Greensill Bank and Trasteel are said to have reached an agreement for the sale of the Magona re-rolling facility in Piombino, Tuscany, previously owned by Liberty Steel.
“A significant new step forward has been taken towards the reopening of Magona. We now expect the process for the transfer of ownership to Trasteel to be completed swiftly so that the industrial relaunch plan can be implemented,” says Adolfo Urso, Minister of Enterprises and Made in Italy (MIMT) in a note obtained by Kallanish.
A further meeting will be convened within 15 days for the final approval of the plant’s sale process.
However, a source close to the matter believes the agreement is not yet in writing and notes that unions are holding back from celebrating just yet.
Trasteel has formally submitted a binding offer for the lease of the Piombino plant’s business unit and subsequent acquisition of the facility. The company is said to have initially offered €45 million ($52.3m) as a lease payment to be deducted from the purchase price, but this has encountered resistance from creditors. The revised agreement is understood to focus on Trasteel paying €36m over eight months from the date of signing.
The collapse of Greensill in March 2021 left Liberty on the brink of insolvency, and the firm has since battled to find new sources of financing to continue operations.
Trasteel was not available for comment before the press deadline.
