Danieli rises as new orders boost backlog, dispel war fears

Danieli & C Officine Meccaniche SpA

24/03/2022 11:24

** Shares in Italy's Danieli  DANI.MI  rise as much as 8.5%
after new orders sap the potential risks stemming from the war
in Ukraine
    ** No.1 U.S. steel producer Nucor Corp  NUE.N  awarded
Danieli Plant Making division a new contract worth 650 million
dollars on Wednesday 
    ** Banca Akros' analysts says the contract boosts Danieli's
order portfolio and makes up for any project delays linked to
the ongoing Russia-Ukraine conflict
    ** They raise Danieli's target price to 22.50 from 21.30 per
share
    ** Broker Equita also flags the order as good news, saying
this is positive both in terms of size - it is 44% of the order
intake expected in the second half of 2022 - and of tech
content, as it supports the expansion of the plant making
division margins 
    ** In the July-to-December period Russia accounted for about
3% of group's sales, Danieli said in a statement earlier in
March  urn:newsml:reuters.com:*:nBIAb8Tnd3
    ** By 1128 GMT the stock is up 5.35%, outperforming a
broadly flat Italy's all-share index  .FTITLMS , up 0.4%

 (Reporting by Federica Urso, editing by Maria Pia Quaglia)
 ((Federica.urso@tr.com))