Ex Severstal plant in Italy wants to be bought by Algerian conglomerate
Edited by Rhod Mackenzie / 2014-11-26 11:33:28
The second largest metallurgical enterprise in Italy Lucchini will ask the Government to allow its sale to the Algerian conglomerate Cevital, the press centre of Lucchini reported on Tuesday.
Previously, the Italian plant belonged to Russian Severstal and was declared a bankrupt in 2012, as it couldn’t cope with the consequences of the financial crisis of 2008 - 2009 and fierce competition from Asian steelmakers.
Last week, Lucchini received two offers from family of Indian billionaires Hindal and the Algerian conglomerate Cevital. The company found the terms of the latter more favorable as the Algerians promised to keep the number of workers of the company through the development of auxiliary facilities.
