Monday, 26 December 2011 – Italian steelmaker Cogne Acciai Speciali (CAS) has announced to local media that it will invest $25-30 million in 2012-2015 with the aim of boosting profitability. As stated by CAS president Roberto Marzorati, “We suffered quick trend reversals that we were unable to predict”. Indeed, in July CAS presented its 2010 financial results, posting a 60 percent increase in sales revenue and was targeting sales revenue of €608 million for 2011. Subsequently, however, the rapid deterioration of the economical climate forced the company to lay off 250 workers due to lower sales. In 2011 the company’s sales revenue will be around €520 million. Mr. Marzorati commented, “We are still far from the figures we predicted during the first six months of the year.” In this context, Cogne Acciai Speciali has decided to launch a development plan with a €25-30 million budget for 2012-2015. The company, which is already focused on special steels, will develop new steel qualities with higher metallurgical complexity and different end-using sectors. The company’s goal is to enter the automotive, energy and medical fields. “Previously our investments were focused on production capacity increase. Now we want to bet on niche products, even if the production process is more difficult, as the markets are independent of raw material price trends,” Mr. Marzorati said.
Source : Steel Orbis