Marcegaglia targets €10 billion turnover

Italian re-roller and steelmaker Marcegaglia reported 2022 revenue of €8.6 billion ($9.4 billion), before the acquisition of Outokumpu’s long products division. Marcegaglia, which more than doubled its turnover over the past ten years, posted €727 million Ebitda and net profit of €411m in 2022, chairman Antonio Marcegaglia tells Kallanish.

The company achieved record results despite a slight, 6% year-on-year decline in deliveries, mostly due to the global steel market downturn in the latter part of last year. The re-roller is weathering the slower market by protecting its margins even to the detriment of volumes. All Marcegaglia’s subsidiaries in Italy and abroad have proved resilient so far and given a positive contribution to the company’s results.

The firm is now targeting €10 billion of turnover and €1 billion Ebitda, as well as zero debt, zero carbon emissions, and zero casualties, Marcegalgia said on the sidelines of this week’s Made In Steel tradeshow in Milan. Outokumpu’s long products division will be part of 2023 financial results.

The company is awaiting the final ruling from a Belgian commerce tribunal on the sale of Liberty Steel’s three rolling mills in the country. Marcegaglia is part of a consortium with NLMK Europe bidding for the Flémalle site, along with ArcelorMittal and Liberty Galati. The tribunal has put the process on hold “for technical reasons”.

Meanwhile, Marcegaglia recently completed the acquisition of Latvia-based SIA Severstal Distribution from Russian parent Severstal. It acquired full control over the Riga-based service centre, as well as its two distribution subsidiaries Severstal Distribution Sp.z.o.o. in Poland and Severstal Distribution OOO in Ukraine (see Kallanish 21 April).

Natalia Capra France