Siderurgica Investimenti, the holding company of the Lonati and Stabiumi families, which controls the Alfa Acciai Group, has reported a consolidated net profit in 2022 of 177 million euro, five times more than the previous year.

In a year in which our country was facing enormous difficulties because of the Covid-19 pandemic, the invasion of Ukraine by Russia, and the beginning of a war conflict that is still ongoing, generated new and unexpected criticalities. As is well known, this situation has led to considerable problems in the supply of raw materials and energy sources, with a significant impact on volumes and prices, thus triggering a sharp increase in the inflation rate in Europe and elsewhere. The following interest rate hikes by the Central Banks aiming at countering the inflationary drive, led to a significant reduction in volumes in many sectors, including the Group's main market: construction.

As a result, Siderurgica Investimenti recorded a drop in production by over 15%, concentrated mainly in the second half of the year, which was offset by the strong growth in sales, thanks to rising sales prices following the above-mentioned increases in raw material, energy, and gas costs. Revenues increased by more than 340 million euro over 2021 (+27%) to 1,598.7 million euro. The value of production increased by 435 million euro: +34% compared to the previous year. EBITDA stood at 233 million euro, more than three times the 2021 figure. The operating result was 205 million euro, after depreciation and amortisation for 22.7 million and precautionary provisions to cover trade receivables for 5 million. Net profit amounted to 177 million euro, five times the 2021 figure.

In 2022, the Group continued its investment plan aimed at increasing safety standards, environmental performance, and ensuring high production flexibility and efficiency across the entire product range by introducing the most technologically advanced solutions. Investments totalled 46 million euro, up 35% from the previous year.

All this further strengthened the Group's equity, with a net asset value of 600 million euro, and a positive net financial position of 29 million euro, up by more than 80 million compared to 2021.

"The current year still reflects the weaknesses of the world economy and international trade, associated with persisting geopolitical uncertainty and high levels of inflation in the leading economies. The first months of the year were marked by a drop in demand compared to the same period last year, especially in Germany, our traditional market. In addition, compared to the European market, the Italian competitiveness was penalised by the cost of electricity still being double or triple that of the pre-COVID-19 period.  However, we are confident in the recovery of consumption thanks to the extraordinary opportunity associated with the NRRP infrastructure investments and other European funds" states the Group's CEO Amato Stabiumi.