As reported by Italian financial newspaper "Il Mondo", Adriano Bianchi, current director of the Italian office of global professional services firm Alvarez & Marsal, is close to being appointed as chief restructuring officer of Italian steelmaker Lucchini Group, although there has not yet been any official release on the issue. As previously reported by SteelOrbis, the Italian steelmaking society, owned by Russian tycoon Alexei Mordashov, recently negotiated with the banks on the payment of its €770 million debt.
According to reports, the most exposed banks have started to take matters into their own hands, led by Monte dei Paschi di Siena (owed €161 million) and Unicredit (owed €104 million). Leading Italian steelmaking companies, such as Beltrame Group and Marcegaglia Group, do not appear interested in the acquisition of the company, whose main asset is the integrated steelmaking complex in Piombino, Livorno. With the aim of avoiding the split-up of Lucchini's various divisions, the chief restructuring officer and the banks will likely check if global steel giant ArcelorMittal is interested in buying the company. The Luxembourg-based group already owns and operates the Magona steel plant, which is also located in the town of Piombino near Lucchini's steelmaking complex.