Metinvest and Danieli have completed the closure of Metinvest Adria, their long-awaited joint venture that will operate their new 3 billion euro ($3.5 billion) low carbon sheet steel plant in Piombino, Tuscany. The deal was completed earlier this month after fulfilling all the terms of the shareholder agreement, including regulatory approval.
The new plant will be built using technologies provided by Danieli. The plant's production capacity will be 2.7 million tons of hot-rolled steel per year, while significantly reducing CO2 emissions. The project will allow the resumption of the industrial site in Piombino, which has been idle for more than a decade, and will create about 1,100 jobs with the strong support of the national and local authorities of Italy, the two companies said in a statement obtained by Kallanish.
Metinvest will own 75% of the company's shares, while Danieli retains 25%. The project will be financed through a combination of equity, external debt and government support. The equity stake will be distributed in a 75/25 ratio, with Metinvest owning 75% and Danieli owning 25%. Management will be carried out by an eight-member board of directors, which will be equally distributed between Metinvest and Danieli, as well as the supervisory board.
"The completion of the transaction marks an important milestone in the strategic partnership between Metinvest and the Danieli Group aimed at developing a modern business.a modern factory for the production of steel and flat rolled products in Italy," the report says.
Earlier this month, Metinvest Adria officially signed a program agreement with central and local authorities, marking an important milestone in the development of the new plant.
The program agreement was signed with the Ministry of Entrepreneurship and Manufacturing in Italy (MIMIT), the Ministry of Infrastructure and Transport (MIT), the Ministry of Environment and Energy Security (MASE), the Ministry of Labor of the Tuscany region, the City of Piombino and other local authorities. In addition, Metinvest Adria has signed a separate development agreement with MIMIT.
Both agreements are important steps in securing the necessary public and private financial commitments for the development of the Piombino steel production center. At the same time, an insurance coverage guarantee agreement was signed with the Italian state organization SACE, which further strengthened the financial base of the project. This follows the recent signing of an agreement between Metinvest Adria and the trade unions, which paves the way for employee engagement and alignment of the interests of local stakeholders (see Callanish passim).
Natalya
