Dear Stakeholders,
2025 ended with a world that not only failed to find the desired balance, but also saw geopolitical tensions escalate further. While the conflicts in Ukraine and the Middle East continue to represent open wounds in the global fabric, the international picture has become even more complex, fuelled by new fault lines of instability that heavily affect social and economic dynamics. We are still operating in a context of a "polycrisis" where uncertainty is no longer the exception, but the constant. This is also true within the European steel industry.
The polarisation between the major global blocs has intensified, pushing towards a regionalisation of markets that is putting a strain on the industrial resilience of our continent.
Europe, in particular, is now at a historic crossroads: the need to overcome an excessively bureaucratic stance and finally transform itself into a cohesive political and economic player, capable of competing on an equal footing with the US and Chinese giants. It has the capabilities, but it is time to turn potential into action. For our companies, the hope of a more responsive and operational Europe is not just a wish, but a necessary condition for the survival of manufacturing excellence.
In this very challenging scenario, Feralpi Group has not held back. By contrast, we have responded with the power of pragmatism, turning what was a vision a few years ago into a tangible result. While last year we were talking about ambitions and construction sites, today we are talking about goals achieved.
In 2025, we actually completed the extraordinary investment plan that we had initiated for all our business units, from construction steels to specialties. Today, the new Rolling Mill B in Riesa, Germany, is fully operational. It is a plant that represents the cutting edge of European technology, capable of producing the first spooler up to 8 tonnes with zero direct emissions (Scope 1). At the same time, the new spooler line in Lonato del Garda is also fully operational, completing our offering with products that are not only of the highest quality and flexibility, but also have a low environmental impact. On the specialties front, with a view to greater flexibility and versatility, a modern Garret line has been started up at the Caleotto plant for the production of rolls with diameters up to 32 mm, which will lead not only to a significant expansion of the range, but also to an improvement in the intrinsic properties of the products.
These assets are more than "simple" machines. They are the means by which we have confirmed a more robust industrial profile, more efficient plants, and a range of steels with EPD (Environmental Product Declaration) certifications at the top of the market, ready to serve a construction and industrial supply chain that is increasingly demanding in terms of decarbonisation.
The decision to prepare this third Integrated Report also reflects in the reporting activity our desire to never separate financial performance from ESG impacts. Despite recent trends towards the simplification of European sustainability legislation, promoted by the Omnibus package, Feralpi Group has once again chosen to provide continuity and solidity to its ESG reporting.
To this end, the Group has chosen to adopt, voluntarily and two years in advance of the obligations imposed by the decisions of the European legislator, the new European Sustainability Reporting Standards (ESRS) provided for by Directive (EU) 2022/2464, the Corporate Sustainability Reporting Directive (CSRD). This choice demonstrates our proactive commitment to providing comprehensive and verifiable information on Feralpi's sustainability performance, in line with the values of transparency and fairness in relations with stakeholders that have characterised our more than twenty years of reporting experience.
For Feralpi, being sustainable means constantly evolving through Research and Development, but also recognising that technology alone does not generate authentic value unless it is driven by people. With this in mind, we have given further impetus to our Diversity, Equity and Inclusion (DEI) policies, to make our contribution to overcoming established paradigms in our sector and fostering an increasingly open and pluralistic corporate culture.
The future still has many variables, but we are ready. Thanks to the investments completed and a state-of-theart production facility, we have created the conditions to seize every opportunity that the markets will offer. With cautious but solid optimism, we are committed to transforming our industrial capacity into shared growth for all our stakeholders, navigating the complexities of the present with the determination that has always distinguished our Group.
Giuseppe Pasini
Chairman of Feralpi Group