These techniques extend the service life of alloys and metals. With 59 centers covering the eastern United States perfectly, AZZ's territorial coverage should enable it to make the most of the country's reindustrialization.

The rise of renewable energies, the transition from plastics to aluminum wherever possible, and of course the major federal infrastructure investment program are other promising long-term trends.

That said, the construction sector still accounts for half of sales. Once strategic, the less profitable infrastructure business was sold off. This was followed by a repositioning of the Group, completed last year with the mega-acquisition of PreCoat Metals.

The quarterly results published last Friday reflect this new face: sales are up 89% on the same time last year, and earnings per share are up 58%. Despite the economic slowdown observed by management, it is forecasting earnings per share of around $4 for the current fiscal year.

Its priority will be to reduce debt to a sustainable level, which it intends to achieve with free cash flow of $200 million a year. This target, it has to be said, seems surprisingly ambitious. Even in its best years, and all other things being equal, the Group has never delivered such profitability.

That's why the market is greeting these announcements with caution. Fears of a cooling-off in the construction sector, due to rising interest rates, are not helping either. As a result, AZZ has fallen to its lowest valuation levels in ten years.