Consortium of Azerbaijani companies bids to buy plant in Europe

A consortium of Azerbaijani companies, Baku Steel Company CJSC and Azerbaijan Investment Company (AIC) OJSC, is bidding to acquire Italian steel manufacturer Acciaierie d'Italia SpA, Report informs via Acciaierie d'Italia's announcement.

By the deadline of January 10, 2025, a total of 10 offers were submitted to purchase the group's assets.

Among the received offers, only three are for acquiring all business complexes of the company: the consortium of Baku Steel Company and AIC, Bedrock Industries Management Co Inc (USA), and Jindal Steel International (India).

Seven offers were received for individual assets. Among the bidders are: consortium of CAR Segnaletica Stradale Srl, Monge & C. SpA, Trans Isole Srl; Eusider SpA company; consortium of Eusider SpA, Marcegaglia Steel SpA and Profilmec SpA; I.M.C SpA company; Marcegaglia Steel SpA company; consortium of Marcegaglia Steel SpA and Sideralba SpA; and Vitali SpA company.

The company notes that all received offers will be thoroughly examined.

Special attention will be paid to employment aspects, decarbonization, and investment volumes to ensure sustainable development of plants and maximum protection of workers.

"Any new offers that may be received subsequently will be evaluated only if they include more favorable conditions for the tender subject," the statement says.

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.