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Cerved Rating Agency assigns A2.2 to Marcegaglia

Milan, 2 December 2021 – Marcegaglia Steel Spa, the industrial holding company of the Mantua-based Group of the same name, has been assigned an A2.2 rating by Cerved Rating Agency (CRA). The rating places Marcegaglia at the top end of the scale, in a safe investment grade range, classifying it as a company with very solid fundamentals and a high capacity to meet financial commitments. The credit risk is low.

 

The A2.2 rating reflects: the high degree of business diversification, characterized by the strengthening of the steel business and by a model in which ESG factors linked to energy efficiency, reduction of atmospheric emissions, waste disposal and the development of a circular model are very important; a good resilience of economic and financial performance despite the Covid impact and the significant slowdown in the European steel sector; the maintenance of a solid financial structure, characterized by stable positive cash flows.

 

With more than sixty years of history behind it, the Group is a leader in the Italian and European steel market. Entirely owned by the Marcegaglia family, it is present in 3 continents, processes more than 6 million tons of steel a year, has 28 production plants, more than 6,600 employees and a wide range of products (from coils to strips, from tubes to heavy plates from carbon to stainless steel). It is the largest independent steel processor in the world and has a turnover that is expected to reach 7.5 billion Euros in 2021, a level never reached before.

 

It is the first time that Marcegaglia Steel Spa has asked for an assessment of its financial reliability and has appointed Cerved Rating Agency, the Italian rating agency specializing in the assessment of the creditworthiness of Italian non-financial companies and the issuance of debt securities. The agency issues and monitors ratings required by rated companies or by investors and is committed to contributing to a development model focused on respect for human rights and the environment, on the fight against corruption and in promoting management practices of companies' ESG factors, to support investment decisions in capital markets.

 

The rating press release issued by Cerved Rating Agency is available here.

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