The Italian government is contributing to the financing of the planned Metinvest and Danieli green rolled steel plant in Piombino, Tuscany, through the state financial institution Invitalia. The approved amount of support is 285 million euros ($331.5 million), which will be used for the construction of electric furnaces and related production infrastructure.
"This is a crucial step towards reopening the Piombino steel center and creating a modern, competitive and sustainable steel supply chain," Adolfo Urso di Callanish, Minister of Enterprises and Made in Italy (MIMT), said in a note. "We are talking about one of the most important industrial investments in Europe, capable of combining innovation, environmental sustainability and skilled employment. The Government strongly supports this strategic course, accompanying the development of the necessary infrastructure and accelerating the measures necessary for the complete reindustrialization of the Territory."
The total investment in the new project, implemented by Metinvest Adria, a joint venture between Metinvest and Danieli, will amount to about 3.2 billion euros. According to MIMT, the project is in line with European decarbonization and environmental transition goals for heavy industry, and it will contribute to the significant regeneration of the Piombino region.
"The project was further developed thanks to the declaration of outstanding national achievements. The strategic interest has been approved by the Council of Ministers, which also provides for the appointment of a special commissioner to accelerate its implementation." Mimt continues.
Sources close to the case report that progress on the project has slowed due to strong public opposition from the Federacciai association of Italian steelmakers. However, one source notes that all stakeholders, including central and local authorities, insist on the implementation of the project. Together with Trasteel's acquisition of the Magona service center in Piombino, this investment marks the rebirth of the region.
MIMT has allocated an additional 92 million euros to complete the construction of the northern pier in the port of Piombino, which is a strategic infrastructure for the implementation of Metinvest investments.
According to the project tracking database, the new roll mill, known as the Adria Project, has been ranked among the top five foreign direct investment (FDI) projects with the highest return potential in Europe. This happened after the Italian government recognized it as a project of national strategic interest last year. The plant's production capacity will be 2.7 million tons of hot-rolled steel per year, with a significant reduction
