According to a company release, Italian steel producer Lucchini, a subsidiary of Russian steelmaker Severstal, is looking forward to renegotiating its debts with banks. The debts in question amount to about €770 million.
Lucchini has been informed that the creditor banks want to find a solution to its debt situation within a short time, thus helping the company to implement its industrial renovation plan and achieve the necessary cash flow. Lucchini's CEO Marcello Calcagni stated that he has confidence in the banks and that he is sure that a good solution will be found for the company, adding that the banks may acquire part of Lucchini's shares.
As previously reported by SteelOrbis, in March this year Lucchini came under the complete control of Russian steel giant Severstal. On June 30 this year, Severstal's stake in Lucchini decreased to 49.2 percent following the sale of 50.8 percent to Alexey Mordashov, Severstal's owner.