Siderurgica Investimenti, the holding company that controls Alfa Acciai Group - the Italian leader in the rebar segment - has released its financial results for 2022.
The year ended on a positive note, with a consolidated net profit of €177 million, five times higher than the previous year.
The company encountered several challenges during the year, including the aftermath of the pandemic, the war in Ukraine and the energy crisis, causing a 16 percent decline in production, especially in the second half of 2022. Total steel production in 2022 amounted to 1.5 million mt.
Despite the difficulties, revenues increased by 27 percent year on year to €1,598.7 million.
EBITDA amounted to €233 million, more than three times higher compared to the previous year.
The group’s CEO, Amato Stabiumi, stated that the global economy is still facing some challenges, commenting, “The first months of the fiscal year showed a decline in demand compared to the same period last year, especially in the German market. In addition, Italy is less competitive than other countries in the European market due to the very high cost of electricity compared to the pre-Covid-19 period. “However, we are confident that consumption will recover thanks [...] to the infrastructure investments of the PNRR [National Recovery and Resilience Plan] and other European funds” he concluded.