Growing sales volumes and prices push the turnover of Cogne Acciai Speciali. The shareholders’ meeting of the group approved the 2021 financial statements, with revenues of 645 million euros, an increase of 42% compared to the 2020 financial year. The net profit was 42 million and 501 thousand euros.
The increase in turnover – 90% of revenues is attributable to the Aosta plant – is attributable to two elements, explains a note from the company: on the one hand, the volume effect, with a 25% increase in tons of steel sold, and on the other hand the price effect (+ 16%) attributable to the price trend of the main raw materials.
The resumption of demand
“After the 2020 slowdown linked to the most critical moments of the pandemic – explains the managing director Eugenio Marzorati – 2021 was characterized by a strong recovery in the reference sectors: the demand for special steels and nickel alloys was considerable and the the company has been able to respond to demand with a more structured production that meets the specifications of an increasingly demanding market. The commitment of all workers, who are the great strength and added value of the Cogne system, contributed to these results ».
Marzorati then refers to the three-year investment plan approved by the shareholders’ meeting with the basic objective of “addressing the future evolution of the demand for steel products, in the conviction of the need for wide-ranging planning in order to continue that sustainable development which is marking the productive and economic path of the company “.
113 million investment plan
The 2022/2024 plan of Cogne Acciai Speciale has a value of over 113 million euros, of which over 35 million are dedicated to safety and sustainability.
2021 was also a significant year for the investment chapter: over 20 million euros were allocated to the construction of new plants and machinery (45% of the total), to the environment and safety (24%), as well as to new technologies Ict and strategic development.
«The achievement of the objectives we set ourselves last year – explains the general manager of Cogne Acciai Speciali, Monica Pirovano – has translated into an Ebitda of over 85.7 million euros, equal to 13% of turnover. A figure that records the actions that the company has managed to take overcoming the fluctuation in the prices of raw materials, with a careful and efficient management of supplies, mitigating the negative impacts linked to market trends. The best EBITDA from privatization to today (in 1994, ed) ».