Italian coil maker Arvedi will increase its investment in the conversion of Ferriera di Servola in Trieste, to boost the cold-end area. This comes after the shutdown started this year of the hot-end at the former pig iron plant, a union source tells Kallanish.
The dismantling of the equipment and the coke plant will last until the end of this year. Arvedi is looking to invest €100 million ($121m) in the plant revamping, to install a galvanizing, coating and continuous annealing line. The plant currently has a pickling line and cold rolling mill.
This further investment adds to the €227m already allocated for the conversion of the Trieste site. The Italian economic development ministry (Mise), together with government investment entity Invitalia, the region of Lombardy and the region of Friuli Venezia Giulia, will support the operation.
Arvedi already secured a “green loan” of €240m from a pool of banks. The funding is in line with the New Green deal, the European plan that promotes industrial sustainability and circular economy (see Kallanish passim).
Natalia Capra France