Swiss steelmaker Trasteel has signed an agreement to lease the business operations of Liberty Magona in Piombino, Italy, following approval of the company's recovery plan by Italy's Ministry of Enterprises and Made in Italy (MIMIT), according to media reports. Steel production will resume in the second half of September.
According to MIMIT, the agreement marks the start of the implementation of the recovery plan and is intended to ensure the continuity of the Piombino plant's operations.
Italian Minister of Enterprises and Made in Italy Adolfo Urso described the agreement as an important step for Liberty Magona, the Piombino industrial site and Italy's steel sector.
Under the agreement, Trasteel will lease Liberty Magona's business operations while the recovery plan is implemented. The ministry stated that the agreement is aimed at ensuring production continuity and safeguarding employment at the Piombino facility, which employs approximately 500 workers.
Trade unions welcome the agreement
Italian trade unions welcomed the signing of the lease agreement, describing it as the beginning of a new phase for the Piombino plant.
The unions stressed the importance of completing the transfer process while protecting employment levels, workers' rights and production continuity.
