Metinvest B.V. (Netherlands), the parent company of the Ukrainian steel and mining group Metinvest, and Industrielle Beteiligung S.A. (Luxembourg), part of Danieli Group, have announced the completion of the closing of the establishment of the joint venture Metinvest Adria S.p.A., which took place on September 11, 2025. The transaction, already outlined in the shareholders’ agreement signed in February this year, marks a decisive step in the development of a new steelmaking and rolling plant in Piombino, Tuscany.
All suspensive conditions and regulatory approvals required for the deal have been met, while the remaining registration formalities are expected to be finalized in the coming weeks. At the same time, a board of directors composed of eight members - equally divided between Metinvest and Danieli - has been appointed, together with a board of statutory auditors, confirming the balanced governance of the joint venture.
A €3 billion project to relaunch Piombino
The Metinvest Adria project foresees a total investment of more than €3 billion, financed through a combination of equity, external debt, and Italian government support. Metinvest will hold a 75 percent stake, while Danieli will participate with the remaining 25 percent.
The new plant, equipped with Danieli’s advanced technology, will have an annual production capacity of 2.7 million tons of low-carbon hot rolled steel. In addition to reactivating an industrial site that has been idle for more than a decade, the project will create around 1,100 new jobs, with the support of both local and national Italian authorities.
A key step in Metinvest’s growth strategy
As previously reported by SteelOrbis, Metinvest is navigating a challenging phase due to the impact of the war in Ukraine on the steel industry, compounded by the increase in scrap exports and the looming challenges posed by the EU’s Carbon Border Adjustment Mechanism (CBAM). The partnership with Danieli in Italy therefore represents a strategic step to diversify the group’s production footprint and strengthen its position in the European sustainable steel market.