Danieli Group records slightly lower results in FY 2019-2020

Danieli Group records slightly lower results in FY 2019-2020

Italy’s Danieli Group, based in Buttrio, Udine, closed the 2019-2020 financial year (which ended last June 30) with revenues of €2.8 billion and a net profit of €62.9 million. In the previous financial year, revenues and profit were respectively €3.07 billion and €67 million. The order backlog decreased slightly as well, from €3.1 billion to 2.936 billion.

The company, highlighted the board of directors, has contained the effects of the pandemic from Covid-19 in the sector of the construction of turnkey steel mills, thanks to its organization that has allowed it to continue activities in the United States, Russia and China despite the impossibility to travel to Europe. Furthermore, activities in this sector largely offset the drop in revenues and margins in that of the production of special steels, in particular at Acciaierie Bertoli Safau (ABS), which was strongly compromised by the lockdown in the period February-June.

Danieli, however, specified that ABS’s investments have not stopped and that by October-November its new plant will start producing, which was built with an investments of €190 million in order to diversify the company’s portfolio. The investment, explained the company, “is the first of ABS’s Vision 2.300 program which aims to increase the turnover by 50 percent, with the aim of being the only steel mill for the production of quality steels with a range of products ranging from a diameter of 5.5 mm to 500 mm in a single site.”

Leave a Reply

Your email address will not be published. Required fields are marked *