Italy says Baku Steel submits ‘best offer’ for ex-Ilva plant

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  • Italy says Baku Steel submits ‘best offer’ for ex-Ilva plant

A year after ousting ArcelorMittal, Italy moved Thursday to start handing over control of its giant ex-Ilva steelworks — one of Europe’s largest — to Azerbaijan’s Baku Steel.
State commissioners running the plant in the southern city of Taranto asked the government to authorise “preferential negotiations” with a consortium led by Baku Steel and the state-owned Azerbaijan Investment Company.
Industry minister Adolfo Urso said it was deemed to have made the “best offer” among three bids, with the others made by India’s Jindal Steel and US holding company Bedrock Industries.
The commissioners said in a statement that the decision was based on factors including the financial viability of the bidders, the “industrial sustainability” of their plans and “benefits in terms of employment and for the local communities”.
The amount of the offer from Baku Steel has not been disclosed, and the commissioners said the talks would be carried out “with the necessary confidentiality”.
Prime Minister Giorgia Meloni’s government placed the plant under state administration in February 2024 in a bid to protect its thousands of employees after it was declared insolvent by a Milan court. — AF

Source: The Global New Light of Myanmar

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