Baku Steel Plant, Azerbaijan Investment Company intend to buy Italy's Acciaierie d'Italia

BAKU. Jan 13 (Interfax) - The Baku Steel Company and the Azerbaijan Investment Company (AIC) consortium have announced their intention to acquire the Italian steel manufacturer Acciaierie d'Italia SpA, according to a statement from Acciaierie d'Italia.

"Ten proposals were submitted for purchasing the group's assets by the deadline for the tender, which expired on January 10, 2025. Among the proposals, only three concern the acquisition of all the company's business complexes. These were the proposals from the Baku Steel Company and AIC consortium, Bedrock Industries Management Co Inc (U.S.) and Jindal Steel International (India)," it said.

According to the company, seven proposals were submitted for individual assets. Among the bidders are the consortium of CAR Segnaletica Stradale Srl, Monge & C. SpA, Trans Isole Srl; Eusider SpA; the consortium of Eusider SpA, Marcegaglia Steel SpA, and Profilmec SpA; I.M.C SpA; Marcegaglia Steel SpA; the consortium of Marcegaglia Steel SpA and Sideralba SpA, and Vitali SpA.

All received proposals will be carefully reviewed, the Italian company said. Special attention will be given to employment and decarbonization issues as well as investment volumes to ensure sustainable plant development and maximum protection for workers.

"Any new proposals that may be received later will be considered only if they include more favorable terms for the subject of the tender," it said.

Acciaierie d'Italia SpA (formerly Ilva S.p.A.) is an Italian company headquartered in Taranto, Italy. It is one of the largest steel producers in Italy and Europe. Its subsidiaries include Acciaierie d'Italia, AdI Energia, AdI Servizi Marittimi, AdI Tubiforma and AdI Socova.

CJSC Baku Steel Company is the first modern and largest steel production enterprise established in the Caucasus region. The plant currently has an annual production capacity of 800,000 tonnes.