Metinvest and the Italian Ministry for Business & Made in Italy (MIMIT) have signed a joint declaration to promote setting up ‘a large green steel production plant’ in Piombino, a project worth €2.5 billion.
The signing took place during a bilateral meeting between the Italian and Ukrainian governments held in Rome yesterday.
According to Metinvest, the project involves building one of the most advanced green steel plants in Europe, capable of handling up to 2.7 million tonnes a year. The plant is designed to use technologies based on electric arc furnaces and recycled materials, including scrap steel, cast iron and DRI from Ukraine.
A Programme Agreement is expected to be signed by early 2025. Construction is expected to begin in early 2025, with production starting by the end of 2027. Regarding the financing of the project, the company explains that SACE and major banking institutions, including Cassa Depositi e Prestiti, have submitted letters of interest for providing financial support.
Translation by Giles Foster
