The head of Metinvest said that he is open to future participation in the Ilva project

Although Metinvest is prioritizing its future Italian flat-rolled steel plant in Piombino, Metinvest says it may consider becoming a shareholder in troubled steelmaker Acciaierie d'Italia in the future.

Currently, Metinvest supplies Taranto with raw materials and purchases slabs from Taranto for its Italian enterprises. “Today Taranto is well below its capabilities, but there is potential,” says Metinvest CEO Yuri Ryzhenkov in an interview with the Italian newspaper Corriere della Sera. “The Italian government is looking for private investors... Our main goal at the moment is Piombino. In the future, if we see an opportunity in Taranto, why not? We can look into this.

He adds that the Taranto plant is a very complex case where the investor already exists and the authorities are working to resolve the problems with it. “There are many problems, and I don’t think one investor can solve them all alone... If the government wants to attract other players, we will carefully consider it. And if we can help, we will do it,” concludes Ryzhenkov.

Piombino was chosen as the site for Metinvest's future apartment plant also due to the strong commitment to the project from all local stakeholders, including local and central authorities, as well as the city. The project is a response to the steel mill's need to replace destroyed facilities in Mariupol. According to the CEO, Metinvest, as well as its partner Danieli, will invest heavily in the new facility, but will seek government and EU support, especially for decarbonization. The project will be a mixture of private funds, debt and government subsidies.

In January, Italy's Minister of Entrepreneurship and Manufacturing (MIMT) Adolfo Urso, Metinvest, equipment manufacturer Danieli, the Tuscany region and the city of Piombino signed an agreement to speed up the restart of the troubled Piombino steel plant. This site is now part of JSW Italy.

The new facility will require an investment of €2 billion ($2.1 billion) and will produce 2.7 million tonnes of hot rolled coil per year on an electric arc furnace line. OJSC Metinvest and OJSC Metinvest will coexist on the site without duplication, since OJSC Metinvest will retain the production of rails. The goal is to commission Metinvest's promising hot rolling mill in Piombino by 2027