Ukraine’s Metinvest plans to reduce its stake in the joint project with Italy’s Danieli in Piombino from 75% to 15%. The company is seeking new partners but says the project will continue.
Italian media report that two non-binding offers have already been submitted: one from Indian group JSW and another from a private equity fund active in infrastructure. The proposals will be assessed over the next eight weeks.
Trade unions are concerned about the project’s future and the jobs of 1,400 workers. They accuse the Italian government of lacking a concrete plan to revive the country’s steel industry and urge it not to abandon the project.
Metinvest had previously considered withdrawing from the project amid difficulties caused by the war in Ukraine and damage to its facilities.
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