2019 / 202020 / 212020 / 212020 / 21
2,8032,900 / 3,100750 / 8002,150 / 2,300
188210 / 22075 / 80135 / 140
Order book
2,9363,100 / 3,300250 / 3002,850 / 3,000
millions of €

Dear Shareholders,
Customer and Colleagues


The downward cycle in steel demand began in Quarter 4 of 2019 and then was exacerbated by the Covid-19 crisis, weighing down the results for 2020 more than anticipated.
A slight recovery is forecast for 2021, although still down by 3 to 5% compared to 2019.
The only exceptions are China, Vietnam and few other countries, which are expected to exceed their respective 2019 figures during 2021.
Consequently, the years 2020 and 2021 will still be below par on average; whereas, in our opinion, an excellent 2022 can be expected.

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Danieli Plantmaking 


Fiscal year 2019/20 ended with EBITDA not significantly affected by the impact of the Covid-19 pandemic.

The most significant achievement, however, was the consolidation of innovative technologies that are important to confirm our position among the front runners in metals technologies, now and in the future.

Our main achievements include:

— Leadership in the supply of Endless Casting Rolling plants, for both long and flat products.

— The Danieli Digital Melter, which replaces the traditional EAF (electric arc furnace), has overcome the initial inertia typical of all innovative technologies and is increasingly appreciated by the market. We can therefore expect its success to grow, in both new and existing electric meltshops.

— The MI.DA. (Danieli Minimill) has consolidated its success as confirmed by a contract for a Hybrid MI.DA. (H MI.DA) in the USA. Thanks to the Danieli Digital Melter, this plant will be the first to operate with alternative renewable energies (solar panels, wind, own energy production with gas, water, etc.).

— The Digi&Met project, which aims to achieve full automation and digitalization of meltshop processes and logistics, is advancing as foreseen.


Customer satisfaction

Excellent customer satisfaction and performances by the plants recently brought into production were accomplished during the last year.

Here we will highlight the most important ones:

— Thin-Slab Rolling - Hoa Phat (Vietnam).

— MI.DA. - Nucor (USA).

— High-speed wirerod mills – Ferriere Nord (Verona, Italy)

— Long-product rolling for special steels - Acciaierie Venete (Italy)

— Successful start-up of the latest Cold Rolling Complex supplied to Yildiz Demir Çelik in Turkey.

— Numerous MI.DA. type steelmaking and rolling plants supplied in China.

The order backlog is satisfactory not only in quantity but also for its high-tech content, notably:

— Top-quality rail production mill for Evraz (USA).

— MI.DA. S., CMC (USA), will be the first in the world to produce sections in endless mode, even indeed in hybrid mode, which thanks to the Digimelter steelmaking solution will allow the customer to use renewable energy sources such as solar and wind.

— Contract concluded in September 2020 with OMK (Russia) for a direct reduction plant equipped with an endless charging system directly feeding the EAF. It is a notable example of sustainable steel production with 64% lower emissions than the best integrated complexes, and it will be the first "green steel" plant in Russia and the European region.

— High-tech plate mill for high-quality plates at Nucor (USA).

These are just some of the most significant orders we have now in progress.


ABS / Steelmaking


ABS - Acciaierie Bertoli Safau (Italy) has suffered the effects of the market downturn, even though its results were primarily affected by the loss generated by the ESW Rohrenwerke GmbH pipe mill in Germany.

The initiative and management of the pipe mill proved far from good, so much so that it was decided to close the plant and absorb its costs. Although some residual charges will remain into fiscal year 2020/21, we have substantially stopped the draining of financial resources resulting from this investment.

It must be emphasized that without the loss generated by the pipe mill, ABS would have recorded a profit, despite the market downturn, which demonstrates the company’s competitiveness.

ABS has confirmed its position as one of the three European leaders in high-quality long products.

Investments in new plants have not been interrupted and by October or November 2020 the new wirerod mill (190 million Euro CapEx) will start producing high-quality steel wirerod thanks to the use of innovative thermomechanical processes.

This investment is the first of the “Vision 2.300” programme for ABS, which aims to increase its sales revenues by 50% and achieve the record of being the only meltshop to produce quality steels in a product range of dia. 5.5 mm to 500 mm dia at a single site, with consequent important savings in OpEx and logistics.


Group Vision


— ABS has set itself the goal of achieving 1,300 – 1,400 million Euro sales in the next two or three years, thereby accounting for an even more significant portion of Group turnover.

— Moreover, the parameters of competitiveness, productivity, added-value per person, product quality and customer service have been in general redefined for the whole Group, with a view to improving them.

The new parameters have been agreed upon with the management, and new targets and time frames have been set.

Fiscal year 2020/21 still will feel the effects of the downturn in steel consumption, affecting the order backlog not only of the steelmaking segment, but also of the plant-building segment.

However, considering the volatility of the steel market, this can be considered as a routine event. What is most important is to gear up for the next upturn phase, in order to be ready to secure the new opportunities and added value it will bring.

— Investments in new plants and research continue according to plan.

The targets for the fiscal year 2020/2021 are:

— Completion and/or progress of the innovative projects mentioned above.


— Fiscal year results with:

Revenue: 2,900-3,100 M Euro.

EBITDA: 210-220 M Euro.

Order backlog: 3,100-3,300 M Euro.


We also continue to invest in the design and supply of plants developed from "green steel" concepts (environmentally friendly steel production) as well as to improve safety in the workplace, with the pride of being – thanks to ABS – among the best in Europe regarding workplace safety. And the first results of these investments are already visible with the orders for the hybrid Minimills, the first ever in the world.


Danieli Academy continues to present an agenda that contributes to the professional growth and development of our employees and promotes teamwork and a positive culture.
The contributions directed at preserving the local cultural heritage also have been validated. A significant example is the structural repair work in progress for the Castle of Udine (Italy), one of the most cherished symbols of the Friuli region.

Before concluding, we wish to thank our shareholders who have allowed us to invest 85-90% of our profits back into the company. This is perceived as an expression of the shareholders’ trust and esteem for the Danieli team, which we intend to honor to the best of our abilities.
It is a trust which, in any case, has been repaid by the fact that the acquisition of Danieli shares has been confirmed to be a good, long-term investment.


On behalf of the Board of Directors and of the shareholders, special thanks go to the Danieli Group Team who, with passion and professionalism, are strongly committed to achieving the agreed objectives for our company’s continuing improvement, and to honor the motto “Danieli, the reliable and innovative partner to be a step ahead in CapEx and OpEx”, for the satisfaction of our business partners. And last, but not least, we express thanks for their efforts in bringing about the cultural change that today’s technological and social trends call for, which is essential to maintaining market shares and competitiveness in a highly challenging global economy with constantly evolving quality requirements.


Gianpietro Benedetti

Chairman of the Board of Directors


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