(Alliance News) - Danieli & C. Officine Meccaniche Spa announced that it has signed a memorandum of understanding with other companies and institutions to realize an integrated industrial project in the municipality of Piombino.

Ministry of Enterprise and Made in Italy, Tuscany Region, Municipality of Piombino, Metinvest Adria Spa and Metinvest BV are the other signatories to the protocol.

The purpose of the industrial project is to develop, build, own, operate and maintain an environmentally sustainable plant for the production of finished steel products obtained from the transformation of ferrous materials into hot-rolled coils subject to further processing, to be built in Piombino on an area of about 260 hectares. The project will be financed with support from external funding and government grants.

The Piombino steel hub is one of the main steel processing sites in Italy and Europe, and the Ministry of Enterprise and Made in Italy is committed to supporting its revitalization of rail production and starting, at the same time, the production of hot-rolled coils, with the aim of revitalizing the business, safeguarding employment and reducing the import of steel products to Italy from non-EU countries.

This led to an interest in checking the feasibility of the integrated industrial development project presented by Metinvest Adria, Metinvest and Danieli.

Once the project is fully operational, it will employ about 1,500 direct and indirect workers and have a significant economic impact on other regional and national allied industries.

Danieli & C. stock is up 2.2 percent at EUR30.70 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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