Luxembourg-based global steel giant ArcelorMital is considering making an offer for the Italian steelmaker Lucchini later this month, according to a Reuters report, citing the Italian labor union CGIL FIOM.
"There has not been a formal expression of interest yet but in the last few days ArcelorMittal has been carrying out a sort of due diligence of the Piombino plant," Reuters quoted Gianni Venturi, national coordinator for the union.
As SteelOrbis previously reported, after being declared insolvent Lucchini was placed under "special administration" in 2012, a procedure designed to save large companies and avoid big job losses.
Russian steel producer Severstal had acquired Lucchini, previously owned by the family of the same name, in 2005. Severstal has since sold a majority stake to its owner, Russian businessman Alexei Mordashov, to facilitate the sale of Lucchini.