The largest Italian steelmaker Riva Group has posted net profits of €696.4 million for 2006, up 44 percent on the figure for the previous year. These net profit figures are the highest in Riva's fifty plus years in the steel business.
Furthermore, Riva Group's consolidated net sales for 2006 increased to €9.45 billion, up from €8.53 billion in 2005. Riva Group's overall steel production rose 3.8 percent year on year - boosted by sales in Italy, France and Germany - increasing from 17,534,000 mt in 2005 to 18,192,000 mt in 2006.
With regard to its investments, Riva Group reports that it has spent €4.7 billion on the modernization of its facilities since 1996. In addition, the company expects to have spent a total of €700 million by the end of the current year to tackle the reduction of harmful emissions from its plant at Taranto in the south of Italy. Also, by 2010 Riva Group plans to invest €770 million on the construction of a cold rolling facility at its Cornigliano plant at Genova.