As previously reported by SteelOrbis, June 24 was to be the day of reckoning for Italian steelmaker Lucchini Group, as the board of directors of Italian investment bank Mediobanca was to reveal if the bank would participate in a new €140 million loan deal sought by the trustees of Lucchini, which is owned by Russian tycoon Alexei Mordashov, who also owns the Russian steel producer Severstal.
Mediobanca stated it will pay only €1 million instead of the €3.5 million requested by Lucchini's trustees. A meeting between the interested financial institutions and Italy's Ministry of Economic Development on June 28 will perhaps be the last chance to save Lucchini Group from bankruptcy.