India’s Steel Mont and Oman’s VGS are interested in acquiring Acciaierie d’Italia

India’s Steel Mont and Oman’s Vulcan Green Steel (VGS) are interested in acquiring the assets of Acciaierie d’Italia (ADI). Recently, representatives of the companies visited the plants in Genoa, Novi Ligure and Taranto. This was reported by Kallanish, citing sources close to ADI.

There are rumors that ADI’s assets will be divided into separate facilities, and the Taranto plant will undergo a “green” transformation. Acciaierie d’Italia officials promised the trade unions that two blast furnaces (BF) at the plant – No. 1 and No. 4 – would be replaced with electric arc furnaces (EAF). The modernization is expected to start in the first half of 2025.

Currently, the Italian plant is operating at a minimum level, using only BF No. 4. The preliminary restructuring plan envisages the launch of BF No. 1, 2 and 4 by 2025 to reach 6 million tons of steel per year. Electric arc furnaces are scheduled to be commissioned in 2027. There are no plans to restart BF No. 5, which has been idle for several years.

The Italian government is preparing to invest €150 million in the Taranto plant and is lobbying the EU to provide an additional €320 million loan after a clear restructuring plan is in place. In addition, the interim administration is considering a €600 million loan from a group of banks.

As GMK Center previously reported, five multinational companies are interested in Acciaierie d’Italia, Italian Minister of Enterprise and Production Adolfo Urso said during a meeting with trade unions in early March. According to him, three of them have well-structured projects.