Interested parties beyond the two existing bidders for Acciaierie d’Italia (ADI), previously known as Ilva, may submit an offer at any time, provided it improves on those already received, Kallanish learns.
Adolfo Urso, Minister of Enterprises and Made in Italy (MIMT) made the comments during question time at the Chamber of Deputies, adding that the process remains open, comparative and competitive, as stated in the tender terms.
Negotiations for the acquisition of ADI are continuing, with the two international bidders remaining in the running, Flacks Group and Jindal Steel International, Urso confirms.
Both are in active discussions with the commissioners, local authorities in Puglia and Liguria, and various financial institutions and agencies, reflecting the scale and complexity of the planned investments.
The commissioners have asked Flacks Group to provide documentary evidence of its financial capacity, with due diligence ongoing between the respective teams.
In parallel, the commissioners are in discussions with Jindal Steel International, which has submitted a plan directly linked to the group’s facilities in Oman, Urso explains.
The industrial plan envisages integrating Ilva’s current product range, which includes coils, tubes and plates, with products targeting the automotive, defence and renewable energy sectors.
“The commissioners are now assessing the scale and timeline of the investments the group intends to deploy, as well as the related implications for maintenance and modernisation of the equipment, environmental protection and decarbonisation, particularly in light of the damage caused during Mittal’s management, with €7 billion [$8.23m] in certified damages to the plants and the company,” Urso states.
He adds that Jindal’s plan also includes total production of 4 million tonnes during the transitional phase, rising to 6mt upon completion of the green transition.
Some 3,850 workers are currently on temporary layoff, with an extension of the scheme being sought to cover 4,450 employees, the minister confirms.
Meanwhile, last month the Italian government approved a further €149m loan for ADI to sustain operations at Taranto. The loan, published in the Official Gazette, was granted to prevent the immediate and irreversible shutdown of the blast furnaces, protect workers and preserve the ongoing sale negotiations with the bidders.
Last week, Flacks confirmed his group asked the Italian government for a €500m bridge loan to support the site’s relaunch, which he has committed to repaying within six to 12 months (see Kallanish passim).
