Representatives of Indian trading company Steel Mont and Oman-based Vulcan Green Steel (VGS) have visited Acciaierie d’Italia’s (ADI) plants in Genova, Novi Ligure and Taranto in recent days, with a view to potentially acquiring the troubled producer. Metinvest representatives are meanwhile expected to visit Taranto later this month, sources close to ADI confirm to Kallanish.
According to multiple sources close to the dossier, several steelmakers have been contacted by the Italian government to consider purchasing ADI, including Arvedi, but there is no real industrial plan for the steelmaker. There is talk of breaking the company up and selling the different facilities, while turning Taranto into an electric arc furnace steelworks.
Acciaierie d’Italia’s special administration commissioners have promised trade unions that two blast furnaces at Taranto, no.1 and 4, will be replaced by two electric arc furnaces. Construction is likely to begin in the first half of 2025 (see Kallanish passim).
The commissioners have presented to unions a draft of a new industrial plan that aims to increase production with the restart of BF no.1 and 2. Taranto is currently working at minimum production levels, using only BF no.4. The plan is to operate BFs no.1, 2 and 4 by 2025 in order to reach 6 million tonnes/year of steel production. The EAFs are to be commissioned in 2027.
According to the initial plan, there is no intention to revamp and restart BF no.5, which has been idled for several years. The Italian government is now preparing to inject €150 million ($161m) into the company and lobbying the EU for a loan of €320m following the submission of a detailed industrial plan. The special administration is also said to be considering a €600m loan from a pool of banks.
Meanwhile, the former Ilva’s three commissioners, Giancarlo Quaranta, Davide Tabarelli and Giovanni Fiori, are building up a new management team. Maurizio Saitta has been appointed ADI general director, replacing Giuseppe Cavalli. Angelo Colucci has become supply chain chief, while Benedetto Valli has taken up the role of Taranto plant manager.
Despite prioritising its future Italian flat steel mill in Piombino, Metinvest said it may later consider becoming a shareholder in ADI. Metinvest is currently supplying Taranto with raw materials and sourcing slab from Taranto for its Italian facilities.
Natalia Capra France
