Swiss trading company Trasteel is set to sign a lease agreement for a Magona roll processing plant in Piombino, Tuscany, with previous owner Liberty Steel by the end of this month, according to sources close to the matter.
The lease agreement will enter into force in September, and one of the sources noted that Trasteel is awaiting all necessary permits, including permission from the antimonopoly authority. The restart is expected to resume in the fourth quarter, with the plant's capacity gradually increasing before it reaches full capacity next year.
This month, one section of the Magona plant operated for one week and the other for about ten days, performing re-rolling operations for Trasteel. From now until September, the plant will be completely idle.
The lease term of the facilities should expire no later than December 31, 2027," the message says, expressing the hope that by this date Trasteel will complete the final purchase of the plant. In the meantime, the company said it would work to gradually regain market share. The news about the imminent signing of the lease agreement is certainly positive," Fiom-Cgil said in a statement obtained by Kallanish.
It adds that Fiom-Cgil "will only be able to truly celebrate this event when production resumes on a regular basis and all employees can return to work effectively."
Earlier this month, Trasteel reached an agreement with the recipient Greensill and the Ministry of Enterprises and Made in Italy (MIMT), which announced the imminent signing of a lease agreement.
Trasteel first leases and then buys Magona from the Greensill manager after the collapse of the bank in 2021, as a result of which Liberty was on the verge of bankruptcy.
Trasteel was unavailable for comment when contacted by Callanish.
Author: Natalia Capra France
