The Ministry of Enterprises has authorized Invitalia (the investment attraction agency controlled by the Ministry of Economy) to sign a development agreement with the steel company Arvedi to support an investment of 82.5 million euros at the Cremona steel plant. The public incentives provided amount to a maximum of 22.5 million, that is, over a quarter of the total investment value.
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WHAT ARVEDI WILL DO IN CREMONA
Arvedi’s investment plan at the Cremona plant is called Arves and involves the production of a new product, non-oriented grain magnetic steel for the core of electric machines. This type of steel, also known as Ngo, differs from “traditional” steel due to its higher silicon content and because it is specifically designed to maximize the efficiency of electric motors (composed of rotors and stators) and to manage magnetic fluxes that continuously change direction.
In addition to Ngo steel, the Cremona steel plant will be equipped with technologies for the recovery of secondary raw materials and the vacuum treatment plant for liquid steel will be upgraded. A research program is also planned for the production of low environmental impact steels intended for the automotive industry.
According to the Ministry of Enterprises, this is a strategic investment for the competitiveness of the Italian production fabric and for the sustainable development of the territory.
ARVEDI’S RESULTS
Led by Giovanni Arvedi (chairman) and his nephew Mario Caldonazzo (CEO), the Arvedi group has closed the 2024 financial year with consolidated revenues of 5.7 billion euros and a net result of 92 million. The previous year revenues were 6 billion and the net result was 235 million.
