Italian steelmaker Arvedi and Jindal Steel International have submitted binding offers to acquire the former Ilva plants, the special commissioners of Acciaierie d’Italia (ADI) and Ilva, both in special administration, say.
The commissioners received the two offers before the deadline for binding bids, set at midnight on 8 November. “The proposals, both relating to the purchase of all the active business units, come from the Arvedi group and from Jindal Steel International,” the commissioners say in a note obtained by Kallanish. “The special commissioners will now examine the proposals to assess their completeness and compliance with the requirements set out in the tender.”
The consortium of Italian steelmakers led by local steel association Federacciai did not submit an offer by the deadline. Its partners had submitted a letter of interest. Sources close to the dossier had already doubted it would turn into a binding bid, and Italian steel trade association Assofermet said in its latest market note that the group “would appear to be inclined to withdraw” (see separate article).
The offers come after Italy’s Supreme Court rejected the appeals against the Milan Court of Appeal order suspending production at Taranto’s hot end. The hot end is now permanently shut. Blast furnace no. 2, the last one still operating, stopped producing pig iron in early October and was kept in preheating mode.
ADI’s special commissioners have asked the government to extend temporary layoffs to 8,622 workers from 4,450, almost the company’s entire workforce, until February (see Kallanish passim).
