Ukrainian mining and steel producing group Metinvest and Italy’s Ministry of Enterprises and Made in Italy have signed a joint declaration to promote the industrial redevelopment of Piombino with a green steel plant. The agreement was formalized during a bilateral meeting between the Italian and Ukrainian governments in Rome.
The project, valued at €2.5 billion, is based on a memorandum of understanding signed in April this year and involves the Tuscany Region, the Municipality of Piombino, Danieli Officine Meccaniche, and Metinvest-Adria. On October 18, the Port System Authority of the Northern Tyrrhenian Sea confirmed the alignment of the project with its development plans. Additionally, Metinvest-Adria has reached an agreement with JSW Steel Italia for access to industrial areas.
The plant, with an annual capacity of 2.7 million metric tons, will use electric arc furnaces and recycled materials, including steel scrap, pig iron, and direct reduced iron from Ukraine. A “program agreement” is expected by early 2025 to define actions such as site remediation and improvements to port infrastructure.
“This joint declaration represents an important step toward the creation of one of the most sustainable steel plants in Europe,” said Yuriy Ryzhenkov, CEO of Metinvest, adding, “The project will strengthen Italian industry and Ukrainian mining facilities, demonstrating how international collaboration can foster sustainable industrial development.”
Construction is set to begin in 2025, with steel production expected to start by the end of 2027.