European antitrust authorities have approved the acquisition by Trasteel of the Liberty Magona coated steel plant in Piombino, Italy, which allowed the company to transfer ownership rights and gradually restore full-fledged production activities, according to the Ministry of Entrepreneurship and Made in Italy (MIMIT).
The agreement applies to all 371 employees
Following negotiations on September 30, Trasteel and the Fim, Fiom and Uilm unions reached an agreement providing for the transfer of all 371 employees to Trasteel Magona Srl from October 1. Trasteel decided to continue working, despite the fact that Greensill had not signed a contract, after receiving assurances from its legal advisors regarding the procedure.
The agreement provides for a reduction in working hours and income compensation during the initial restart, when Trasteel advanced payments to employees. Unions expect production deliveries to be gradually resumed in the fourth quarter as new coils arrive, while the company has confirmed maintenance commitments and the relocation of the Tamac service center to Piombino in the coming months.
The last step in restoring Magona
As previously reported by SteelOrbis, a preliminary agreement for the transfer of Magona was signed in May, followed by a lease agreement for Trasteel production facilities in Piombino, signed on June 30 as a preparatory step for the acquisition and in order to ensure continuity of production and employment.
Magona's annual production capacity is 630,000 tons of galvanized and pre-painted rolled steel, which is used in construction, automotive, home appliance manufacturing, and the general industrial sector.
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