High Stakes Bidding for Ilva: A Struggling Steel Giant

Italy's beleaguered Ilva steel plant has attracted 10 bids, but national steelmaker Acciaierie d'Italia reveals only two bidders, Bedrock Industries and a consortium led by the Flacks Group, aim to acquire all assets. This development follows the withdrawal of previous frontrunners, including Azerbaijan's Baku Steel Company and India's Jindal Steel International, complicating the tender process.

The two remaining bidders promise a full acquisition as eight other proposals target individual assets. Ilva, once a European steel leader based in Taranto, has struggled with poor management and environmental concerns. The Italian government has heavily invested to keep it operational, emphasizing its strategic importance despite ongoing financial difficulties.

Local opposition thwarted Baku Steel's project involving a regasification vessel, causing their withdrawal, while Jindal Steel refocused on Germany's Thyssenkrupp. The closing of the tender brings a critical evaluation period. Spotlighted concerns include employment, decarbonisation, and investment. Italy's UILM union deems the tender a failure, advocating nationalization to avert potential environmental and economic disasters.

(With inputs from agencies.)