Latest news with #Prysmian
Reuters
8 hours ago
- Business
- Reuters
Prysmian wins $446 million contract with Italian power grid operator Terna
July 28 (Reuters) - Italy's Prysmian ( opens new tab has secured a deal with a potential total value of 382.5 million euros ($446.3 million) to supply and maintain high-voltage cables for national power network operator Terna ( opens new tab, Prysmian said on Monday. The three-year contract, which can be extended by one year by Terna, commits the operator to acquire at least 50 km (31 miles) of high-voltage cables each year, and the volume may "rise considerably" based on its requirements, Prysmian said. The deal will help Terna modernise and upgrade the national electricity grid, in line with the objectives of the European Green Deal and Italy's national energy and climate plans, Prysmian added. The company said it would manufacture the cables at its southern Italian plant of Pignataro Maggiore, which recently received over 20 million euros in investment to support an increase in capacity. ($1 = 0.8571 euros)
Yahoo
3 days ago
- Business
- Yahoo
Alcoa Corporation (AA) Reports for Q2 2025; Earnings Beat Estimates
Due to strong hedge fund interest, Alcoa Corporation (NYSE:AA) is among the . A construction crew working on a solar energy system, revealing the company's drive for success. On July 16, 2025, Alcoa Corporation (NYSE:AA) reported results for Q2 2025, which turned out to be a stronger-than-expected quarter. The company reported an adjusted EPS of $0.39 per share, surpassing estimates of $0.29. Meanwhile, sequential revenue went down by 10% to $3 billion. Lower alumina and aluminum prices, along with a $95 million tariff (including the 50% U.S. Section 232 tariff on Canadian aluminum), had a heavy impact, also dragging adjusted EBITDA down by $542 million to $313 million. To mitigate the tariff impact, the company is planning to reroute 100,000 or more metric tons to non-U.S. purchasers. On the strategic side, Alcoa Corporation (NYSE:AA) closed its $1.35 billion Ma'aden JV exit on July 1, 2025, selling its 25.1% stake in the venture to Saudi Arabian Mining Company. Meanwhile, the company continued with its commitment to sustainable actions with initiatives like EcoLum sales and supply extensions with Prysmian. Looking ahead, improved alumina performance and tariff-offsetting Midwest premiums are expected in Q3. However, the company expresses caution due to power-related delays at San Ciprián. Alcoa has faced a challenging environment due to the high cost of energy at the site for an extended period. After the earnings release, on July 18, 2025, Morgan Stanley cut its price target for AA from $40 to $38, while maintaining an 'Overweight' rating, citing the company's short-term market condition and strategic outlook. With its operations in Australia, Brazil, Canada, Iceland, Norway, Spain, the United States, and internationally, Alcoa Corporation (NYSE:AA) is engaged in the bauxite mining, alumina refining, aluminum production, and energy generation business. It is included in our list of the Best Material Stocks. While we acknowledge the potential of AA as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. Disclosure. None.
Yahoo
14-07-2025
- Business
- Yahoo
World's Top Cable Maker Sees US Copper Tariff as Opportunity
(Bloomberg) -- The world's biggest maker of copper cable is applauding President Donald Trump's planned 50% tariff on the metal, saying it will bolster the American supply chain, with costs passed on to customers. Why Did Cars Get So Hard to See Out Of? How German Cities Are Rethinking Women's Safety — With Taxis Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests Italy's Prysmian SpA — which last year shelled out $4 billion-plus to buy Texas-based Encore Wire Corp. — is in regular contact with the administration ahead of the measure's implementation on Aug. 1, said Maria Cristina Bifulco, head of investor relations and sustainability. Trump sparked chaos in metals markets last week by announcing the higher-than-expected copper tariff, the latest twist in a tumultuous period for industrial commodities. Since February, when Trump declared 'it's time for copper to come home' and aired the potential for levies, global traders have sent record volumes of the metal to the US to get ahead of the tariff. Like the rest of the industry, Encore and its Milan-listed owner are waiting for details. Still, given the 'spirit is to protect and facilitate local business,' it's expected to be applied to both semi-finished products like cable as well as raw metal, Bifulco said. 'We find the administration very open, very sensitive,' Bifulco said in an interview Monday. 'They understand very well the situation. So in this respect, we are positive.' Prysmian, which churns out about 220,000 metric tons a year of cable at a sprawling facility outside of Dallas, says it stands to benefit from tariffs relative to competitors because it sources a larger part of its copper domestically — from Phoenix-based Freeport-McMoRan Inc. — and is vertically integrated. 'This will further reinforce the leadership of the local players,' she said. 'We are better placed than other players.' Stakeholders in the industry are divided. Some say any meaningful increase in domestic production would take years and require additional incentives given how difficult and expensive it is to build and operate mines and plants in the US. Incumbent producers such as Freeport and Rio Tinto Group stand to benefit from a premium on US-made metal, while analysts warn it will be consumers who will have to pick up the tab. Copper prices in the US have surged ahead of the tariff. So far, Encore has been able to pass those on, although strength of future demand remains to be seen. Eventually, aluminum may be substituted for copper in some applications, Bifulco said. 'Since the final customer is the one paying the increase in prices, you need to make sure to carefully assess demand to make sure that it's resilient enough,' she said. While it's too soon to start replacing what Prysmian does import from Latin America, logically that would come from refined scrap in arrangements similar to what the company has with German copper processor Aurubis AG, she added. Prysmian has leaned on acquisitions for growth after being carved out of tire-maker Pirelli in 2005. The company bought Encore Wire last year to boost its exposure to the low-voltage electrical applications on which data centers largely rely. 'Cables are becoming all of a sudden sexy,' Bifulco said. 'We are at the center of these electrification and digitalization processes and the leader in our space. We are very busy.' (Adds quote in sixth paragraph) 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot 'The Turbulence Is Brutal': Four Shark Tank Businesses on Tariffs Trump's Cuts Are Making Federal Data Disappear Trade War? No Problem—If You Run a Trade School ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-07-2025
- Business
- Yahoo
World's Top Cable Maker Prysmian Cheers Trump's Copper Tariff
(Bloomberg) -- The world's biggest maker of copper cable is applauding President Donald Trump's planned 50% tariff on the metal, saying it will bolster the American supply chain, with costs passed on to customers. Why Did Cars Get So Hard to See Out Of? How German Cities Are Rethinking Women's Safety — With Taxis Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests Italy's Prysmian SpA — which last year shelled out $4 billion-plus to buy Texas-based Encore Wire Corp. — is in regular contact with the administration ahead of the measure's implementation on Aug. 1, said Maria Cristina Bifulco, head of investor relations and sustainability. Trump sparked chaos in metals markets last week by announcing the higher-than-expected copper tariff, the latest twist in a tumultuous period for industrial commodities. Since February, when Trump declared 'it's time for copper to come home' and aired the potential for levies, global traders have sent record volumes of the metal to the US to get ahead of the tariff. Like the rest of the industry, Encore and its Milan-listed owner are waiting for details. Still, given the 'spirit is to protect and facilitate local business,' it's expected to be applied to both semi-finished products like cable as well as raw metal, Bifulco said. 'We find the administration very open, very sensitive,' Bifulco said in an interview Monday. 'They understand very well the situation. So in this respect, we are positive.' Prysmian, which churns out about 220,000 metric tons a year of cable at a sprawling facility outside of Dallas, says it stands to benefit from tariffs relative to competitors because it sources a larger part of its copper domestically — from Phoenix-based Freeport-McMoRan Inc. — and is vertically integrated. Stakeholders in the industry are divided. Some say any meaningful increase in domestic production would take years and require additional incentives given how difficult and expensive it is to build and operate mines and plants in the US. Incumbent producers such as Freeport and Rio Tinto Group stand to benefit from a premium on US-made metal, while analysts warn it will be consumers who will have to pick up the tab. Copper prices in the US have surged ahead of the tariff. So far, Encore has been able to pass those on, although strength of future demand remains to be seen. Eventually, aluminum may be substituted for copper in some applications, Bifulco said. 'Since the final customer is the one paying the increase in prices, you need to make sure to carefully assess demand to make sure that it's resilient enough,' she said. While it's too soon to start replacing what Prysmian does import from Latin America, logically that would come from refined scrap in arrangements similar to what the company has with German copper processor Aurubis AG, she added. Prysmian has leaned on acquisitions for growth after being carved out of tire-maker Pirelli in 2005. The company bought Encore Wire last year to boost its exposure to the low-voltage electrical applications on which data centers largely rely. 'Cables are becoming all of a sudden sexy,' Bifulco said. 'We are at the center of these electrification and digitalization processes and the leader in our space. We are very busy.' 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot 'The Turbulence Is Brutal': Four Shark Tank Businesses on Tariffs Trump's Cuts Are Making Federal Data Disappear Trade War? No Problem—If You Run a Trade School ©2025 Bloomberg L.P.
Bloomberg
14-07-2025
- Business
- Bloomberg
World's Top Cable Maker Prysmian Cheers Trump's Copper Tariff
The world's biggest maker of copper cable is applauding President Donald Trump's planned 50% tariff on the metal, saying it will bolster the American supply chain, with costs passed on to customers. Italy's Prysmian SpA — which last year shelled out $4 billion-plus to buy Texas-based Encore Wire Corp. — is in regular contact with the administration ahead of the measure's implementation on Aug. 1, said Maria Cristina Bifulco, head of investor relations and sustainability.
