Antonio Marcegaglia guest of Siderweb at Mercato&Dintorni

6 February 2024

MERCATO&DINTORNI, Siderweb’s traditional webinar dedicated to the steel economy, interviewed chairman Antonio Marcegaglia. The apparent demand at beginning of this year is on a better level than at the end of 2023 – the chairman explained – when it had slowed down, perhaps even excessively, in the second half of the year, with destocking playing an important role, depending on the segments.

While demand, and also prices, are bucking the weak phase at the end of 2023, “end consumption remains essentially stable and varied. There are some sectors with good dynamics: infrastructure, especially in Northern Europe; energy, especially renewables; but agriculture is also performing well; and automotive and mechanics are good too. Other segments, however, are slower, particularly civil construction, construction in general and consumer durables.” The panorama, chairman Marcegaglia further emphasized, is one of “substantial stability, with an expectation, especially for the Italian market, that the NRRP investments may awaken demand in the second half of the year.”

In this context, a restrained supply “due to the decrease in imports and the self-discipline of European producers means that there is a sustainable balance at the European level.” “It won’t be the brilliant years of ’21 and ’22,” the chairman noted, “but I expect decent profitability and margins for the whole supply chain.”