Italy receives 10 bids for Ilva steel as major contenders withdraw

Core Points - Italy has received 10 bids for the former Ilva steel plant, with only two bidders interested in acquiring all assets [1] - The two leading bidders, Baku Steel Company and Jindal Steel International, have withdrawn from the tender process [1][4] - The remaining interested bidders for the entire Ilva assets are Bedrock Industries and a consortium involving Flacks Group and Steel Business Europe [2] Bidding Details - Eight additional bids were made for single assets held by Ilva, including offers from Renexia, Industrie Metalli Cardinale, and Marcegaglia [2] - The tender round closed at midnight on Friday, and Acciaierie d'Italia will take time to evaluate the offers, focusing on employment, decarbonization, and investment [5] Company Background - Ilva, located in Taranto, was once the largest steel plant in Europe but has struggled with management issues and environmental concerns [3] - The plant has faced financial difficulties, requiring state funding to remain operational due to its strategic importance [3] Industry Reactions - The Italian metalworkers' union UILM criticized the tender process as a "total failure," questioning the industrial credibility of the remaining bidders [5] - UILM suggested that nationalization is the only viable solution to prevent the closure of Ilva and the associated environmental and economic disasters [6]