At a meeting held in Rome on June 30 in the presence of Italian undersecretary of economic development Stefano Saglia, exposed banks and the trustees of Italian steelmaker Lucchini Group, which is owned by Russian billionaire Alexey Mordashov, failed to reach an agreement which would save the group from bankruptcy. However, another meeting has been called for July 6.
Mr. Saglia commented, "I believe it is still possible to reach an agreement, though time is running out. This is why it is necessary to solve the problem by July 6. Otherwise, the only likely solution will also be a dramatic one for the banks. We are risking the loss of a company which could have a future."