Italian stainless steel long product producer Cogne Acciai Speciali has announced its financial results for the fiscal year 2023. Accordingly, the company registered a total income of €822 million in the given year, down 15 percent year on year, whereas its EBITDA amounted to more than €42 million.
According to company CEO Massimiliano Burelli, “Despite the difficult macroeconomic context, with turnover volumes comparable to those of the 2020 pandemic, we managed to achieve a decent result also thanks to our new acquisitions.” The company has consolidated the acquisition of two new companies, Degerfors Long Products in Sweden and Special Melted Products in the UK, from Finland-based stainless steel producer Outokumpu. In addition, Cogne Acciai has completed the acquisition of a 65 percent stake in Italian stainless steel and nickel alloy recycler Com.steel Inox S.p.A. (Inox), as SteelOrbis previously reported.
“The market has been disappointing, leading most players in the sector to record lackluster figures," Alex Laganà, CFO of Cogne Acciai Speciali, commented.