Story
Danieli Shares Jump 7.2% on Engineering Contract for €3 Billion Green Steel Project
Shares of Italian plant engineering firm Danieli & C Officine Meccaniche S.p.A. (DANI.MI) surged after the company announced it secured a key contract for a major green steel project in France. The deal involves initial engineering work for a new plant being developed by the French company Gravithy.
Project Details
Danieli has been contracted by Gravithy to perform the initial basic engineering for a new green direct reduction plant, according to a company announcement. The facility, to be located in Fos-sur-Mer, France, is designed to produce hot briquetted iron (HBI), a key material for low-carbon steelmaking.
The total investment value for the entire project is over €3 billion, with the new plant scheduled to become operational by the end of 2030. This contract positions Danieli at the forefront of a significant industrial decarbonization effort.
AdMarket Reaction
Investors responded positively to the news, sending Danieli shares up by 7.2% during Friday's trading session. The contract win is seen by the market as a significant validation of Danieli's technology and its strategic role in the growing sector dedicated to greening heavy industry.
Securing a foundational role in a multi-billion euro project underscores the company's potential for future revenue streams tied to the energy transition in the steel sector. Green direct reduction is a critical technology for reducing emissions from steel production, a traditionally carbon-intensive industry.
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