Metinvest partners with Italian government for green steel project in Piombino

On November 20, Metinvest signed a joint declaration with Italy’s Ministry of Enterprises and Made in Italy (MIMIT) to support the industrial revitalization of Piombino through the development of a state-of-the-art green steel production facility. The agreement was formalized during a meeting between the Italian and Ukrainian governments in Rome.

This declaration builds on a Memorandum of Understanding signed on April 13, 2024, which brought together key stakeholders, including the Tuscany Region, the Municipality of Piombino, Danieli Officine Meccaniche S.p.A., and Metinvest-Adria S.p.A. During the ceremony, Metinvest proposed that the project be designated as a national strategic initiative to expedite approvals, involving Italy’s Council of Ministers.

The ambitious EUR 2.5 billion project has already gained momentum. Italy’s export credit agency, SACE, along with prominent banking institutions such as Cassa Depositi e Prestiti, have expressed interest in providing financial backing. Furthermore, on October 18, 2024, the Northern Tyrrhenian Sea Port System Authority confirmed the project aligns with its development goals. Metinvest-Adria has also secured industrial area access through an agreement with JSW Steel Italia S.p.A.

The proposed facility aims to be one of Europe’s most advanced green steel plants, with a production capacity of 2.7 million tonnes annually. It will utilize cutting-edge technology, including electric arc furnaces and recycled materials such as scrap, pig iron, and direct reduced iron sourced from Ukraine.

The Programme Agreement, expected by early 2025, will outline key initiatives such as land remediation, development contracts through Invitalia (Italy’s economic development agency), measures to safeguard jobs, renewable energy initiatives, and port infrastructure upgrades.

“This agreement represents a significant step toward building one of Europe’s most sustainable steel plants,” said Yuriy Ryzhenkov, CEO of Metinvest Group. “The project will enhance Italy’s steel industry and support Ukraine’s mining operations, exemplifying international collaboration in sustainable industrial development. We extend our gratitude to MIMIT, the Tuscany Region, and the Municipality of Piombino for their support.”

Source and Photo: Metinvest Holding