Arcelor Mittal, the Chinese hypothesis for the (difficult) hunt for a new buyer


After the Silk Road, the Steel Road. The day before, while the President of the Council Conte met the Mittals at Palazzo Chigi, the Ilva dataroom from Intralinks was reopened. It could have been the same government that entered to verify the validity of the appeal presented by the Franco-Indians to the Milan court. But the fact remains that if AM InvestCo finally returns the keys to the commissioners the first thing to do is to look for an investor or at least an industrial partner.

The hypotheses between India and Italy

Very few entrepreneurs in Italy have an identikit compatible with such an enterprise. The Indian Jindal, who took over the former Lucchini di Piombino (and was part of the consortium that had fought for Ilva at AM InvestCo) is now committed to an investment in India of 2.8 billion euros. The takeover seems to be a challenging challenge right now. Arvedi from Cremona has decreased production and now some plants are down for maintenance. Also struggling with the restructuring of the Servola steel plant in Trieste. The Marcegaglia group is the largest consumer of coils in Europe and could have advantages from vertical integration with those who produce steel. But environments close to the group deny any interest. Also because today Ilva is no longer its first supplier. Finally there would be the Tenaris of the Rocca family, with its electric furnaces in Dalmine and the blast furnaces in South America. We are talking about a group with a turnover of 7 billion euros. But even here no one thinks of venturing into this venture.

The Turkish interest or the Chinese proposal?

There is talk of a Turkish interest in Ilva. In Turkey the major producer Erdemir, iindin in hand at Erdogan's army pension fund. But producing in Turkey is more advantageous in terms of labor costs. In the end, on paper the most interested could be Chinese producers: with Ilva they would have the advantage of having an outpost in Europe, for them a landing market. Not to mention the geopolitical interests of the heavenly empire. One of the largest Chinese manufacturers, Hebei, in 2014 acquired Duferco Trading, a large European steel-based trader in Switzerland. Note: among the first steel producers in the world, six are Chinese, two Japanese and one South Korean. Perhaps here that a possible partner for Ilva should be sought.

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