Metinvest seeks new partners for €3.2bn Piombino steel project

The €3.2 billion industrial project to develop a new green steel plant in Piombino, Italy, has entered a critical phase. Metinvest CEO Yuriy Ryzhenkov stated that the investment is currently ‘on hold’ as the group, alongside Danieli and financial partners, seeks a new equity partner to reduce financial exposure.

While there are reports suggesting Metinvest might sell its entire 75% stake in Metinvest Adria, the company is officially looking for additional shareholders to broaden the financial base. Luca Villa, CEO of Metinvest Adria, noted that there is strong interest from various financial and industrial investors, including infrastructure funds and steel industry players.

Despite the search for new partners, the project is moving forward through regulatory channels. The plant has already received Environmental Incidence Assessment (VINCA) approval. The goal is to finalize the authorization process with the Tuscany Region and the Ministry of Environment and Energy Security (MASE) by the end of October to secure construction permits and necessary credit lines.