European antitrust authorities have approved Trasteel's acquisition of Liberty Magona's coated steel plant in Piombino, Italy, allowing the transaction to advance toward ownership transfer and the gradual restoration of full operations, according to Italy's Ministry of Enterprises and Made in Italy (MIMIT).
Agreement covers all 371 workers
Following talks on September 30, Trasteel and unions Fim, Fiom and Uilm reached an agreement providing for all 371 employees to transfer to Trasteel Magona Srl effective October 1. Trasteel decided to proceed despite Greensill's outstanding signature, following assurances from its legal advisers regarding the procedure.
The agreement envisages reduced working hours supported by income compensation during the initial restart, with Trasteel advancing the payments to employees. Unions expect production to resume gradually in the fourth quarter as incoming coils become available, while the company confirmed commitments to maintenance and the relocation of the Tamac service center to Piombino in the coming months.
Latest step in Magona's recovery
As previously reported by SteelOrbis, a preliminary agreement for Magona's transfer emerged in May, followed by Trasteel's lease agreement for the Piombino operations, signed on June 30 as a preparatory step toward acquisition and aimed at safeguarding production continuity and employment.
Magona has an annual production capacity of 630,000 mt of galvanized and pre-painted flat steel, supplying the construction, automotive, household appliance and general industrial sectors.
