Rinat Akhmetov’s “Metinvest” group and the Ministry of Enterprise and Production of Italy signed a declaration of cooperation, which provides for the construction of a modern plant for the production of “green” steel in the Italian city of Piombino. The total cost of the project is estimated at 2.5 billion euros. About this reported press service of “Metinvest”.
This environmental project is part of Italy’s strategy to restore the steel industry. The new plant, with a capacity of 2.7 million tons per year, will be one of the largest and most modern in Europe. Production will be based on the use of electric arc furnaces and secondary raw materials, including scrap metal, pig iron and direct reduction iron, which will be supplied from Ukraine.
Currently, Italy imports about 6 million tons of steel products every year. The new plant aims to reduce the country’s dependence on steel imports, boost the local economy and create new jobs in the Piombino region. Construction is planned to begin in early 2025, and production will begin in late 2027.
The Italian credit and export agency SACE and leading banks, including Cassa Depositi e Prestiti, have already expressed their willingness to support the project financially. The North Tyrrhenian Sea Port System Authority has confirmed that the plant is in line with their development plans, and Metinvest-Adria has reached an agreement with JSW Steel Italia S.p.A. regarding access to industrial zones.
“Metinvest” offered to recognize the project as strategically important for Italy, which can speed up its approval by the government. By the beginning of 2025, it is planned to sign a program agreement that will cover land reclamation, infrastructure development, measures to ensure employment, support for renewable energy and modernization of the port area.
