Taranto steel plant closure prompts Italian industrial cordata plans
The Court of Appeal in Milan ordered the permanent closure of the ex‑Ilva hot‑zone within 90 days. Minister of Business and Made‑in‑Italy Adolfo Urso confirmed the ruling, stating that the decision has been entered into the data‑room for all bidders and must be implemented.
Indian steel group Jindal has submitted an updated proposal covering the entire ex‑Ilva perimeter that takes the hot‑zone shutdown into account. The government is evaluating an extraordinary re‑industrialisation plan for Taranto and has identified about 170 ha of land – 140 ha already remediated – plus 450 ha from the Port Authority and over 350 ha of former military sites that could be made available for new investment.
Industrial leaders from Confindustria, Federacciai, Federmeccanica and other firms are discussing the formation of an “Italian cordata” to rescue the steel plant, protect roughly 10,800 jobs and ensure a decarbonised future for the site. The minister announced that a comprehensive plan for Taranto will be drafted after the technical table at the Ministry of Business and Made‑in‑Italy.
Entities: Acciaierie d'Italia (formerly Ilva) · Adolfo Urso · Bernardo Vacchi · Claudio Finvacchi · Confindustria · Federacciai · Fiom · Giulio Gallazzi · Jindal Group · Jindal Steel · MIMIT (Ministry of Business and Made‑in‑Italy) · SRI Global Limited Holding
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [○ 1 SOURCE] The board proposed a capital increase of up to €140 million via ordinary shares. (33d55cb9-1556-431a-b85c-4cc28fbed90a)
- [○ 1 SOURCE] The board also proposed issuing participatory financial instruments worth up to €150 million. (33d55cb9-1556-431a-b85c-4cc28fbed90a)
- [● 2 SOURCES] The Italian Sea Group reported 2025 revenue of €295.1 million, a 27% decline from 2024. (33d55cb9-1556-431a-b85c-4cc28fbed90a, c7ba7a05-ac9f-402b-9c07-f84692ed0d2b)
- [● 3 SOURCES] SRI Global Limited Holding (52% owned by Giulio Gallazzi) and Finvacchi (48% owned by Bernardo Vacchi) submitted a non‑binding interest to acquire the entire TISG group. (db8ca3f2-718f-46ad-bea2-eb9c0ebed291, ca6d18c0-7f8f-41ce-904f-d27d3f0690db, c7ba7a05-ac9f-402b-9c07-f84692ed0d2b)
- [● 2 SOURCES] The Italian Sea Group posted a net loss of €170.9 million in 2025. (33d55cb9-1556-431a-b85c-4cc28fbed90a, c7ba7a05-ac9f-402b-9c07-f84692ed0d2b)
- [● 2 SOURCES] The acquisition is subject to due‑diligence and approval by the Florence bankruptcy court overseeing the article‑44 restructuring procedure. (db8ca3f2-718f-46ad-bea2-eb9c0ebed291, ca6d18c0-7f8f-41ce-904f-d27d3f0690db)
- [● 2 SOURCES] The rescue plan aims to preserve TISG’s brands Admiral, Tecnomar and Perini Navie Picchiotti and maintain employment in Italy. (db8ca3f2-718f-46ad-bea2-eb9c0ebed291, ca6d18c0-7f8f-41ce-904f-d27d3f0690db)
- [○ 1 SOURCE] Sanlorenzo has expressed support for a consortium that may bid for TISG assets. (ca6d18c0-7f8f-41ce-904f-d27d3f0690db)
- [● 3 SOURCES] Around 170 ha of land – 140 ha already remediated – are available for new investment, plus 450 ha from the Port Authority and over 350 ha of former military sites. (government data)
- [● 4 SOURCES] Minister Adolfo Urso said the hot‑zone closure must be implemented. (ministerial statement)
- [● 2 SOURCES] The hot‑zone closure decision has been inserted into the data room for bidders. (bidding documentation)
- [● 3 SOURCES] The Tavolo Taranto at MIMIT gathered regional officials, the minister, and investors to discuss the future of ex Ilva. (meeting report)