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Baku Steel, Jindal frontrunners to buy Italy's Ilva
Published by Global Banking & Finance Review®
Posted on February 15, 2025
1 min readLast updated: January 26, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on February 15, 2025
1 min readLast updated: January 26, 2026
Baku Steel and Jindal Steel are leading the bids for Italy's Ilva, with the government aiming to finalize negotiations by March. Ilva's closure could significantly impact Italy's manufacturing sector.
ROME (Reuters) - Baku Steel Company and Jindal Steel International have raised their bids for Acciaierie d'Italia (ADI), formerly known as Ilva, the Italian government said on Saturday, making them the frontrunners in the bidding for the plant.
ADI, based in the southern Italian city of Taranto, has been under state administration after struggling to maintain production amid rising energy costs and weak demand.
The fate of ADI is a concern for Italian Prime Minister Giorgia Meloni, as its closure would have a serious impact on the country's manufacturing sector.
Ilva's extraordinary commissioners said in a statement that they would evaluate the bids "in a few days" and send their opinion to the industry ministry.
They did not give financial details.
Italian newspaper Il Messaggero reported on Saturday that Baku Steel Company has raised its offer to around 1 billion euros ($1.05 billion), more than Jindal's.
The government hopes to conclude negotiations by March, Il Messaggero added.
($1 = 0.9532 euros)
(Reporting by Giselda Vagnoni; editing by Barbara Lewis)
The main topic is the acquisition bids by Baku Steel and Jindal Steel for Italy's Ilva steel plant.
Ilva's closure could severely impact Italy's manufacturing sector, making its acquisition crucial.
Baku Steel Company and Jindal Steel International are the frontrunners.
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