The Italian steelmaker Lucchini, a subsidiary of the Russian steel group Severstal, has presented to a pool of banks a new proposal concerning the settlement of its debts, following the observations that were communicated to the company in the last few weeks and after the cold response shown by the lending institutions with regard to the plan previously proposed by Lucchini's management.
"We are entering the final phase of negotiations, and we think that the new proposal is significantly closer to the banks' requests", said Marcello Calcagni, president and CEO of Lucchini.