 3% in upper-end consumption, which contrasts the drop of 21% in the previous year. The market share of imports has remained below 20% due to low prices and trade defense measures.
However, the strike at the Campo de Gibraltar plant had a notable impact on Acerinox Europe's production, which partially affected our response capacity. After almost five months of negotiation, we have reached an agreement with the workers for the signing of the new collective bargaining agreement. This agreement represents a decisive milestone towards the implementation of a new production model that prioritizes flexibility and internal mobility. These changes will allow us to improve our processes and respond more quickly to market or customers' needs. We are convinced that this agreement will help us to regain the level of excellence that Acerinox Europe deserves, and it is a positive impulse for everyone, from our employees and collaborators to the rest of the stakeholders linked to our activity. In the U.S., the dynamics were similar to those in Europe, with upper-end consumption remaining flat over the course of the last year.
Despite the extended inventory adjustment, imports increased considerably, reaching 28% of the total market share. However, we remain convinced that Acerinox's future depends on our strength in this market. One of the most decisive decisions we have taken to achieve this has been the acquisition of Haynes International in the US, a company which has more than 100 years of experience in high-performance alloys. I already told you about this operation last year, which was completed at the end of November. With this, we strengthen our presence in the US in the high-performance alloys market, and we expand our offering in key growth sectors such as aerospace, US alloys, and aerospace. The combination of Haynes technology and innovation with our industrial experience puts us in a leading position in the special alloy segment and opens up new business alternatives. La importancia de esta.
The importance of this acquisition lies not only in the expansion of our product portfolio, but also in the synergies of around $75 million in terms of sales, costs, efficiencies, and process optimization, which will facilitate our access to customers with more demanding needs. With the growth in demand for materials with high resistance to corrosion and high temperatures, Acerinox is positioned at a high-added value segment that guarantees us long-term stability and growth. Another fundamental aspect of our strategy is diversification that we're promoting with Columbus Stainless in South Africa. There, in addition to producing stainless steel, we also manufacture carbon steel, and we are developing electrical steels and high-performance alloys. This integrated approach will transform Columbus into the most versatile plant in the world. In line with our long-term vision, we have also taken an important step with the sale of Bahru Stainless in Malaysia.
After several years producing in such a competitive and unprofitable market as the Asian one, we have decided to sell it. This decision responds to our policy of concentrating on more profitable markets, which allow us to strengthen our businesses' structure and consolidate our presence in key regions such as Europe and North America. In this context of growth and transformation, we continue to move forward with a clear focus on sustainability. We are firmly aligned with our purpose of operating responsibly, promoting the circular economy, and the rational and efficient use of natural resources. Thus, in 2024, we launched EcoACX, a steel with a carbon footprint reduced by more than 50% compared to conventional stainless steels. Manufactured with 100% renewable energy and more than 90% recovered material, this new product meets our customers' growing demand for sustainable solutions.
This launch further reinforces our commitment to environmental protection and opens up new possibilities with strategic customers, prioritizing responsible practice in their supply chain. Large corporations and governments continue to demand materials that meet strict sustainable criteria, and Acerinox is leading this change in the industry. Let me briefly review the performance of stock markets over the past year. During 2024, we have experienced times of high volatility and uncertainty generated, among other things, by the U.S. presidential elections. However, major European stock indices such as the Euro Stoxx 50 and Stoxx Europe 600 achieved positive returns of 7.4% and 6%, respectively. IBEX 35 and the DAX from Germany stood out with increases of 14.7% and 18.8%, respectively, while the Portuguese PSI and the French CAC 40 experienced declines of 0.3% and 2.15% due to the political uncertainty in respective countries.
On their side, North American markets have been strongly influenced by the rise of technology and artificial intelligence revolution. A good example of this is the Nasdaq 100, which led the rise in the U.S. markets with an increase of more than 24%. As for Acerinox, its share price, it closed the year with a fall of 11.3%, which contrasts with the biggest falls between 23% and 35% of our main European competitors. The highest price of our share was reached in April with EUR 10.17 per share, while the lowest level was recorded in October with EUR 8.15 per share. This reflects the lack of recovery expected in the markets, conditioned also by the geopolitical situation in Europe and the electoral uncertainty in the U.S., which has negatively affected demand. The evolution of the share at the beginning of 2025 has been marked by a great volatility.
The year began with the upside with the company's share price rising nearly 25%, closing at EUR 11.8 per share on March 6, driven by the good performance of European equities and Acerinox's solid position to face the new U.S. government's tariff policies. Subsequently, the stock was affected by the instability generated by the announcement of reciprocal tariffs. In the context, global markets did not discriminate, and most companies experienced widespread declines. This is partly due to the rise of index-linked investing in recent years. Thus, when major indices fall, most companies tend to follow as well, irrespective of individual company performance. The recommendations of analysts have already improved over the past year, but suggestions increased from 81% to 88%, demonstrating growing optimism about the future of our stock, of our share. Only 12% of the analysts suggested to hold or to sell.
In general, a positive view is maintained on the reevaluation potential of our share price. At Acerinox, we remain convinced that yesterday we closed at EUR 10 per share, but we're far from where we should be. We're convinced that the intrinsic value of the company and our strengths will eventually be reflected in the market. As in previous years, we have reaffirmed our commitment to our shareholders. In 2024, we have distributed a total dividend of EUR 154.5 million, an increase of 3.3% over the previous years, and an increase of 24% per share compared to 2022. The remuneration was distributed into two payments, one in January for an amount of EUR 0.31 per share and one in July for the same amount.
This dividend in place and dividend yield of more than 6% per annum, which affects our strategy of balancing reinvestment in the business with a sustainable growing return to shareholders. The Board of Directors held last December agreed to propose to this general meeting a total remuneration for 2025 of EUR 0.62 per share, maintaining the same amount as in 2024. Now, I would like to report about the relevant corporate governance developments in 2024 and the early 2025, thus saving you another speech of mine later on. As you know, the new directors' remuneration policy was approved by the general meeting, maintaining cost limits similar, representing an adaptation to the most current standards in corporate governance. It was voted in favor by the AGM. I will just make an overview of the two main features.
First, the elimination of per diems for attendance at the meetings of the board and its committees, and these were replaced by a fixed annual remuneration. This simplifies the remuneration structure and it eliminates an outdated concept of the per diems. The other most significant change was the modification of the proportions of the CEO's remuneration, reducing the weight of the short-term reversible remuneration, strengthening the long-term components. Throughout 2024, the board has updated several policies, including the compliance policy, the group personal data protection policy, and the tax policy. These updates reinforce our commitment to transparency and accountability in all aspects of our operations. The board has also made significant updates to its rules of procedure of the board of directors. As you know, it's envisaged to reduce the terms of office of directors to two years, from four to two.
This is in line with the trends in listed companies, especially in the Anglo-Saxon companies, which use even shorter terms. The competencies of the various committees were brought into line with the technical guide on audit committees published by the CNMV, and the name of the executive committee is updated to become a fully-fledged strategic committee. I would not like to end this section without highlighting the high level of activity once again this year. Both the board of directors and the various committees have carried out, which together held more than 40 meetings in the year. This has provided a response to all the extraordinary challenges posed by the year, and I would like to take this opportunity to acknowledge and sincerely thank all the members of the Acerinox board of directors and its different committees for their efforts and dedication.
Their work is essential for the correct management and supervision of our activities, always in accordance with the current regulations and the best market practices. Despite the volatile global environment, Acerinox remains steadfast in its growth and strategic strategy. The integration of Haynes, the strengthening in the US, the optimization of our production in Europe, and the expansion in high-growth sectors provide us with a solid platform for the coming years. We expect the recent measures announced by the US administration to support demand in this market, which will further enhance our growth options. We are ready to face the challenges and to capitalize on opportunities the market will offer us. Before concluding, I would like to express my deepest gratitude to all the people who make this project possible, to our more than 8,000 professionals who are the backbone of Acerinox. Thank you. Thank you.
Without your constant efforts, we would not be where we are today. I would like to welcome the nearly 1,000 new Haynes employees, whose integration will further strengthen our team and help us move forward with renewed energy. Welcome to the Acerinox family. Also, thank you to our customers who trust us to meet their needs, and thank you to our suppliers who support us every step of the way. Of course, thanks to all of you, our shareholders, whose tireless support allows us to look to the future with hope and determination. Acerinox's next chapter is full of challenges, but also of new opportunities. I am confident that with everyone's dedication, we will not only achieve our goals, but we will continue to make a difference in the global steel industry.
Our mission to operate in a responsible, innovative, and sustainable manner will continue to guide all our decisions in generating long-term value for the shareholder. This journey that we have embarked on together is not only a matter of a significant long-term value creation, but it is also one of principles. At Acerinox, we continue to move forward with clear purpose to build a solid and sustainable future for all. Thank you very much.
Now, Mr. Bernardo Velázquez Herrero, as CEO, will take the floor.
Good morning, shareholders. I'm grateful for the trust placed in the Acerinox management team, which allows me to have the opportunity to address you once again to explain the results obtained in 2024 and the international context in which they have been developed. Recalling that in 2023, the apparent consumption fell by around 20% both in Europe and the United States.
In 2024, however, the expected recovery did not recover despite inventories being below historical averages. The reason perhaps was the confluence of too many uncertainties, which did not encourage investment in our industrial activity and caused a wait-and-see attitude. Changes in the European Commission, elections in the United States, and the lack of a clear industrial policy between decarbonization and decarbonization, and the changes in geostrategy with two wars on the doorstep of the European Union. There's no doubt that we are at a turning point in which many of the axioms that have guided us in the recent decades are being reconsidered.
Bilateralism in the face of the loss of prominence of international institutions, the rebirth of strategic autonomy in the face of globalization, or why not the resurgence of a local industry which acquires renewed importance in guaranteeing security of supply, as well as the recognition of steel and other commodities as essential materials. Without going into the tariffs imposed by the American administration at the beginning of 2025, which are disrupting all trade flows and delaying the expected recovery of trade, while the new situation is being clarified, I would like to remind that for years we have been denouncing the problems in the Western steel markets, which have been invaded by imports of surplus production from Chinese factories.
In the last 25 years, China's production, plus that of Chinese manufacturers based in Indonesia, has grown from just 3% of world stainless steel production to over 71%, endangering an industry that is necessary to achieve strategic autonomy. This problem is not unique to our sector, but affects many of the basic materials and industrial production in general. Perhaps we have gone too far with globalization and the relocation of our factories, leaving free trade in the hands of other players who do not share our rules of the game and against whom it is difficult to compete. A working group was set years ago within the world of globalization to address the problem of overcapacity in the world steel sector, but has so far been unsuccessful, as it has not been able to curb the proliferation of factories in Asia.
This is why the U.S. administration decided in Trump's first term into 2018 to impose 25% tariffs on steel imports from all countries that did not negotiate to limit them to quotas. In our experience in the U.S., the system has worked, limiting imports and establishing prices in this market. In contrast, the safeguard measures with which the EU responded have proved insufficient, allowing imports from Asian countries to drive prices to historic lows and putting the survival of the European steel industry at risk. These American tariffs, articulated on Section 232 to guarantee the country's defense, were maintained during the subsequent Biden administration and have recently been tightened again under President Trump, the abolition of quotas at 25% of tariffs on all imports.
These measures favor American steel manufacturers and therefore favor Acerinox, since in this country we have the largest of our factories, North American Stainless, which is today the leading stainless steel company in the United States, both in terms of market share and competitiveness. Almost 50% of the stainless steel production in North America is melted in our facilities, and more than 50% of Acerinox's sales are made in this region, contributing an even higher percentage to our profits. Acerinox is where it needs to be, leading stainless steel's production in the United States for years and making a strong commitment to this market with organic growth, but also with the acquisition of Haynes International, a manufacturer of high-performance alloys.
Let us hope that Europe will react to this new situation and decisively address the problems of the industry, or rather of the lack of investment in the industry, which could be aggravated if products now subject to new tariffs in the United States are attracted to our market, which is the largest open market in the world. In this complex context, we have remained faithful to our strategic plan and have worked to underpin the four principles that define it: excellence in our operations, commitment to products with greater added value, sustainability without losing sight of competitiveness, and the soundness of our financial situation. All the milestones that took place during 2024, which led us to describe the year as a transformational one, are in line with the strategy, which was designed years ago and is focused on the customer and our main markets.
We are reorienting the activity of the Spanish factory, Acerinox Europa, towards more sophisticated products and customers that will allow us to differentiate ourselves from the flood of Asian imports, often described as unfair competition, hoping that Europe will act decisively to defend the industry. To this end, we have signed a new four-year collective bargaining agreement, which will give our company greater flexibility in its activity, focused on customer needs and good service. It has not been easy, and we have had to endure a painful but necessary strike for almost five months to reach the agreement. During the year, we, as the president said, we launched a new product on the market, EcoACX, which is guaranteed to be manufactured with more than 90% of recycled material, using 100% renewable electrical energy, and with more than 50% of reduction in CO2 emissions.
These data are certified by an independent entity. This is a differential product. AMAD customers who, like us, find value in responsible and sustainable manufacturing, which meets the needs of a growing number of customers who advocate acquiring quality, durable, recyclable products produced with clear technology by companies that also care about their social function. On the other hand, we have decided to sell our Malaysian factory, Bahru Stainless, recognizing the difficulty of operating in the Asian market due to the tremendous overcapacity, which significantly affects prices and profitability. When we started this project in 2006, China represented only 19% of the world stainless steel production, whereas this year is 71%. I would like to thank all Bahru Stainless employees for their dedication and contribution to the group over the years.
I'm convinced that this strategic decision, which was necessary for the group, is also the best option that serves the interests of employees, customers, and the community. In our South African factory, Columbus Stainless, we continue working on the diversification process, focusing on the African market, in which we have achieved a share close to 50% of the whole continent. Traditionally a producer of standard stainless steel, it is currently managing to specialize in ferritic steels, taking advantage of the availability of chromium in the country in carbon steel, and very soon in electrical steel and high-performance alloys, becoming the most versatile factory on the international scene. In view of the potential of the African market and the regionalization process, we are consolidating our position and reducing our dependence on exports to ensure our competitiveness and improve our margins in an environment where innovation and specialization are crucial.
In the United States, we maintain our leadership, and North American Stainless is not only today the main stainless steel manufacturer, but also the preferred supplier for American customers, increasing its market share by 2 percentage points in a very difficult year to manage. NAS is today, without a doubt, the driving force of our group. Our commitment with the American market has proven to be successful, and for this reason, we continue with our expansion plans, as I will explain below. Through initiatives such as Beyond Excellence, we continue to work on improving competitiveness while minimizing environmental impact through efficiency and good use of resources. This is what we are aiming for with the new plan launched in 2023, in which we enhance operational excellence and promote a culture of continuous improvement and innovation throughout the organization.
In the content of the plan, we highlight six chapters: decarbonization, efficiency, development of new alloys, increased productivity, improvements in the supply chain, and alignment with the customer, placing the customer at the center of our activity. This program is being developed between 2024 and 2026. We'll contribute to improving the income statement by an estimated EUR 100 million. In 2024, we developed 174 projects with the aim of generating an economic impact of EUR 45 million in the year, having achieved 91%, despite the shutdown of the Campo de Gibraltar factory. In 2025, we are working on new projects, which, if successful, will generate an additional EUR 38 million impact, which will be added to the EUR 7 million deferred from the previous year.
There is no one better than our technicians, with their experience and knowledge of the manufacturing process and production lines, to apply the new possibilities offered by digitalization and artificial intelligence in a meaningful way. Examples include the use of machine vision to detect, catalog, and correct anomalies in the production process, sensoring and mass data collection to predict quality problems and equipment failures, or the combination of vision and artificial intelligence to guide our autonomous vehicles as they transport heavy loads around our facilities. All our factories are participating in this program without any duplicities, as the results obtained at these factories are shared and implemented in the rest of the units.
The Beyond Excellence plan connects through efficiency with the objectives of emissions reduction, energy savings, process performance improvement, and waste recovery, which we monitor and promote as part of the Positive Impact 360 plan, which frames our sustainability initiatives and, more broadly, our ESG values. We have launched our decarbonization plan in 2024, and during the year, we have achieved 45% of our electricity consumption to be from renewable sources, a 2% reduction in CO2 emissions per ton of steel, and an improvement of 8% in our accident rate, to name a few of the most significant aspects.
It is worth highlighting the progress that we are making in the elimination of waste by developing its application in sectors such as concrete, cement, road bases, or fertilizers, through research programs which will enable us to ensure that our materials are the paradigm of circular economy, manufactured with recycled materials, with a minimum environmental impact, durable, and eternally recyclable at the end of their useful life. On the social side of things, we're improving internal communication and training of our people, and we are collaborating with universities and vocational training centers to facilitate young people's access to the labor market. We continue to focus on integration and the promotion of diversity, as evidenced by our participation in initiatives such as CEO Alliance for Diversity, promoted by ADECO and COE Foundations, Progressa from the COE, taught by ESADE, or UNESCO's Mujeres de Acero, Steel Women.
Also, our support for United Nations programs and our work as trustees of the Ceres Foundation to promote and measure the social impact of our industrial activity. In the field of good governance, we are at the forefront, as our Chairman has rightly explained, but also because we have once again obtained the EcoVadis Gold Badge, gold certification for responsible supply chain management and the T for Transparency for Good Practices in Tax Matters in the three-star category with 100% compliance. Our strategy is based on the manufacture of differentiated products with higher added value. This is why we decided to acquire VDM Metals, a German company that is a world leader in the manufacture of high-performance alloys.
After four years, this company is fully integrated in the group and contributes very positively to the results, having doubled the EBITDA we considered in the business plan at the time of the acquisition. We are convinced of the success of this diversification strategy by manufacturing more sophisticated materials adapted to the needs of the most demanding customers. To this end, we are promoting the research and development of stainless steel and high-performance alloys that are best suited to each application, completing our range of products with super stainless steels and alloys designed to meet the needs of today and the applications of tomorrow's industry. In this way, we seek to differentiate ourselves from standard products to offer a wide range of products in the sector, to achieve greater added value in our activities, and to provide the best solutions to the industry.
As a result of this success and our strong financial position, in 2024, we completed the acquisition of Haynes International, Acerinox's largest investment since its creation. This transaction is a key strategic step in establishing a stainless steel and high-performance alloy manufacturing platform in the United States and consolidating the alloys division within our organization. I would also like to join the Chairman to extend a warm welcome to all highly qualified Haynes team who will help us to achieve our goals. Together, the Acerinox group is stronger, and Haynes's contribution will be far greater than the sum of its results. We have initially estimated synergies of $75 million, but the potential of this joint venture goes far beyond that. Haynes International has a strong position in highly specialized sectors such as aerospace, and its product range features a wide range of self-developed alloys aligned with our vision.
In addition, we bring with us a strong patent portfolio and R&D capabilities, which will help us and the rest of the group to develop new types of stainless steel and high-performance alloys to meet the needs of the industry. The acquisition of Haynes not only marks a milestone in our expansion in the US, but also positions us as a reference in the market, which is a market of great potential, enriches our offer, and opens the doors to clients and projects that are difficult to access and that demand the highest standards of quality and technology.
I would also like to highlight that we have approved an investment of $200 million over the next four years, primarily at the Haynes facility in Kokomo in Indiana, to strengthen operations with a new forge, a new vacuum induction furnace, which will allow for growth with the entire manufacturing process integrated within the group. By integrating Haynes and VDM into the high-performance alloys division, we will be able to enhance both units after sharing and optimizing processes with the application of the best practices while strengthening relationships with our customers in both markets. With the support of NAS, located in the neighboring state of Kentucky and its economies of scale, we will achieve additional savings as well as a broader product range, combining the equipment of both facilities.
It is especially relevant to take into account the ability to cast and forge high-performance alloys at Haynes to be rolled into rod and bar at North American Stainless, giving the group access to the long alloy product sector, which is essential for the aerospace industry. The good results of the last years and the moderation of our debt have allowed us to invest in the low point of the stainless steel cycle, which will pay off as soon as the activity improves. We are fully confident in the potential of our products, which fall under the concept of corrosion-resistant and high-temperature-resistant alloys applicable to both stainless steels as well as high-performance alloys.
The increase in demands on the performance of materials in new technologies and applications, as well as the need to re-industrialize Europe and the U.S., our main markets, guarantee the growth of consumption, the future of the group, and stimulate our activity. In this line, the investment announced in 2023 of $244 million in our North American Stainless plant reinforces our commitment to accompany our American customers in their growth. The modernization of our facilities will not only optimize the efficiency of our operations, but will also allow us to adapt to the needs of the market. We expect the new equipment, which will increase production capacity of this factory by 20%, to be operational by the end of 2025.
We are also undertaking an organic growth investment in VDM Metals, EUR 467 million approved in early 2024, for the acquisition of new remelting furnaces and finishing equipment, which will allow us to increase our sales by 15% from 2027. These investments will be essential to advance the group's strategy and strengthen our leadership in the sector. They will also make it possible to process high-performance alloys in the Spanish stainless steel mills and increase the range of products. Also noteworthy is the purchase of a second powder optimizer for additive manufacturing, a developing sector in which we want to be present. As I pointed out at the beginning of this presentation, the global situation of the stainless steel sector has been marked by the weakness of upper-end consumption in the different regions of the world.
Moreover, in Europe, inefficient safeguard measures, price pressure from imports, and the need to compete in a market with higher energy and environmental costs are a constant challenge. As a result of these circumstances, the group revenue for the year of EUR 5.413 billion was down 18% year-on-year. EBITDA, EUR 500 million, was 29% lower than in 2023. Net profit was 1% lower because there was a bar of stainless assets impaired by EUR 156 million in 2023. However, we consider these results to be satisfactory as they were obtained in such a complex environment.
I do not want to go into the explanation of our accounts, of which you have a wide detail both in the printed copy of the annual report 2024 as on our website, but it's worth clarifying that these results include only the contribution of the last month of the financial year of Haynes, while the debt of the group, EUR 1,120 million, includes the total cost of the acquisition and the debt of this company. Even so, the debt/EBITDA ratio of 2.2 times is more than reasonable, given the moment of growth in which the group is now in, the weakness of the global stainless steel market, and the circumstance of the incorporation of Haynes in our accounts.
I would like to thank Acerinox's financial team and the audit team from PricewaterhouseCoopers for having integrated the Haynes accounts and presenting them audited in a record time of less than three months. In short, we can affirm that Acerinox is at a great moment and that we have set one of the clearest and most exciting strategies in the sector. We're confident that all these plans will develop satisfactorily and allow us to generate great value for our shareholders and the rest of our stakeholders. To this end, you can count on our experience, dedication, and commitment from all of us who are part of the Acerinox group.
Before I finish, let me express my deep gratitude to the entire Acerinox team for their dedication and effort in a year of great challenges that were tackled with the determination and professionalism that characterizes us, and always committed to the best for the future of the company and the creation of value for our shareholders and society in general. You can rest assured that we are ready to further strengthen our leading position in the production of high-performance stainless steel and alloy solutions and continue to transform challenges into opportunities. Thank you very much.
Mr. Chairman, I have been told by the company that we have not received any telematic interventions, so we are going to move on to on-site interventions. Shareholders or proxies who wish to speak should approach the lectern on the right-hand side of the auditorium from the entrance.
As the preparation of these interventions requires some time, we invite you to watch an interesting video on Haynes International Group, which, as our CEO has just explained, was acquired by Acerinox Group in the year 2024. Haynes International, a leader in the development, manufacture, and distribution of high-performance nickel and cobalt-based super alloys, was founded in 1912 in Kokomo, Indiana, and spans more than a century of products, processes, and most of all, people. Our high-performance alloys are used in key markets such as aerospace, power generation, chemical processing, and emerging technologies. Our alloy manufacturing process begins in Kokomo, Indiana, at our primary melt in the electric arc furnace, and then gets poured into molds. Our high-performance products require a longer and more complex multi-stage manufacturing process than commodity-grade alloys or carbon steels.
The alloying elements in high-performance alloys must be highly refined during melting, and the manufacturing process must be tightly controlled to produce precise chemical properties. The forge shop is where all the bar and billet products begin. This is our 2,000-ton forge press. Certain alloys may undergo more distinct stages of melting, remelting, annealing, hot reduction, cold reduction, pickling, and testing before they achieve the required specifications. This is our four-high steckel hot rolling mill. It has 2.3 million foot-pounds of torque and 13.4 million pounds of separating force. We take ingots and roll them into hot bands, sheet, and plate. From here, material goes through additional processes and then is shipped directly to customers, to our wire or tubular facilities, or to one of our worldwide stocking service centers for additional processing capabilities, such as specialized cutting.
Wherever design decisions are made and high-performance alloys are in demand, Haynes International is there. One of our unique strengths is that we can sell directly from our mill or through our worldwide service centers. For more than 100 years, Haynes International is proud to be a leader in high-performance alloy innovation.
Right. There was one single intervention. Antonio, if you could please manage this. We will have Damián García Bartolomé, who has 950 shares and represents 3,320 shares.
Buenos días.
Good morning. I would like to ask about the acquisition of own shares. In our case, as Mr. Chairman has rightly said, a great difference between the price and the value, the value is much higher than the price. In this context, most of the IBEX-listed companies are having own shares for their amortization as an own business, like a very profitable business. Why aren't we doing this?
I know it was done in the past, a very shy, I'm not sure if it was in 2022, 2023, a very shy program for acquisition of own shares, but it was really shy. Why don't we continue with it, taking into account this difference between price and value? Maybe you could tell me that the main mission that you have is producing steel and sell it. Yes, but you are also managing all the balance sheet of the company. If in the balance sheet there is an opportunity, why shouldn't we make the most of it? This is it. Thank you.
Thank you.
Mr. Damián, you are right in the sense that acquiring own shares would mean a very profitable investment because, as you said, the value of our company, I estimate it is much higher than the price of our current shares in the market.
Having said that, it is also true that, as the CEO said before, we have carried out in this year one of the largest investments or the largest investment that Acerinox has done, which is EUR 1 billion, almost EUR 1 billion in the purchase of Haynes International. We need to add up to EUR 200 million that the CEO mentioned of additional investment in Haynes and in the Kokomo plant in Indiana and a bit at NAS. Traditionally, we also had another investment of $244 million for the improvement and progress of efficiencies and increasing capacity in our NAS plant. Additionally, EUR 67 million in VDM. We have more than $500 million in investment this year, which will be for the following years. Additionally, the EUR 1 billion for the purchase of NAS, sorry, Haynes. This is EUR 1.5 billion.
This is why all these investments will generate an improvement at Acerinox and a substantial improvement of the share price of Acerinox because we seek value creation in the long term for our shareholders. It's also true that buying Acerinox shares, this value creation will be there, but we believe that in order to achieve this value creation, we first need to invest in our factories so that this investment is reflected in higher or better financial figures, better sales, better net profit, and this will all generate an increase of the share price. If we would deduct all these investments that we are doing now, you are totally right. It is a magnificent investment to invest in Acerinox shares. Thank you. There were no more interventions by the shareholders.
Con permiso, presidente.
The president, now we will now proceed to answer the question to talk about the final quorum figures that have not changed substantially versus the provisional, as is normal. Let me read them in an abbreviated manner. Present, 583 shareholders representing 28.121% of the share capital. We have represented 1,305 shareholders representing 34.24% of the share capital. According to the previous figures, the share capital presented and represented with voting rights is equal to 62.745% of the share capital. Now, Mr. Secretary will inform about the procedure to vote the proposals and the motions for decisions that you need to approve. Thank you, president. We will now inform the voting for the motions proposed by the board of directors in relation to the ones included in the agenda will be done by a system of negative deduction.
We will consider votes in favor corresponding to the shares presented represented, deducing the votes corresponding to the shares whose owners expressed that they were voting and voting against or abstained, presentially or remotely, or by email. The votes correspond to the shares whose holders have voted against or abstained prior to this meeting, and the ones who have left the meeting prior to the vote on the proposed decisions in question, and that have also recorded their express wish to leave the meeting either through the link to the telematic assistance platform set up for this purpose. It is also stated for the record that the situations of conflict of interest in which certain directors may find themselves in relation to some of the items in the agenda have been taken into account in accordance with the provisions of the Capital Companies Act.
Given that the proposed resolutions submitted to this general meeting are known to all and in view of their length, in accordance with the provisions of Article 11.5 of the Regulations of the General Meeting, I will dispense you from reading them out in full and proceed to a summary reading of the essential elements of the same. The first item of the agenda is the approval of the annual accounts in the management reports of Acerinox S.A., December 2024. Item two, the approval of the conciliating statement of non-financial information and accessibility information for 2024. The meeting is asked to approve the proposed application of Acerinox S.A.'s profit for the year end at 31st December 2024, which was positive, specifically EUR 101,478,498 as follows. The distribution of dividends will be EUR 154,587,930 and to the dividend distribution against prior year's reserves, EUR 53,109,432.
The proposal includes the payment of a final dividend for the financial year 2024 in an amount of EUR 31 gross per share to be paid on the 18th of July 2025. Under item four on the agenda, the meeting is asked to approve the management of the board of directors for the financial end year ended as of 31st December 2024. Item five of the agenda is very long because it has got 10 sub-items, so we will do the following. As these items have been duly advertised in the call and in the proposals of the motions, we shall deem them as read except for someone asking for the contrary and because they all refer to the amendment of articles of association. Point six of the agenda has got three subpoints, and the reading is going to be gone over, and they refer to the general shareholders' meeting regulations.
If you will allow me, we shall deem them as read. All the items of item six. Under item seven, it's got several sections referring to the reelection and appointment of directors. I will just read the name of the members that must be reelected or elected: Mrs. Leticia Iglesias Herraiz, Mr. Francisco Javier García Sanz, Mrs. Marta Martínez Alonso, Mrs. Rosa María García Piñeiro, Mrs. Ana María García Fau, Mr. Tomás Evia Armengol, and also setting the number of board members that is 11, as it could be else. In point eight of the agenda, the meeting is asked to approve the reelection of the auditors of Acerinox and its conciliated group for the financial year for 2025.
Under item nine on the agenda, ask the meeting to approve the authorization of the Board of Directors to increase the share capital by means of cash contributions in one or more occasions at any time within a period of two years from the time of authorization by the general meeting in an amount not exceeding 50% of the share capital. That is EUR 31,166,921.37, with the relation to the Board of Directors of the power to exclude preemptive subscription rights if the interests of the companies so require in respect to a maximum of 10% of the share capital of the company. This authorization cancels the delegation granted in item six of the agenda of annual general meeting of the company held on 22nd of April 2024.
Point 10 of the agenda, the approval of the authorization for a period of two years to the Board of Directors of the company for the acquisition of own shares either by itself or through any of the Acerinox Group companies, establishing the limits and requirements. This point also leaves without effect the authorization granted in point seven of the agenda of the ordinary shareholders' meeting held on 22nd of April 2024. Point 11 of the agenda, the meeting is asked to approve the authorizations to the Board of Directors for the acquisition of Acerinox S.A. shares for the payment of long-term incentives. This item is subdivided into two points, which one is authorizing up to 100,000 shares to pay the third plan, the circle of the third multi-year remission plan for long-term incentive, 2026-28, approved by GHA in May 2023.
Section two, the authorization to ask up to 50,000 shares of Acerinox for the payment of the first pluriannual remission plan or long-term inserting plan for the management staff of the period 2024-2025. Point 12 of the agenda, the meeting is asked to vote on a consultative basis on the annual report on the remuneration of the directors of Acerinox for the financial year ended on 31st December 2024. Item 13 of the agenda, the AGM is asked to approve the delegation of powers to the board of directors to execute, rectify, and formalize the resolutions adopted at the AGM and to grant powers to notarize such resolutions. Under item 14 of the agenda, the general meeting is informed of the amendment of the board of directors' regulations approved at its meeting of 24th March 2025.
Let me stress that this being a benefication article 20 agreed by the Board of Directors under the condition that it had to be approved by the AGM in an equivalent manner. We mean the reduction of the mandate from four to two years for the board members that the president alluded to in his speech. Having read out a summary of the motions and really summarized the motions for resolutions, I declare the voting period for the motions relating to the items on the agenda now closed. I give the floor again to the secretary.
Thank you, Mr. President.
Given that the meeting has been validly set up on second call with an attendance quorum exceeding the percentage by far of subscribed share capital with voting rights legally required in view of the items on the agenda, it is sufficient that the proposed resolutions put to the vote be approved by a simple majority of the votes of the shareholders present or represented at the meeting, except for the, as you may know, the proposed resolution related to the items five and nine, that's the bylaws and nine capital increase of the agenda. Taking into account the circumstances and with all the votes cast with regards to all the motions related to the agenda, according to the table, we have reached the number of votes favorable necessary to approve all and each one of the proposals related to the different points of the agenda.
That is, the ones that required a simple majority and the ones that required the ones we were saying qualified majority. That will apply to point 12 of the agenda, which has been only presented for consultation. According to the votes cast, we've reached the number of votes in favor required for the approval of each and every one of the proposed resolutions relating to the different items of the agenda submitted to the vote to this general meeting and has been reached. Therefore, in accordance with information on record before the bureau, I declare all the resolutions put to vote to be validly adopted.
Detailed information on the specific number of votes in favor, against, and statements that have taken place in relation to each of the resolutions put to the vote at this ordinary general meeting will be published on the corporate website of Acerinox within the next five days in accordance with Article 525 of the Capital Companies Act and will be included in the minutes drawn up by the notary public, which will be considered as minutes of the meeting and the resolutions contained therein may be executed as of the date of its closing.
Thank you, Louise. Ladies and gentlemen, on behalf of the Board of Directors and on my own behalf, I would like to say farewell by thanking you all once again for attending this general meeting and for your commitment to the company and by formally declaring this meeting closed. Thank you very much.