Tariffs, geopolitical tensions, new trade barriers, high energy costs, and the restructuring of supply chains are changing the environment in which Italian steel and steel companies operate. These were the key issues addressed at the Assofermet Autumn conference, held on Friday, October 2, at the Confcommercio headquarters in Rome, titled Risk Markets and the Potential for Companies.
Opening the event, following a video message from Confcommercio President Carlo Sangalli, Assofermet President Cinzia Vezzosi noted that the name chosen by the association a few months ago turned out to be almost uncomfortably relevant in the light of recent international events. Along with ongoing conflicts and geopolitical instability, companies are currently facing new trade restrictions, tougher measures affecting steel imports, and the transition of CBAM to the most economically significant stage. However, Vezzosi's statement was not only caused by concern. She highlighted the ability to react quickly as one of the main strengths of Italian small and medium-sized enterprises.: the ability to anticipate changes, overcome difficulties, and adapt your strategies in months rather than years.
Tariffs and geopolitics redraw the world trade map
The first round table was moderated by Sissy Bellomo, Commodities and Energy Specialist, Natalino Loffredo, Markets Editor at Il Sole 24 Ore magazine, Adviser to the Minister for International Trade Policy at the Italian Ministry of Foreign Affairs and International Cooperation (MAECI), Antonio Villafranca, ISPI Vice President for Research, and Alessandro Panaro, Head of the Department marine transport and energy SRM - Studi, met with the editor of the magazine Il Sole 24. food cooked in a hurry.
One of the main topics of discussion was the increasing use of economic instruments as an instrument of political pressure. According to Villafranca, the deterioration of the international order has been going on for at least 15 years, while trade, tariffs, raw materials and infrastructure are increasingly becoming part of a broader power dynamic. "Everything becomes a weapon, including the economy," he said, pointing in particular to the role of the so-called bottlenecks, strategic passageways through which goods pass, energy and hydrocarbon flows.
The tension around the Strait of Hormuz has shown how the concentration of trade flows along a limited number of strategic routes can affect global supply chains. Alternative routes and infrastructure can reduce some of these vulnerabilities, Villafranca said, but inevitably at higher costs.
This point of view was supported by Alessandro Panaro, who said that companies now have to take into account new factors and their costs are influenced by geopolitics. "Logistics is like water: costs can rise, but it will always find a way out," he said. Longer routes, additional fees, and port congestion increase transportation costs, while the reliability of the supply chain deteriorates. Lenovo reported a 112% increase in freight rates and a 50% increase in ship timetable reliability. Despite this, the Mediterranean continues to show significant resilience: in 2025, Italian ports handled about 510 million tons of cargo, which is 30 million tons more than in the previous year.
According to Panaro, the answer lies primarily in improving logistics efficiency, digitalization and sustainability, which are becoming increasingly important factors for competitiveness. He had a different view of the EU's ETS With regard to shipping, arguing that they risk becoming unprofitable in competition if they are limited only to the European market.
With regard to trade, Natalino Loffredo described the United States as a "difficult-to-replace" partner for Europe, despite the sharp tightening of US tariff policy. Italy and Germany supported an approach aimed at preventing further escalation of trade, while Section 232 remains key for the steel sector, covering steel, aluminum and copper, as well as a wide range of semi-finished and secondary products. products.
At the same time, relations with China remain another important issue. Loffredo stressed the need to maintain an open dialogue with Beijing, as well as promote greater diversification of supply sources. However, such a process involves certain costs and, in his opinion, should be accompanied by appropriate incentives for companies..
Moreover, China's presence goes far beyond trade flows. Panaro noted that Beijing has invested about $20 billion in Mediterranean ports since 2013, including through long-term infrastructure concessions. At the same time, SRM recorded a 13% increase in the number of routes within the Mediterranean, which is further evidence that supply chains are already undergoing a gradual restructuring.
CBAM, energy and profitability put Europe's competitiveness to the test
The second round table, entitled "Energy for Companies in complex global challenges," was attended by Marco Gay, CEO of ZEST SpA and President of the Turin Industrial Union; Andrea Di Sotto, Partner SO.
DE.
MI Srl and AluGlobalBro Srl; and Riccardo Gabrielli, Regional Sales and Production Manager for thick-rolled products at Gabrielli SpA.
Andrea Di Sotto spoke about the difficulties faced by the aluminum semi-finished products sector as it changes its supplier search strategies amid declining supplies from Russia, anti-dumping measures, logistical constraints and new European regulatory requirements. From the importer's perspective, he described CBAM as a "hidden tariff," highlighting the uncertainty surrounding its initial implementation. "This is year zero for CBAM: we import materials without knowing with certainty what the final cost will be," he said. This uncertainty complicates procurement and margin management strategies at a time when companies are already being forced to rethink established supply chains and incur higher costs throughout the value chain.
Paying more attention to the steel sector, Riccardo Gabrielli emphasized that CBAM is not just an issue of compliance with administrative requirements, but also an issue with direct financial and commercial implications. Uncertainty about the actual cost of carbon makes it difficult to estimate the cost of the material already purchased: for several thousand metric tons of carbon when importing steel, different cost assumptions can lead to discrepancies of hundreds of thousands of euros.
Gabrielli also pointed to the growing proliferation of carbon pricing systems outside the European Union, referring in particular to China, the UK and South Korea. In Italy, the growing complexity of imports is compounded by the reduction of steel production capacity in the domestic market. The downsizing of the former Ilva has led to an increase in the country's dependence on supplies from abroad, as well as purchases on international markets, which are becoming more expensive and less predictable.
Thus, competitiveness remains a central issue. Marco Gay stressed that the gap in energy prices has been a structural problem for the Italian industry for several years, while high logistics costs, interest rates and increasingly low profitability are putting additional pressure on. According to Gay, the EU ETS is not just an economic problem, but a factor that directly affects the ability of European industry to compete and continue to invest.
Against this background, innovation and artificial intelligence can offer new levers to increase efficiency. Gay argued that the key question would not be whether artificial intelligence would replace jobs, but whether companies and employees could effectively integrate it into their processes. Gabrielli agreed that it is necessary to focus on internal optimization, especially at a time when many of the main factors affecting costs are increasingly beyond the direct control of companies.
In the end, the discussion returned to its starting point: in a market environment where geopolitics, trade, logistics, and energy are becoming increasingly important factors. Interrelated factors such as resilience and the ability to adapt quickly are still important, but they are not enough to increase the competitiveness of European industrial enterprises. the system is compromised.
Closing the event, Cinzia Vezzosi stated: "I firmly believe that as we move forward in this complex process, companies bear real responsibility, with the hope and conviction that the decisions we make today can specifically help build the future."
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