ROME, March 20: Italy will enter exclusive negotiations with an Azeri consortium regarding the sale of Acciaierie d’Italia (ADI), formerly known as Ilva, Industry Minister Adolfo Urso announced on Thursday.
The consortium, comprising Baku Steel and the Azerbaijan Business Development Fund, submitted the strongest bid for ADI, a source familiar with the matter revealed. ADI, currently under state administration due to financial struggles, is a critical issue for Prime Minister Giorgia Meloni, as its closure would severely impact Italy’s manufacturing sector.
“The commissioners have informed me that they will formally request authorization today to negotiate with the Azeri consortium that made the best proposal,” Urso stated at an event in Bologna.
In February, both Baku Steel and India’s Jindal Steel International raised their preliminary offers for ADI. The Italian government took control of ADI’s factories last year following disputes with former majority shareholder ArcelorMittal, the world’s second-largest steelmaker.
The sale process marks a significant step in resolving ADI’s challenges, with the Italian government seeking a stable investor to secure the company’s future and protect jobs in the steel industry.
About The Author
More Stories
Italy’s Moltiply Group has files $3.34 billion lawsuit against Google.
UK Imposes Temporary Ban on Cheese and Meat from EU to Prevent Disease Outbreak
Parliament Recalled for Emergency Law to Save British Steel Plant in Scunthorpe