What smart money is saying about Danieli & C. Officine Meccaniche S.p.A.
1 fund in our archive has pitched Danieli & C. Officine Meccaniche S.p.A. — most recently Palm Harbour Capital Fund in September 2026.
Danieli & C. Officine Meccaniche S.p.A. designs, builds, and sells plants for the iron and steel industry in Europe, the Middle East, the Americas, and Southeast Asia. It operates through two segments, Plant Making and Steel Making. The company designs and builds plants for various process areas, including mines; pellet production plants; blast furnaces; direct reduction; scrap shredders; steelworks for production of liquid steel; and continuous casting for blooms and billets, slabs, and thin slabs. It designs and builds rolling mills for long products and seamless tubes; hot and cold rolling mills for flat products; process lines for flat products; and conditioning plants. In addition, the company offers plants for secondary processing, such as peeling, straightening, 2-roll reeling, and drawing machines; forging presses and manipulators, and forging plants; extrusion presses for ferrous and non-ferrous materials; plants for longitudinal cutting and for transversal cutting; and cranes and lifting equipment. Further, it is involved in the production and sale of special steel comprising ingots, blooms, billets, and forged and rolled products; and structural steel comprising high carbon steel, as well as case-hardened, hardened and tempered, and surface hardened steel for use in various engineering components. The company was founded in 1914 and is based in Buttrio, Italy.
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Position history
Between Q1 2026 and Q3 2026, 2 fund letters reported a position in Danieli & C. Officine Meccaniche S.p.A., with 2 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 0 | 1 | 1 |
| Q1 2026 | 1 | 0 | 1 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 2 positions · 2 moves
- TrimmedPalm Harbour Capital FundSeptember 2026
“The second largest detractor was Danieli (-27%, -55 bps), the Italian steel plant maker and steel producer, which we introduced in our third quarter 2020 letter. Its share was weak over the summer on news that a major project was postponed. The company had previously planned a €3.2 billion green steel plant in Piombino, Italy, which would have more than doubled Danieli’s Plant Making backlog. Metinvest Adria (a 75/25 joint venture between Ukrainian steelmaker Metinvest and Danieli) is actively seeking new equity partners, though the energy crisis may make the project harder to model. Furthermore, in early September, a sell-side broker removed Danieli from its “Italian picks” list and reduced its EBITDA estimates, citing execution timing, logistics and margin pressure. When Danieli released its full year results on 25 September, the reported 9% decline in revenues and 27% decline in operating profit was worse than expected. It suffered from some poorly explained plant making provisions linked to the completion of some projects. The company also issued a very conservative guidance for the next fiscal year. While we had reduced our position significantly at higher share price levels, we kept a small position as we were hoping for a conversion of the Saver (preferred) shares with the full year results. This did not happen.”
Danieli & C. Officine Meccaniche S.p.A. - TrimmedPalm Harbour CapitalMarch 2026
“The third significant contributor was Danieli & C Savers (+14.9%, +50 bps), the Italian steel plant maker and steel producer, introduced in our third quarter 2020 letter. Although sales declined 16% year-on-year due to project timing, EBITDA increased 17% exceeding expectations. The EBITDA was supported by the margin generated in the Plant Making division and by improved performance of the Steel Making division. Here, they expect to achieve solid profitability in the first half 2026, thanks to a more robust and receptive market. Moreover, the Plant Making order book increased by 10.9% to €5,967 millions and remained well diversified by geographical area and product line. The results of the two activities continue to offset each other through the ups and downs of economic cycles, while remaining consistently positive and growing overall. The clean cash (excluding advances) increased by €178 million to €929 million, covering 22% of market cap at quarter-end. Since the start of 2025, Danieli has appeared in four of our five top contributors’ lists, generating a ~1.5x return. While the stock continues to look undervalued, we are taking partial profits, cognisant of rising energy and inflation risks.”
Danieli & C. Officine Meccaniche S.p.A.
Fund coverage · 1 thesis
- Palm Harbour Capital FundSeptember 2026
Danieli's shares weakened on a postponed major project, broker downgrade, and worse-than-expected full-year results, though the fund kept a small position hoping for a Saver share conversion.
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