Made in Steel 2025 | Donne che fanno l'impresa

Good morning. Good morning. Good morning everyone. A round of applause also for all the women who told their stories in this video. Welcome to this third day of Made in Steel, the Conference and Exhibition of the Steel Supply Chain. Today is a very special, very emotional day within this event that we wanted to call The Beauty of Steel. And as we have said in these three days, the first beauty is precisely that of being all here together, together with you in this community that becomes a meeting place every year. We like to consider Made in Steel as a true cultural platform where ideas take shape, confrontation is alive, and together we grow. Today is a very special day for many reasons. First of all, the emotion of being able to connect some dots today, also of our projects like Sider and of our projects like Made in Steel. I thank you first of all also our father who left space for me and Paolo to be able to express all our creativity and energy that we try to put in with so much passion every year. The Steel in Feminine project was born under Siderweb 2 years ago with the very intent of networking, of creating a community within Siderweb, not so much to stereotype the role of women, which is absolutely not our intention, but to try to change a sector where only 5% is the percentage of women employed in steel. And so we saw some of the voices before me who told their stories, I really thank them so much for having done it also with friendship and enthusiasm. Among these voices, I believe we have an additional responsibility precisely because we are at the helm of our companies. To try to change that 5% percentage, we must try to build a new model of doing business. We also talked about it yesterday morning in the conference where Antonio Marcegaglia and Franco Bernabè spoke. There is a new way of understanding the company where the human being is at the center, where the human being is truly the transformative engine of our companies. And so in a very short time, we will have on this stage the opportunity to hear extraordinary voices. First of all, that of the roots of the company. In a moment, Paolo Bricco will interview Emma Marcegaglia, whom I really thank so much for her participation. I believe that Emma embodies many characteristics of this project, more than any other, what I like to think is that Emma Marcegaglia embodies the steel adventure, the steel roots. She was also a pioneer of many roles, the first woman president of Confindustria, of Business Europe, of ENI, but above all also the family values, an attachment to the values and the community from which you started, which I believe represents a beautiful example. There will then be a round table on the theme of cross-pollination. For the first time on this stage at Made in Steel, we will have the CEO of illycaffè Cristina Scocchia, we will have the president of Valore D and of Prysmian Cristiana Shelza, whom I really thank so much, not the president of Prysmian, but the president of Valore D for her participation, especially for this cross-pollination perspective. Isabella Manfredi of Feralpi Group who brings us the voice of one of the companies that more than any other is changing this way of understanding the company and also the way of doing training, of looking to the future also with the Academy with an eye on the future. And finally, the greatest emotion for me is that of presenting today the book titled Glass Ceilings, Steel Roots, which you will also find on your chairs, a book published by Il Sole 24 Ore, which allowed me to tell, well, I believe that before I said each of us has the responsibility to... I felt at a certain point, what can I do as a drop in the ocean to try to change this small world? I love to tell stories, to narrate, and I tried above all to link together some stories, some stories of extraordinary women, some of whom we will hear in a moment. I also thank Rita Perzé of Corriere della Sera who will interview them shortly, and I tried within this book to link the stories together because I believe they had in common, and then I invite you obviously to read it, then everyone will also find a very personal meaning, but I believe they had many aspects in common. First of all, authenticity, remaining women even in perhaps very traditional, very difficult sectors, and above all, having made available their skills, their enthusiasm, and their vocation. So I also thank Grazia Morandi who arrived because she allowed me to link the stories of new entrepreneurs and modern managers to the story that I carry in my heart, which is that of my great-grandmother Fiorina, who in 1905 graduated in Milan from the recognized school of midwifery but undertook her profession as a doctor, as a midwife, in obviously very difficult years with enthusiasm, with vocation, with passion, putting all her human skills into it. I believe that humanism, even in steel, can be a new key to interpreting these stories, these challenges. So I tried to link them a bit, this is a bit the result of today, but above all today we will bring back to life parts of this book on this stage, so I won't take up any more time. I thank above all Paolo Bricco for being here and Emma Marcegaglia for the first round table that will take place in a very short time. I invite you to join me on stage and thank you all for being present, you are really numerous. Thank you.

Thank you for the invitation, thank you for this opportunity that you give us today. Change. We heard this noun used so much in the beautiful and non-stereotyped video about women in the steel world. And here we have today the opportunity to speak, to have the point of view of one of the women in Italy who has done the most for change, but who at the same time has built in her experience, in their experience, in her experience, an important network also not only national, but also international. Well, then we also get into the theme of roots that Francesca was just talking about, and of all the glass ceilings that still need to be broken. But today there isn't too much change. This morning, there isn't a morning where we can't read the newspapers finding the most complex, disruptive things that just 6 months ago would not have been conceivable. We saw earlier on our phones all of us Donald Trump who called Powell, the governor of the Federal Reserve, a stupid person. Well, this morning the New York Times announced that probably we are going towards a first agreement between the United States and Great Britain, with a re-editing of an Anglosphere for the first time aggressive towards the rest of the world. Well, there isn't too much change at this moment.

Exactly.

Absolutely.

Well, but you described a Trump who in some way is also the result of a long historical path and he is a man, male, white, with a strong tendency also to verbal violence as well as... The question is this: how much was your dad Steno a product of his time? Because we were talking about it before. Your dad's story is a story that perfectly represents a historical period, it perfectly represents a piece of the country and so then for you as a daughter it was necessary to confront that story as well.

But very often family capitalism has this problem. Great entrepreneurs destroy their children and also their daughters. And how did the mechanism work so that you and your brother Antonio were not wiped out by such an overwhelming person?

You also built a mechanism of specialization between you and your brother, in some areas, right?

Well, in that, did it also help you to be the children of such a united mom and dad? Because before I started by asking who was your father, who was your mother.

But today things in steel have changed beyond the equity of successions, that is, in your opinion, do women count more or is there still a lot to do?

Well, usually you are remembered for being the first president of Confindustria, but you were also president of the youth of Confindustria when there were authentic alpha males. How was it then?

Among these that you cited, Lawyer Agnelli, Dr. Romiti, who do you remember with more ability to understand that it was the time to bring women into the room?

Ah, Vittorio Merloni. In what situation? If there is an episode there, it is there when, in particular then after when I became president of Confindustria, by the way I was on his board, he unfortunately started, let's say, not to be well, but he there he even went a bit further, he made some statements to the press saying 'Eh, but is she the right one?' I said, 'Look, if you say that they won't read me anymore, so shut up.' But well, I don't know, he wanted, he thought the right time for a woman had really come and he thought, I say it a bit modestly, that he thought I was the right person.

But where do women go wrong? If there is a person who can say it, it is you.

But is there something you would advise to one of these girls who are here today, university students, in their twenties?

What can we men do?

This is very true.

But who is the woman you've met in all these years who struck you the most? You have an enormous range, from Merkel to the great Israeli leaders, to American leaders, both in industry and politics. Who really touched your heart and you realized was almost a source of inspiration?

Ah, so in the declining phase.

So, girls, I'm calling you up, since we have a great responsibility with Emma, because I must say that this conversation with Emma Marcegaglia was of extremely high authenticity, and we absolutely cannot be less than that. In fact, I would like to follow in that vein. I really like today's title, 'Women Who Do Business,' which you'll notice has two versions. 'Do business' because we are in business and we fully intend to stay and grow, but we also 'make a bit of a fuss' because we won't hide it from you—it has a price. It requires a huge amount of effort and struggle to get in on equal terms, which is significant and considerable. So, with you all, we spoke earlier very quickly and decided to try to touch on four themes, four macro-themes on which I would like to hear your opinions and have a really simple and direct exchange. So, let's say we have an hour, each of us gets a quarter of an hour, no more. Well, Emma Marcegaglia already touched on this a bit earlier. Let's start by taking stock: where are we? Is the glass half full or half empty when we talk about women's equity at work? On one hand, as Paolo Bricco also said earlier, we have many women at the top of politics and business starting to increase. But if I look at the numbers for middle management, women managers in Italy are around 21-22%, more or less. Also entrepreneurs, for example, we have over 40% on boards when it comes to women in listed companies, but listed companies are just over 200, and we are in a country with 4 million businesses. So, I would like, in all sincerity and with an effort of objectivity, to hear how you see the situation. I would start with Cristiana Scelza, who, in addition to her role as a manager, also has a vision linked to Valore D, which is an association that mobilizes precisely on this front.

Good morning everyone. So, I'll start with the numbers, then I'll answer you. According to the Global Gender Gap Report from the World Economic Forum, it will take 134 years to reach parity, and Italy is regressing instead of moving forward. In 2023 it was 79th, in 2024 we dropped to 87th out of 146 countries compared. Compared to the rest of Europe, the gap is significant because in Italy, just over one in two women works, so 53% as Emma said, compared to a European average of 66%. And in C-suite positions, top management, 4% are CEOs, 3.9%, and 5% are CFOs. The numbers are not encouraging. They are not encouraging. In the private sector, perhaps there are some slightly more interesting numbers, where you reach 20% when you talk about executives, and for CFOs even higher. I want to say that the situation with the numbers is certainly not exciting, but I see great improvements. And I'll open the STEM discussion. I am a STEM graduate, so complementing what Emma said, if we look at young women under 35, many of them are in tech startups, so STEM is also an accelerator for equality. What stops this equality? Certainly everything that was said about the burden on women—the care burden, the responsibility. We are second only to Portuguese women in terms of hours spent, unpaid hours spent on care duties. And so, in the private sector, companies are doing a lot. In the Valore D world, more than 400 companies, 90% are already helping and investing in the welfare of their workforce. But a lot needs to be done in the public sector. So, because companies need women? In the end, on one hand, women want to participate in the public sphere, they need it because women's independence depends on it. But on the other hand, companies, especially in this phase, in a country with a birth rate that we see declining year after year, at this point, if the male engineers have run out, then we'll go get them—we need women, right? And I say, it's pragmatic, but why not? I mean, if this also helps to fully integrate women, why not? Look, I'll tell you that as a company—and then I'll pass to the others—as a company, you can't, but also in the public sector, the discourse is the same. You can no longer afford to discriminate in a moment of talent shortage. In a moment when we read that young people are leaving Italy, and in the last year more than 70,000 young people have left Italy, you can no longer afford to discriminate between men and women, and not just between men and women. And so this must be seized upon.

Cristina Scocchia, what is your vision on this? As a woman on the front lines, and being on the front lines is complex. In reality, it's complex, it's like being in the trenches every day. But allow me to start with a story, I'll be brief. This story begins in June 1902. Why is this day so important? Because it's the month when Milan wakes up with a great clamor of young girls. They are all girls between 7 and 14 years old. They are seamstresses and apprentice seamstresses who work between 12 and 15 hours a day, every day, because back then there was no weekend. Underpaid, mistreated, without any rights. They take to the streets for a whole month, led by a 14-year-old girl, and in the end, they win. They manage to obtain the first rights, the first recognitions. Then comes World War I. The soldiers leave, and within every problem there's an opportunity. Women find themselves able to do jobs that were previously closed to them. They start being mail carriers, nurses, going to the front as nurses. When there was the retreat at Caporetto, the nurses were ordered to retreat, but they didn't retreat. They stayed, were imprisoned, ended up in concentration camps, but they didn't back down and began to demonstrate that women have courage, something that was still doubted back then. Then came the first female doctors, they were in England, they couldn't be surgeons in England, so what did they do? They went to the French front, out of necessity, because rather than dying, you let a female surgeon treat you, and it's discovered that a woman can also be a surgeon. Then came the secretaries, the typists, remember in the 20s, an entire generation was emancipated by the profession of the typist. Too bad that as soon as you got married, from miss to missus, you were fired, and there was no law, it was a custom. You got married, you no longer had the right to work. Well, it took a law in 1956 to reiterate the obvious, that you can get married and continue your career. That year is important because we had the first women entering the judiciary. Why did I tell you all this? Because to the question 'how should we see the glass?' in my opinion, it's half full. I am someone who every day bangs my head against the glass ceiling, and I'm the first to say it hurts. For every hit I've given that glass ceiling, I've paid a price. It wasn't the ceiling that broke, in the end, she won, not the ceiling. I'm happy, but I'm happy not just for me, I'm happy also for me. I can say no, but I'm happy, especially because I believe that the hits our generation has given, as Emma said before, are a series of hits that will do good for those who come after, and perhaps they'll find that glass ceiling a bit more fragile. So the numbers are harsh, female CEOs are still exotic. When I walk into a room, I'm often the only female CEO, and they still look at me like an exotic animal. But in the end, I pretend not to notice, because in my opinion, we must go beyond these discussions. We must start saying we are people. The fact that we are men or women should no longer matter to anyone. We are people. Merit is the only thing that should matter. So if I'm good, I move forward. Exactly like if a man is good, he moves forward. If a man or a woman are not good, they shouldn't move forward. Here I connect to what you said earlier. If the war is hard, if the battle is hard, the more you put the best team on the field, the greater the possibility of winning. So it will no longer be a discourse of men versus women, but of good versus not good, of merit versus lack of merit.

Exactly. This is very interesting, also because if we look at the numbers and see all these women achieving extraordinary results at school, at university, etc., and then we don't find them in companies, then it means there's something that doesn't work, precisely in the selection and recognition of merit, because if they were capable before, it's possible they're no longer capable when they enter the business world, right?

Can I answer? Then I'll pass the word. I believe there are two reasons. One was mentioned by you earlier and also by Ms. Marcegaglia earlier, namely that the workload is not equally distributed. Everything related to the care of the house, children, the elderly falls to women 75-80% of the time. And this is a problem. But the other problem is that at a cultural level in Italy, and unfortunately not only in Italy, there is a lack of clear awareness that men and women have the same right to have a career. It's not a concession. We continue to say that a man who wants a career is determined, he's a leader. A woman who wants a career is ambitious. And between the word 'ambitious' and the word 'determined,' guys, that's where the explanation lies. Girls are good, but then they are accused of being arrogant, ambitious, and there are many other words you can imagine that I won't say, and so they start to retreat. That's the problem, it's cultural, it starts from there, in my opinion.

Interesting. We'll develop this discussion further. Isabella Manfredi, I know that in Feralpi and in general in the steel sector, we are here talking about this also because work is being done to involve women more and bring them on board more. How do we fill this glass, also in the steel sector, and with Morandi, since you share belonging to this sector we're talking about today?

First of all, thanks to those who spoke before me and obviously to Francesca, a round of applause for the initiative, the courage, and the moment in which it's being done. But before giving a concrete example of the sector that hosts us, I'd like to say something about the context, because you asked everyone earlier how they see it. I also connect back to Paolo and Emma's earlier discussion. At an international level, the top figures have correctly listed women, and as you see today within Europe—because I'd like to step outside our front door, go to our European markets, particularly one I know well, which is the German one. The German government, finally, after the Bundestag failed to confirm the chancellor in the first round yesterday, Chancellor Merz was confirmed in the second. Two extraordinary things happened regarding women, and perhaps they slipped by a bit. First, when there are great difficulties—one was mentioned earlier in 2008, rightly, by Emma—today we are experiencing it from a social and economic point of view. A woman is called to the Ministry of Economy, her name is Schelling, she's a CDU woman, 51 years old, has three children, and has a somewhat unconventional background because in moments of difficulty she managed to bring important economic solutions. And believe me, at a time when Germany is not growing, is in stagnation, and needs courageous economic policies, it's a great sign to put a woman there. The second small revolution, this one too, hopefully lights will be turned on in telling these stories of women, concerns education, culture, and schooling. The second ministry is given to a woman who is Israeli, and believe me, in Germany, at a time when nationalism, tensions, and very strong issues on immigration are huge themes, it's an important response. Can the glass be changed to half full, or is it being filled? Yes, a lot still needs to be done. Why do I say these things? Because our world—I'll move now to our sector—is in great ferment, as we saw in the initial part thanks to the testimony of many colleagues. But because, like everything in steelmaking, there's a pragmatic reading in wanting to succeed. The challenge becomes a collective challenge for everyone, not just one actor. And so, thinking—and at Feralpi, the vision, the dream was to make industrial processes accessible to women through innovation, through digitalization, and making them attractive is fundamental. But it's not fundamental because it's a social redemption, it's fundamental because we have to compete in a changing world. Women bring meritocracy, skills, and value to companies; it's not an accessory. It's not because in ESG or social policies they're required as a score, as a measurement, as a rating, but they are truly a cultural revolution. Our group started inserting female personnel in the heart—the heart for us is the steel mill, the most complex department—and it did so especially by working on a cultural preparation path for those welcoming these new figures. Because the message we must give to new generations is true, it's true we must talk in schools about the value of STEM, it's true we must bring our managers to tell that all this is changing. But it's equally true that companies must change their skin, and it's not that simple. You don't change your skin in a short time. Or just a few declarations or a policy are enough. That's why this project must be accompanied. This is work that must be accompanied, there must be authenticity in doing it. Credibility is built by doing things together, and women, from my point of view, have an added value because when the objective is set, it's everyone's objective. The positive leader doesn't say 'that's the objective' and sit comfortably. The positive leader walks with you to get there, and this is what must be done in steelmaking, from governance to commitment to visions. This mentality, I say with pride, is in many companies.

Thank you. Do you find yourself in what has been said so far? Thank you. And this example of the German economy minister made me think of something, namely, could it be that when there's a particularly complex mission, a bit more space is created, perhaps not for women, but because some man steps aside? I'm thinking of the former economy minister... and I think, perhaps not by chance, in that case too there was a woman. Anyway, we welcome the opportunity in any case. I connect to the interventions before me to also talk about steelmaking. By the way, when you received the invitation to this meeting, 'The Women of Business,' the last sentence cited: 'Steelmaking is no longer what it was, born from the stars, look back at the stars, because the word steelmaking comes from sidus, stars. In ancient times, the only known iron was that contained in meteorites, and the ancients thought iron was a gift from the gods. So from there the word steelmaking, desire.' I believe, as we saw in the beautiful opening video, that steelmaking is truly no longer what it was, because already seeing some first generations leading steel companies, already seeing a percentage that is still very, very low, but I see many companies in our sector, like yours, investing in human capital, in training, precisely because, as Cristina also rightly said, it's a matter of skills. There are jobs that don't exist yet, think also of the whole world linked to ESG, to sustainability, which will also require new forms of work. We're already seeing it before our eyes, jobs that until a few years ago didn't exist and that women can fill in the first person, just like everything related to technological development. Well, this is happening in steelmaking, and there are many experiences of company academies in steelmaking with which we are moving towards a new direction made of skills, preparation, preparation for new jobs. And from this point of view, I believe women have a fundamental role. Besides, within the book, we also tell—and both Cristina and Cristiana, I believe, and also Claudia Parzani touch on it—the theme that if companies embrace this change for women, we all win. We win three times: the country wins, companies win, but above all, young people win. Because it's a crucial passage that today the new generation is asking for the same things that women asked for 20-30 years ago, namely a company that feels like home, that feels like trust, of courage, where you can truly express yourself. So I believe it's a win-win for everyone, and I believe our sector is truly interpreting a change, just like other worlds such as politics. Can I connect back to Francesca? Because I strongly believe it's a matter of skills, certainly, but as we discussed earlier, this is undisputed—you can't be in a company and call yourself part of a company if there isn't merit and basic competence. I did what I did simply because I had the foundation, and the women in your world, which is such a fascinating world, are where they are because they have strong skills. I add values, values and the common good of which so much is needed now. Well, I was in Russia, I spent three and a half years there, from 2019 to 2022, so I experienced COVID and also the beginning of the war in Ukraine. When I left, I left a woman—I wanted a woman, I looked for a woman—because the man there, more than in any other country, was much more at risk of corruption, much more at risk of personal visibility and personal gain. Women, instead, worked for the common good. So I add this, which I think each of you feels strongly, I feel it very strongly, and in a period like this where all the values of diversity and inclusion—we can no longer talk about diversity, I'm talking about inclusion—at this moment, I feel like saying we have an extra gear, a value-based contribution.

So, summarizing your interventions in one sentence, it seems to me you're saying the glass is approaching half full, but we'd like to accelerate, to move forward with a slightly faster pace than the one we've had so far. Now, I'd like to hear what you think about the theme of leadership, which also came up earlier in the discussion with Emma Marcegaglia. And I share with you a personal doubt of mine. In recent years, when talking about women's work, I've always heard it said, 'Women have so many qualities in their quiver, in their bow, because they know how to listen, they're creative, they're empathetic, they have this capacity for gentle leadership.' And if I have to tell you the truth, after years—I've been dealing with these things for 30 years now, unfortunately—I have a bad feeling, which is that these characteristics, we're told how good you are, but in the end, they become a bit of a boomerang, as they say in Rome, because they turn against you. Think about this story of multitasking. With the multitasking story, women end up doing five things at once. If you do five things at once, it's hard to do them all well, no matter how good you are, not to mention the fact that you'll probably get too tired. So also about this gentle leadership that's talked about today. Could it be that with this gentle leadership, in the end, it doesn't really help women? Because it's fine, perhaps I think women have a particular capacity for listening because for millennia they were used to listening. They do have these things, but perhaps too gentle, perhaps you shouldn't be too gentle when the time comes. But I'd like to hear what you think, starting with Cristina Scocchia.

Well, this is a question I like a lot, because I don't believe in female leadership, I don't believe in it—a feminine version of leadership. Exactly. I don't believe there's female leadership and male leadership. I believe there's right leadership and wrong leadership, ethical leadership and non-ethical leadership, meritocratic leadership and non-meritocratic leadership. I don't believe that we women are bearers of fewer gears, but excuse me, not of extra gears either. And every time we tell ourselves that we have a stronger value set than men, every time we tell ourselves that we are kind, empathetic, inclined to listen, first of all, we really anger 97% of the people in power who are men, so it's the best way to put them on the defensive, saying 'before I leave this chair, I'll die on the hill while the grass grows.' And then are we really sure this isn't another stereotype? I personally believe—and I don't want to be polemical—that leadership depends on character, personality, the values our parents taught us, it depends on the successes and failures we've had in life. It depends on the value set we have as people, but it doesn't depend on gender, it doesn't depend on having a uterus or a prostate. Why should that change what kind of leader I am? Honestly, in my life at Procter & Gamble, at L'Oréal, and then also in family businesses, I've seen assertive and hierarchical men, but I've also seen men inclined to listening, inclined to participation. I've seen empathetic, participative women, but I've also seen many assertive ones. Excuse me, I'm one of them. I don't believe that when the ship is sinking—because right now there's the geopolitical crisis, the macroeconomic one, there are tariffs, in my case green coffee costs four times what it cost three years ago—when the plane is in the middle of a storm, the pilot doesn't ask, 'Let's vote on whether we go right or left before crashing.' It gives me anxiety. In that moment, the captain must decide with assertiveness, with courage, knowing how to bear the pressure on their own shoulders. Then there's the moment of participation, involvement, listening, but it depends on the situation. So I believe in situational leadership, if I may. I am empathetic because I strongly believe—I've always said and written it—that leadership is not power and responsibility, as Emma Marcegaglia said earlier. But you also have the responsibility to be tough when the moment requires it, because otherwise we go from being the angel of the hearth to being the angel of the board of directors, and please, I don't want to go to a board of directors to be the angel of the board.

No, no, no, Cristiana, no, I disagree, but in a very, very, very, very... this is beautiful because, so to speak, it becomes a discussion. If the discussion is all homogeneous, then it's a success story. I believe in differences. I have examples of kind men, but please, kindness is not weakness. Kindness, from my point of view, is courage, and especially in this period, I have examples in the company of men I consider kind because they have a respectful determination, so when you're in a critical situation, they don't throw you out the window, 'I'll decide,' but they keep you with them in the decision. You're right, you certainly need to be assertive, you need to take responsibility, be fast—speed is fundamental now—but you also need that degree of participation and sharing, and of, again, common good. And this doesn't mean women are good and men are bad, it's logical that we are people. But I believe that all the education, society, and history we carry with us have instilled certain attitudes. I stress the point about courage. Declaring a gentle leadership in this moment is a declaration of courage in a period where the more of a jerk you are, male or female, or exclusive, the more fashionable it is, right? Let's leave aside the economic part, but look at the political scenario and look at the heads of state we have around the world. Look at Trump, let's not forget the Brazilian Lula, whom I experienced firsthand, including with his protégé. Look at Russia, look at Turkey. So I'm on the discourse that everyone must be authentic. So if Cristina is like this, Cristiana is another way, but everyone must be authentic, consistent, because another great quality that young people appreciate and recognize is consistency. I can't be Cristina, Cristina can't be Cristiana, but the important part is knowing what you are, having awareness and balance of what you are, what you can do, and what you can't do. Because another important quality is compensation. If I'm a jerk or assertive, maybe I'll need—maybe I'll need someone who, when I exaggerate a bit, pulls me by the collar and says, 'You know, maybe for a moment, let's think about it for a moment.' But again, the fundamental thing is authenticity, because when you're not authentic, you try to imitate someone else, and then it becomes absolutely useless and not appreciated. Could it be that your reasoning is actually complementary in some way, in the sense that one can have a type of...

Excellent. Thank you for these dialectical contributions that, as they say, help us grow in our reasoning. Francesca, Isabella, what do you say from your perspectives?

Thank you. I really like both of your arguments and I actually agree with both of them, in the sense that I strongly agree with the concept of authenticity. In the steel industry, this concept is very strong because inheriting a male leadership style—I'm not thinking of my father, but for example, my paternal grandfather who had a much tougher style, banging his fists on the table, and a very rigid organizational chart in the classic sense of the term—this is being overcome because today's leadership, mine and my brother's together as a team, along with the entire Sidorab team, is already changing the concept of a team, obviously in our reality which is much smaller than yours. I believe in the concept of a team, I believe in the concept of authenticity, which is also mentioned in the book, I believe in every chapter. It's a concept of authenticity that applies to men as well as women, meaning not wearing a mask every day to bring to work what we are not, but in some way remaining ourselves. Riccarda Zezza says it very well when she talks about communicating vessels between one identity and another. She asks men the question: what would happen to your marriage if you applied at home the skills you have at work? Would I save my marriage? This applies to both men and women. Just like taking care of children or an elderly person, the skills we develop in those areas can be absolutely useful in our businesses too. So in these communicating vessels, the multiple identities we hold are never a pie to be divided, even with all the difficulties of this week here in Milan. It's not a pie to be divided, but rather vessels that in some way reinforce each other's identity. In this concept of communicating vessels, of authenticity, of remaining ourselves, and of teamwork, I believe we can overcome oppositions. And even the book's title, 'Glass Ceilings and Steel Roots,' is almost about uniting, not an 'or' but an 'and.' Only if we truly manage to unite being a woman with being a mother, being an entrepreneur with being a manager, being tough with being kind, it will no longer be an 'or' but an 'and.' And when we no longer talk about oppositions, we will have truly filled our glass completely.

Thank you. Francesca, Isabella, the problem with cultural change is that it's slow. This worries me because everything is very correct, but this is a change that happens over generations. It's possible that it will take 30 years to find an equal number of men and women in line for an interview. And as they say, is it possible that our children can't live in a different world? But then, because I want to be optimistic at all costs, but in my opinion, the generations—I see it in new colleagues, the average age has dropped a lot in Feralpi and they don't have this problem. In the sense that regularly, the guy does the laundry, and for school interviews, online or in person, the dad goes too, the young dad. In fact, he asks for this time that isn't just for paddle or to play a soccer match. In the sense that the new generations, in my opinion, have this much more than we do. Okay? And the red thread of culture returns, meaning that the welcoming company must provide those services where a classic HR department probably didn't see them, didn't feel them as a plus, and they are not just a plus, but a change in a mature organizational model of a company that becomes modern and therefore more competitive. Around the issue that these choices are not made out of kindness, not to have a better rating in ESGs, or to access funding or other advantages, but to be competitive. And so the slow growth, yes, but it can also be accelerated when good governance, for example, pushes it a bit, like raising a child, and gives a more positive example of courage and trust, because the issue of trust regarding flexibility and an orientation towards work results allows for more flexible models. And when these changes are made, companies perform better, and I think this is the best answer. She brought up a huge, enormous argument: trust. A CEO who implements smart working is a CEO who has great trust because he doesn't micromanage, doesn't have to control people, so people don't shut down. Well, there will also be the one who goes to play soccer, but the issue of trust and obviously empowerment allows people to freely open up and take advantage of and share their needs. And that is a dialogue that is established between the company and the company's population, which is very important in this case of change. When we talk about cultural change, you have to give trust before you receive it.

Cristina, well, I agree with what Emma said earlier, meaning the woke culture also did a lot of damage because it was an exaggeration, and everything that is too exaggerated creates foreign bodies and therefore rejection crises. So I don't believe that in Europe and Italy we will have the same problem because we didn't exaggerate with the woke culture. We didn't create these foreign bodies against which there are now rejection crises. I believe we are slower, unfortunately, but in our slowness we are more authentic. We don't go and do exaggerations like a pendulum. We believe in merit, maybe it takes us a few more decades, but I believe that whatever the United States does in the end, I want to be optimistic, it won't scratch the slow but forward steps we are making in terms of social mobility, inclusivity, and the valorization of all diversities, not just gender, but not only, not only.

Cristiana, I agree, we are very different. Coca-Cola in America is a big drink full of ice. Here it's not like that. We are very different, it won't be the same thing. I believe it's a great opportunity because now those who truly believe in it will do what they need to do, and those who never believed in it and only did it for fashion will finally say the emperor is naked because everything will come out. So it's a huge opportunity, especially for Europe. I think of my company, where practically half of sales are between America and America and Europe. In America we have huge risks, let's forget the tariffs, but everything that is happening from a socioeconomic point of view is a huge risk. Europe is solid. In Europe we are doing product portfolio optimization, we are doing production optimization. Europe for us is a reference point for 2025 because it will allow us to balance a little, a little, not completely. So it's a huge opportunity that we must not let slip away.

Thank you, Isabella. I am optimistic too, in fact very optimistic, because the sentiment regarding the letter sent by Trump suggesting to multinationals, especially, to cancel DEI policies and all activities related to the social and equity area, has actually been a flop. In fact, from my point of view, it has really bounced back because there was a response that is to strengthen, to continue coherently on a path. A company doesn't start a journey and expose itself to such a high reputational risk if it doesn't have the legs, the action plans, if it doesn't have dedicated pillars in its industrial plans, dedicated budgets, clearly dedicated activities. So no, I am convinced that we will not take steps back. Well, Francesca, in short, after all, the fact that we are here today is already a signal, I would say. Anyway, these, as you call them, waves or shocks can also be opportunities to really look inside. In the case of a company, it means looking inside the strategy and what is in the heart of that strategy. There was a very nice concept in Il Sole a while ago that talked about social intentionality, meaning corporate strategy, CSR—I have a professor at Bocconi, now I hope corporate social responsibility is almost outdated because now we talk about social intentionality, where you really look at what is inside the heart of the company's mission, from which the vision derives, from which the strategy derives, from which the daily choices derive. And I believe, therefore, that they are, in quotes, storms from which, however, to restart and look even more inside. So the companies that carry forward these paths really want it and really do it. Thank you, thank you all for the comparison not based on custom, but very real, and thank you for listening to us. Thank you. Thank you also to Rita for the excellent moderation. Thank you. Don't run away. Let's go get a coffee.

I am with Dr. Gregorio Coven, Managing Director of Acciai di Qualità. Welcome. Thank you very much. Good morning. Acciai di Qualità is a company of the Coven Group, active since 1890 in the import-export and distribution of steel products, non-ferrous metals, and fertilizers. So, let's get to 2024, which was, well, a challenging year for the entire steel sector. In what way, to what extent did this scenario impact the performance of Acciai di Qualità?

Well, as you mentioned earlier, 2024 was a rather complicated year. Let's say we felt the effects of the exceptional years we experienced in 2021, 2022, and the lingering effects of 2023. And in general, I must say that Acciai di Qualità managed to defend its positions very well. We obviously can't say it's a year comparable to the previous ones, but in general, the performance was still very positive, and I owe these results above all to the considerable commercial effort made by our network. Let's say that Acciai di Qualità has always stood out, I believe, in past years for having a very rich commercial network composed of many individuals, which allows us to provide a very advanced service to our clientele, both in terms of market presence, because we are present throughout the Italian territory, very well distributed, but also in terms of technical support. What allowed us a little, let's say, to recover and maintain positions was the level of service. Obviously, 2024 was certainly a very difficult year for our clients because there was a significant drop in production from our clients, but this also coincided with a reduction in quantities ordered by our clients, which, from my point of view, is obviously my interpretation of the market, which prevented access to production quantities, especially on special products where we are very present and strong in the market. And having a very rich and ample stock of products allowed us, obviously, to provide a service to clients who could no longer, with their volumes on special products, go to production, let's say, to compensate for our production drops and sales drops with, precisely, market presence, stock, and very advanced service. So let's say that this is perhaps the reason why we managed to do well in 2024. Well, in short, excellent strategies, I would add. They are prepared in advance, obviously. Absolutely. And instead, what signals are you picking up from the 2025 market, and how is the demand for high-quality steels evolving in the industrial sectors served by your company? Let's say that in general, there is a lot of confusion, a lot. Giving a linear opinion and impression of what 2025 is, is really very complicated. My impression is that there is a desire to work, and also the presence, for example, here at the fair at Metef 2025 demonstrates the desire of companies to work. On the other hand, however, the uncertainty we live with in the market due to all these conflicts, both military and obviously economic conflicts at the tariff level, inevitably cool demand because, although Acciai di Qualità is protected in the sense that it imports little because the products it deals with are high-level, so high-resistance, anti-wear. So all the special products come from Europe and our market is mainly Italy, but our clients inevitably export, and this means obviously a cooling of demand, but above all, a very volatile demand. We see moments in 2025, in these 4-5 months, where there has been an interesting demand and then suddenly cooling of demand due to all this volatility. So, as they say, wait and see. It's a moment where you have to wait a moment and observe how the market will evolve, but let's say that in general we are ready to face any situation. So, also regarding what you're telling me, have you noticed a variation in the type of products requested by client industries, also in relation to new technical and also sustainable standards? Certainly. So, we have certainly had a positive effect on high-end products because companies are in a moment where they are trying to innovate, there are many changes underway, and so technical developments are very important, and we see a notable interest in special products but also in processing. Acciai di Qualità is also a sheet metal processing center on various technologies, obviously, and not just on raw materials, but also on processing. We are seeing, on the other hand, we have the sheet metal fair, and I must say a very interesting fair, new technologies are coming out, very important ones, so let's say we have our ears wide open and are very ready to absorb these changes. On the sustainability front, it's a commitment we've already taken for 3 years now. This is the third year, in reality, we have made investments in this theme. Unfortunately, I must say that due to these uncertainties, the wars, I see that this theme is a bit on standby right now. I've put it aside, and this is my perception—there was so much euphoria in 2021, 2022 for these issues. Today, I personally am feeling a bit of a cooling. By the way, you are one of the few companies, perhaps the only one so far, to highlight this issue. It had never been raised, so well, it's a point of view on which we could absolutely reflect. Are there other critical points in the steel supply and distribution chain that you are encountering? So, from our point of view, which is obviously a limited point of view, not particularly, because we are very tied to Italian and European producers, and from this point of view, we consider ourselves a bit privileged and protected, fortunate at this moment. It's luck, it's certainly skill because in past years, moments of crisis are always prepared for in advance. If one is not prepared to face moments of crisis from all points of view, both financially and also, let's say, organizationally, technologically, then in moments of crisis one finds oneself in difficulty. But it's also a lot of luck because all these tensions related to China, related also obviously to tariffs, I must say we are feeling them in a limited way because our level of imports from extra-EU countries is absolutely limited. And then the obligatory question: are you thinking about internationalization paths, so growth and increase at a geographic level? Will you leave Europe, will you stay in Europe? Well, yes, in the sense that this year a project has started for Acciai di Qualità, the first internationalization project in collaboration with another company in the group with which we are co-exhibitors here, which is Laminati di Qualità, a sister company, that will obviously lead us, with which we are trying, let's say, to develop the foreign market. As everyone knows in our world, going abroad is very complex. We are trying to do it first in the markets neighboring the Italian one, in particular, the transalpine markets. Steel products, whether special or processed, struggle to go beyond. Let's say I define a limit of 500-700 km because then logistics inevitably becomes a cost that our companies cannot bear. But yes, starting from January 2025, we have started an internationalization path that we hope will allow us to, let's say, diversify our turnover geographically and grow in percentage on foreign markets, on total turnover. We still have a few seconds, and I'm curious to ask you about the Vignole Borbera headquarters of Acciai di Qualità. You have recently completed the works, do you have other future investments planned? Well, moments of difficulty, if companies, as I said before, if companies are solid, are prepared to face moments of difficulty, are the moments when companies must invest. Yes, we have projects, let's say that the first and most immediate is obviously the expansion of the Nogarole Rocca plant by 5,000 square meters, so from 10,000 to 15,000 square meters, and plus all our investment projects, I'll summarize, try to summarize them very briefly in technological investments, in automation, in sustainability, which we have already done and faced, in digitalization and the introduction obviously of the first artificial intelligence systems, a project we have already carried out and, let's say, concluded with considerable success. And so, good work. Thank you very much.

I have the pleasure of being with Dr. Giuseppe Zolezzi, Commercial Director of Duferco Travi e Profilati. Welcome. Thank you. Good morning. The company, with four production units in San Mauro Torinese, Gianmoro, Pallanzeno, and San Giovanni Valdarno, has 769 employees. The four production units cover the entire production from liquid steel to finished product. So, let's talk about the 2023-2024 fiscal year, which saw a slight decline in shipments, coupled with a reduction in profitability. How did the first quarter of 2025 go? Our fiscal year starts on October 1st and ends on September 30th. So, in reality, we have already consolidated the half-year. And from this point of view, the improvement in profitability indices has not been as hoped, clearly for mainly market reasons, so profitability remains a company objective, an objective that must become the real sector objective, in our opinion. So it's one of the paradigm shifts we hope will happen across the entire sector, meaning this very important, legitimate attention should not become predominant over the rest, over the volume KPI. We need to shift focus to profitability objectives because they are the ones that then allow for investment, to repay the investments made, so certainly for the current year it remains a fundamental objective. And during your last interview with Siderweb, just at the beginning of March, you said you were optimistic about steel consumption levels in construction. Is the demand trend reflecting your forecasts? I must say yes. From this point of view, on the consumption front, regarding Southern Europe, in particular Italy even more so, even the official statistics that were not available for the interview at the beginning of March have arrived and have confirmed expectations, so there is a consumption in Italy that has consolidated, in fact, it saw a small percentage of growth even in 2024, which we remember was growing compared to the previous year. And from this point of view, therefore, let's say that the positive elements are robust, we do not expect a reversal of the trend for the rest of the year. Certainly, Italy is benefiting from the push on infrastructure investments, especially public ones linked to the PNRR, and clearly discussions these days, by the way, about the possible extension beyond 2026 for another two years. This for our country is certainly a reason for positivity, clearly regarding our product in particular. And there is the increase in steel penetration in the construction sector, so clearly this can mark a counter-trend element compared to the market trend, so a further positive signal. Absolutely. And what is currently the impact of costs, let's talk about scrap and energy, on selling prices? Do you think there will be an improvement in terms of profitability? It's a good question, also because it's a question that follows the interview we did at the beginning of March, and in reality, when one links it only and exclusively to cost factors, it reveals a certain weakness of the finished product demand-supply cycle. In reality, it's too simple to think that the trends of certain factors can directly impact profitability. I believe we must talk about cycles, and certainly the first quarter in the central part, the trend of these cost factors did not allow for a reversal of the increases on selling prices, so at the point level there was suffering, but what I think is more important is to realize how different the speeds of the cycles are. Scrap and Energy live on their own demand-supply cycles. The finished product lives on its own demand-supply cycle. The difference in volatility and in the times of impact on the market are very different. So the connection obviously exists, it would be stupid to say otherwise, but it must be interpreted linked to...

How is the full-scale operation of the modern rolling mill in San Zeno proceeding?

And speaking of the future, do you have any investments in mind for the current year?

We cannot not talk about sustainability. In this area as well, have you set any goals?

Thank you very much, good work.

I am with Dr. Matteo Macario, Market Strategy and Business Development Manager at GF Elti. Welcome.

Thank you. Good morning.

The company is in the steel sector, specializing in the design and construction of industrial furnaces and rolling mill lines, forging and heat treatment, as well as automatic manipulators, quenching systems, and auxiliary plants characterized by a high level of automation and efficiency. So, we arrive at 2024, which was a very difficult year for the steel industry. What impact did it have on your business?

Well, let's say we experienced the general downward trend that is widespread in the sector, with certain differences depending on the specific markets. Our fortune is that we operate in different businesses, and therefore we supply plants from steelworks to heat treatment, forging, and rolling mills. So we have a diversified business, and this allows us to mitigate the negative impact that there has been. The impact, I confirm, was a decrease. The market is certainly suffering from the situation of ongoing geopolitical tensions. From our point of view, however, the prospects are positive, and we hope for an improvement.