IThe Marcegaglia group looks beyond Ast, even with transformative solutions, which have been in the pipeline for some time as alternative development options to the Terni track. Plans that can be financed with 540 million in cash and downstream of a budget that in 2021 promises to be the best in history, with 7.5 billion in turnover, + 50% on 2020. Having lost head to head with Arvedi for the control of Terni, points out Antonio Marcegaglia, at the helm of the iron and steel group of the same name with his sister Emma, did not impact the development path. «I remain convinced that Marcegaglia was the reality capable of expressing greater industrial and commercial synergies with Ast than anyone else in Europe – he explains -. Having said that, our business model certainly does not depend on the outcome of the Terni affair, but this does not mean that now we will stand still. We have alternative options for growth, and they concern both stainless steel, with tops and tubes, and carbon, with m & a choices in Italy or abroad, both upstream and downstream ». Options that, the president does not deny, can also concern “transformative” solutions, such as “a joint venture or integration with other players. We do not exclude it – he says -. We are putting them all in a row, they are projects born even before the race for Ast or in parallel, and they could soon mature ». Among these, one already concrete concerns the investment in H2gs, the Swedish start-up that aims to produce zero-emission steel using green hydrogen. «It is not a symbolic investment – explains Marcegaglia -. We are co-founders, I sit on the supervisory board and the group will participate in the subsequent funding rounds. We are commercial partners for Southern Europe, a commitment that will lead us to withdraw 250 thousand tons, which could become 500 thousand in a short time ». Still on the purchasing front, Marcegaglia is confident that he will also be able to extend to the future Ast «the historical relationship matured with Arvedi» in carbon steel. Then, in recent months, there is no shake with the former Ilva: despite the difficulties “supplies have remained stable and with the plan that provides for 4.4 million tons of production, we will increase”. Finally, the group is looking carefully at the will of Ukrainian Metinvest to invest in Italy. «We are already good customers – he explains -. Should they start a new plant, a production quota could be withdrawn by us; it would be a natural continuation of the relationship “.
The group closed a few days ago the balance sheet for the first half with revenues of 3.6 billion, + 56% on the same period of 2020, and + 40% on 2019. “In projection – he explains – we should be able to reach 7.5 billions, the highest level of turnover ever reached in the history of the group. We also expect record thresholds for volumes and margins. The economic situation has helped, but it’s not just price. Part of the credit is also due to the volumes and the mix ». In the six months, meanwhile, the Ebitda was 303 million, more than what was achieved in the whole of 2020. The pfn, improved by about 100 million, is negative for 380 million. “A significant result – explains Marcegaglia -, considering the commitment in circulation and in Capex, accelerating in 2020 despite Covid, with 90 million investments, and 78 in the first half of 2021”.
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The market, in Marcegaglia’s opinion, remains positive. “The real demand is still strong – he explains -, and it will be so also next year, in Italy even more than in Europe. The apparent demand has to deal with a pause in the restocking effect, but it is physiological and creates, together with the Chinese settlement, a significant support for the future ». A growth framework that would ultimately justify, for the president, also a revision of the Safeguard, erected up to now in defense of EU production. “I had expressed myself in favor of the measure – he explains -, but now I believe there is room for a relaxation and for new considerations”.