As previously reported by SteelOrbis in early October, Ukrainian steel producer Metinvest was considering withdrawing from the Piombino project in Italy and its joint venture with Danieli due to the difficulties arising from the conflict in Ukraine and the damage sustained by its facilities.
According to Italian media reports, the company has now announced that it intends to significantly reduce its stake in the joint venture from 75 percent to 15 percent. The search for new partners in the project is therefore intensifying, although, according to the company, the project will continue.
According to initial reports, two non-binding offers have already been submitted: one by Indian group JSW and the other by a private equity fund active in the infrastructure sector. The proposals will be assessed over the next eight weeks.
Meanwhile, trade unions are becoming increasingly concerned. They have accused the Italian government of lacking a concrete plan to relaunch the Italian steel industry and have called for the project not to be abandoned, in order to safeguard the future of the 1,400 workers involved.
