Trasteel Holding S.A., Through Newly Established Trasteel Magona, Takes Over Operations of La Magona d’Italia Steel Plant in Piombino, Italy
Key Highlights
- ➤Trasteel Magona takes over La Magona operations under lease effective October 1, 2026
- ➤Plant restart targets over 500,000 tonnes annual capacity by end-2027
- ➤Approximately 500 jobs safeguarded as Piombino production gradually resumes
- ➤Sizzle II business combination expected to close by end-2026, pending shareholder approval
- ➤Combined company expected to list on Nasdaq under ticker TSTL
Expert Statements
Gianfranco Imperato, CEO of Trasteel
“Today marks the beginning of a new chapter for La Magona”
Gianfranco Imperato, CEO of Trasteel
“After several difficult years for the plant, our goal is to bring value back to Piombino’s steel industry and restore Magona to the role it has held for more than a century and a half in the Italian and European steel industry.”
Gianfranco Imperato, CEO of Trasteel
“We strongly believe in the relaunch of the plant and, above all, in the people who work there.”
Gianfranco Imperato, CEO of Trasteel
“Production will restart step by step, supported by the strength of Trasteel’s global sourcing, logistics and commercial platform.”
Steve Salis, Chairman and CEO of Sizzle II
“This transaction evidences Trasteel’s ability to source and consummate transactions in a competitive environment,”
Steve Salis, Chairman and CEO of Sizzle II
“We are confident in their ability to execute on their business plan to increase shareholder value for the long term.”
LUGANO, Switzerland and BERTRANGE, Luxembourg, Oct. 05, 2026 (GLOBE NEWSWIRE) -- Trasteel Holding S.A. (“Trasteel” or the “Company”), a global steel trading and industrial group (the “Group”) headquartered in Lugano (Switzerland) and Luxembourg, today announced that Trasteel Magona S.r.l. (“Trasteel Magona”), a newly established Group company set up specifically for this transaction, has taken over the operations of the La Magona d’Italia steel plant in Piombino (Tuscany, Italy), following the effectiveness of the lease agreement for the business unit of Liberty Magona S.r.l. (“Liberty Magona”).
The lease agreement, signed on July 29, 2026, became effective on October 1(st), 2026, and will remain in force until December 31, 2027, at the latest. The lease is intended as a first step towards the integration of the business, which has already been contractually agreed and will be completed upon conclusion of the restructuring process initiated by Liberty Magona through the filing with the Court of Florence of a restructuring plan subject to court approval.
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