Arvedi Group, profit drops to 234 million euros in 2023

Arvedi Group profit drops to 234 million euros in 2023

(Finance) – The Arvedi Groupthe Italian metallurgical giant, has closed its 2023 with revenues equal to 6 billion euros (7.7 billion in 2022) and a Net income of 234 million euros (640 million in 2022). The Gross Operating Margin (GOM) was 522 million euros (equal to 8.7% of revenues), while the Net Financial Debt (IFN) stood at 433 million euros, down compared to 513 million in 2022.

“The steel sector, in a context of general decrease in demand, was characterised by dynamism of competition from Asian countries in the face of a loss of competitiveness of Italian steel companies due to the high cost of electricity and gas”, the company explained.

“Despite international tensions, particularly those connected to the ongoing conflict in Ukraine and the serious developments in the Middle East, the Arvedi Group has proven to be resilientthanks to its solid industrial structure and proprietary technologies – he added – The Group has achieved its objectives and confirmed its investments”.

In 2023 Arvedi Steelworks achieved revenues of 2.8 billion, down 21% compared to the previous year due to the reduction in the price component. Gross Operating Margin was 302 million, with an incidence of just over 10% on revenues.

In the first financial year entirely under the management of the Arvedi Group, Terni Special Steels (AAST)one of the main European producers of stainless steel flat products, recorded revenues of 2.3 billion in 2023 with a gross operating margin of 95 million. Even in the case of the Umbrian company, high energy costs weighed on the accounts.

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