The sale of Italian service centre Magona in Piombino, Tuscany, is progressing, sources close to the matter tell Kallanish.
At a meeting between the authorities, unions and Trasteel chief executive Gianfranco Imperato, the company “gave very positive signs,” a source says. While a verbal agreement has been reached between Trasteel and the Greensill receiver for the sale of Magona, Trasteel is said to be proceeding with the lease of the business while the formal sale agreement is being drafted and all documents are signed.
Trasteel is said to have offered €36 million ($41.9m) over eight months from the date of signing as a lease payment to be deducted from the purchase price. Trasteel expects to begin leasing Magona from 1 July, though a second informed source believes that drafting the formal agreement may take longer and that the 1 July date is an optimistic forecast.
Trasteel has reassured stakeholders that it will secure a buying option on 40,000 tonnes of hot rolled coil to keep Magona operational in the fourth quarter, and will purchase around 4,800t of HRC for re-rolling at the facility between end of June and July.
Unions have welcomed these steps, with one union source saying the moves will give Magona “some oxygen” to cover worker salaries in June and July. Workers are currently on temporary layoff.
A further meeting with all stakeholders has been scheduled for 25 June at the Ministry of Enterprises and Made in Italy in Rome.
Trasteel was not available to comment before press deadline.
