Only two investors are bidding for the full acquisition of Acciaierie d’Italia

Italy has received 10 bids for the assets of former steel giant Ilva, but only two bidders have expressed their willingness to buy the company in its entirety. According to Acciaierie d’Italia (ADI), which manages the enterprise, these include the American investment company Bedrock Industries and a consortium involving the private fund Flacks Group (USA) and the Slovak trader Steel Business Europe. This was reported by Reuters.

At the same time, the two previous favorites in the competition, Baku Steel Company together with Azerbaijan Investment Company and India’s Jindal Steel International, withdrew their bids. According to Italian media reports, Baku Steel refused to invest due to local resistance to the construction of a regasification terminal needed to launch more environmentally friendly electric furnaces. Jindal, in turn, shifted its interest to the purchase of Germany’s Thyssenkrupp.

Eight other bids, including those from Renexia (Toto Group), Industrie Metalli Cardinale, and Marcegaglia, were for the purchase of only selected Ilva assets.

The Taranto plant, once Europe’s largest steelmaker, has suffered for years from financial problems, poor management, and environmental complaints. The state has repeatedly injected funds into the company, considering it strategically important for the economy.

The current tender closed at midnight on September 26. Acciaierie d’Italia commissioners said they needed time to review the bids, particularly in terms of job preservation, decarbonization plans, and investment volumes.

At the same time, the UILM trade union sharply criticized the results, calling them a complete failure and noting that the two investment companies bidding for the entire plant do not have sufficient industrial reputation.

“To avoid the closure of Ilva and a disaster for the environment, the economy, and employment, the only solution is nationalization,” the organization emphasized.

In June, the Italian government allocated another €200 million in financial support to ADI. According to the Minister of Industry, these funds will allow the company to continue operating while negotiations on its sale are ongoing. The transfer of ADI to a new owner remains one of the most important industrial issues for the Italian authorities in 2025.