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Dear Shareholders, Customers and Collegues
Result for the fiscal year 2009/2010:
| (million of Euro)
| 2009/10
| 2010/11
| 2010/11
| 2010/11
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Group
Results
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Group
Forecast
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Forecast
Steelmaking
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Forecast
Plantmaking
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| Sales
| 2,583.3
| 2,900/3,000
| 600/650
| 2,200/2,350
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| EBITDA
| 287.1
| 290/310
| 55/60
| 230/250
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| Order book
| 3,682
| 3,000/3,300
| 200/250
| 2,800/3,050
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Our performance reflects the recovery of the steelmaking sector in the second half of the year and the solidity of our core business, plant making, where we have improved our margins despite a not unexpected decrease in revenue.
The Group's net income was better than forecast, because risk cases were settled at limited cost.
What is most important, however, is that it was an exciting year as regards technological milestones:
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> a world record for quality and productivity with the thin slab caster at POSCO (Korea)
> the world first endless rolling minimill for long products at CMC Arizona (USA)
> the successful start-up of the world's largest DC EAF at Tokyo Steel (Japan)
> a world speed record of 450 km/h for wire rods in China
> a world record of 250 ton/h at the direct reduction plant in Abu Dhabi
> a world record of 180 km/h for bar discharging into cooling bed in Europe.
These are major achievements, owing to our successful partnership with leading customers in the art of steelmaking.
The global steel market in 2010-2011 will most probably perform much as it did last year: still on the rise in BRIC countries and in line with today’s figures in Europe and the United States; all this resulting in worldwide steel production growing from 1,300-1,350 million tons to 1,350-1,400 million. Many of the new plants will be built in China, which however builds 90-95% of them locally, with Chinese firms.We are firming up our plan for the next five years, and expect to increase our operating units in Europe, Latin America, USA and India by an average of 8%.
We will also step up investments in research and prototyping, by about 60-80%. Additional resources will go to our existing factories, which are designed to make it unnecessary “to shop around for noble equipment”.
Danieli continues to be a successful and unique expression of the best international practice in the art of designing and building plants and other equipment for making steel, including on a turnkey basis. Our team includes world-class firms such as Danieli Wean United (USA), Danieli Davy Distington (UK), Morgårdshammar and Sund Birsta (Sweden), Fröhling and W&K (Germany), Danieli Corus Technical Services (Netherlands), and Rotelec (France).
The Board thanks the entire Danieli Group team for their enthusiasm and dedication on the job. Their energy and positive attitude are the keys to our success and constant expansion.
These attributes cannot be bought or learned, but have been built into the company’s character since the beginning, and have come to be our most valuable intangible asset.
We also thank our customers, whose innovative spirit makes them true partners in our quest to beat records and do things better.
Finally, we thank our shareholders who as usual allow us to reinvest 87% of our profits in the company. This attitude stands not only for trust but also for a desire to share the excitement of the race.
Gianpietro Benedetti
Chairman and CEO
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