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Techint Group sees recovery from crisis

Monday, 16 May 2011 16:35:53 (GMT+2)   -  

Tags: Argentina , Italy , Europe , South America , fin. Reports , steelmaking , European Union , Mediterranean | similar articles » SteelOrbis News

As reported by Italian newspaper Milano Finanza, in 2010 Italo-Argentine Techint Group saw a significant recovery from the crisis year of 2009. In 2010, Techint saw a 7.3 percent year-on-year growth in sales revenue to $19 billion, which, however, was still short of the $26 billion recorded in 2008.

According to the newspaper, there are still some uncertainties on the horizon related to government decisions in Argentina, where the group, which is managed by the Rocca family from Italy, is based.

A few weeks ago, a dispute arose between the Rocca Group and the Buenos Aires government related to the ownership of the Argentinia-based steel mill Siderar, a subsidiary of Techint. The group intended to take over the state-owned 26 percent of Siderar, but Prime Minister Cristina Kirchner recently enacted a law aimed at enhancing state control of the most important Argentinian enterprises.

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