BAKU, Azerbaijan, October 2. On September 30, Latvia’s Ministry of Economics hosted a meeting with representatives of Marcegaglia, Italy’s leading steel industry group, to discuss the company’s potential business expansion in Latvia, competitiveness in the sector, and opportunities for cooperation and investment, including in the defense industry, Trend reports.
During the talks, ministry officials presented available support programs for foreign investors in Latvia. Minister of Economics Viktors Valainis emphasized that several Italian companies have already successfully carried out projects in Latvia, noting that cooperation benefits both the country’s economy and the investors themselves.
“The visit of Marcegaglia representatives confirms foreign investors’ interest in Latvia as a stable and strategically important partner. Our country offers a range of support instruments that can make Latvia a valuable partner in the broader context of Europe’s security and industrial development. We see strong potential for cooperation with Italian companies in both civil and defense technologies, including dual-use goods production,” Valainis said.
Marcegaglia representatives expressed their interest in expanding operations in Latvia, highlighting their readiness to use the group’s experience and expertise in the steel industry. The company’s plans for Latvia were first outlined during Minister Valainis’s working visit to Rome in July 2025, when the group announced its intention to invest in Latvia within the next two to three years.
In 2024, Marcegaglia expanded its European presence by acquiring the French steel plant Marcegaglia Fos-sur-Mer, which also manufactures products for the defense sector. Minister Valainis invited the company to engage in Latvia’s developing defense industry cluster.
Latvia is currently making major investments in its defense industry, with the government deciding to increase defense spending to 5 percent of GDP starting in 2026, opening new opportunities for industrial development and international cooperation.
The Marcegaglia delegation was in Latvia from September 29 through October 1 as part of a visit organized by the Investment and Development Agency of Latvia (LIAA). During their stay, company representatives met with Latvian institutions and visited several companies, including Steel PROFI, SFM Latvia, and East Metal. Meetings were also scheduled with the Ministry of Economics, the Association of Mechanical Engineering and Metalworking Industries, the Ministry of Defense, Valpro, and LIAA representatives.
Marcegaglia Steel represents a prominent Italian industrial conglomerate, recognized as a preeminent player in the steel processing sector. The entity specializes in an extensive portfolio of steel derivatives, encompassing carbon steel flat products, pre-painted steel solutions, stainless steel variants, and an array of welded tubular products. The enterprise stands as a preeminent independent steel processor on a global scale, boasting an extensive network of 28 production facilities strategically positioned across three continents. Its product offerings are integral to the automotive, construction, and appliance sectors, underscoring its pivotal role in the supply chain ecosystem.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel