The mining and metallurgical group Metinvest is seeking a new investor to finance a EUR3 billion ($3.4 billion) steel plant in Italy, as the Ukrainian group seeks to reduce its liabilities, according to Bloomberg.
According to the agency, the group is seeking an additional partner for the project at the site of a former steel mill in Piombino on the Tuscan coast. The company wants to strengthen its financing “in light of war-related risks, given Metinvest’s significant operational presence in Ukraine.”
However, as noted, some potential lenders have become more cautious due to heightened geopolitical risks, including the recent conflict in the Middle East.
“As for the debt capital structure, we have good visibility on it, and we are continuing our dialogue with financial institutions to finalize this matter as well,” a Metinvest representative told the agency.
It is worth noting that the Italian government has designated this initiative as a “national strategic project,” and Metinvest Adria—a joint venture (JV) established last year with the Danieli Group to build this state-of-the-art facility—refers to the project as “the revival of steel in Italy.” It is expected to produce 2.7 million metric tons of low-carbon steel per year and create 1,100 jobs in the region.
According to the initial plan, financing was to consist of debt, government grants, and contributions from the JV partners to the share capital. Metinvest agreed to contribute more than EUR500 million, or 75% of the total equity, but is now seeking to reduce this amount to less than EUR300 million.
Bloomberg adds that Metinvest reported receiving “significant support from all stakeholders,” particularly from the Italian government, which has already approved grants and loan guarantees and allocated funds for the construction of a new berth at the Port of Piombino.
“Metinvest’s financial position deteriorated after the company had to use its cash reserves in April to redeem $428 million in bonds. Some of the company’s assets in Ukraine were lost or damaged as a result of the Russian invasion. Operations were also negatively impacted by high energy costs and a labor shortage,” the report states.
In addition, the report notes that S&P Global Ratings upgraded Metinvest’s credit rating this month following the bond repayment, but maintained a “negative” outlook on the business, emphasizing the need to build up cash reserves. According to S&P, Metinvest’s free cash flow stood at $150 million as of early May.
Metinvest is exploring the possibility of raising long-term financing and recently held meetings with investors to discuss the pricing and structure of a potential bond issuance. Like most Ukrainian companies, Metinvest has not tapped the bond market since the start of the full-scale invasion in 2022. Despite this, the group has managed to meet its financial obligations and reduce its debt burden, according to a Bloomberg report.
Metinvest is a vertically integrated group consisting of mining and metallurgical enterprises. Its facilities are located in Ukraine—in the Donetsk, Luhansk, Zaporizhzhia, and Dnipropetrovsk regions—as well as in the European Union, the United Kingdom, and the United States. The holding company’s main shareholders are the SCM Group (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the management company of the Metinvest Group.
Carlo Formosa, the Italian Ambassador to Ukraine, met with representatives of Italian companies already operating in Ukraine, as well as with businesses implementing new projects in the country, according to a statement from the Italian Embassy in Ukraine.
“An opportunity to pool experience, contacts, and knowledge, establish new connections, and strengthen Italy’s presence in Ukraine,” the embassy’s Facebook post states.
The event served as a platform for exchanging experience, establishing new contacts, and strengthening cooperation among Italian companies operating in the Ukrainian market.
The embassy noted that the meeting took place following a series of webinars involving over 1,000 Italian companies and was aimed at further strengthening a cohesive and coordinated business community.
Particular attention was paid to the activities of the Italian Business Association (IBA), established several months ago at the embassy’s initiative to enhance the visibility and unifying potential of Italian business in Ukraine.
“The Embassy continues to facilitate dialogue between businesses and institutions, encouraging the exchange of expertise and the coordination of efforts within the ‘System Italy’ to support Italy’s economic presence in Ukraine,” the post states.
Starting July 9, a retrospective of films by Italian director Paolo Sorrentino, titled “Sorrentino’s Summer,” will begin at select movie theaters across Ukraine.
As part of the program, three films by one of the most famous contemporary Italian directors will be shown on the big screen once again: “The Great Beauty,” “Youth,” and “The Grace.”
“The Great Beauty” is one of Sorrentino’s most famous works. It was this film that earned the director an Oscar and a Golden Globe for Best International Feature Film.
The program also includes “Youth”—the director’s second English-language film, starring Michael Caine, Harvey Keitel, Rachel Weisz, Paul Dano, and Jane Fonda.
The third film in the retrospective will be *Grace*—the opening film of the Venice International Film Festival, which had its world premiere in the main competition.
Screenings will take place July 9–12 at select theaters across Ukraine. The program was initiated by the Italian Cultural Institute in Ukraine, the Italian Embassy in Ukraine, and the film company “Arthouse Traffic.”
Paolo Sorrentino is an Italian director and screenwriter, one of the most recognizable figures in contemporary European cinema. His works are distinguished by their visual sophistication and focus on themes of memory, aging, beauty, loneliness, power, and the search for the meaning of life. Among the director’s most famous films are “The Great Beauty,” “Youth,” “The Hand of God,” “The Wonder,” “The Consequences of Love,” and “Il Divo.”
Arthouse Traffic, FILM, ITALY, retrospective, Паоло Соррентіно
France and Italy have opposed the European Union’s initiative to draft trade agreements exclusively in English in order to speed up the negotiation process, citing constitutional constraints and risks to the multilingual nature of EU institutions, the Financial Times reports.
According to the publication, EU Trade Commissioner Maroš Šefčovič proposed drafting the legal and technical “text” of a new trade agreement with Indonesia entirely in English, with the final text subsequently translated into all 24 official EU languages.
Typically, the process of finalizing trade agreements takes up to two years, as all changes must be agreed upon and implemented in all EU languages. The proposed approach, according to Šefčovič, should reduce the preparation time to one year.
He notes that delays in the process of concluding agreements lead to economic losses and postpone the benefits of trade agreements.
At the same time, France and Italy have expressed objections, citing constitutional provisions and the principle of multilingualism. A French official stated: “This is a matter of the French Constitution. France cannot be bound by or assume obligations under a text that is not drafted in French.”
However, according to sources, there is broad support among EU member states for the idea of accelerating agreement-conclusion procedures.
The European Commission notes that the use of English during the legal and technical drafting phase is standard practice in international negotiations and does not imply a refusal to translate the final documents.
Italy has been, is, and will remain by Ukraine’s side in its struggle for freedom, sovereignty, and a European future, stated the Italian Ambassador to Ukraine during a reception marking the 80th anniversary of Italy’s independence.
The event took place in Kyiv at the Parkovy Exhibition and Convention Center and was attended by representatives of the Ukrainian government, the diplomatic corps, the Italian community, the business sector, and embassy partners.
At the beginning of his speech, the ambassador called on those present to observe a moment of silence in memory of those who lost their lives in a war they did not choose.
The diplomat recalled that 80 years ago, Italians were emerging from fascism, war, and occupation and had to answer a fundamental question: what kind of country they wanted to be after what they had endured.
“They understood in the most concrete way what is lost when freedom is taken away. And it was from this understanding, not from an abstract idea, that our Republic was born,” said the ambassador.
He emphasized that the Italian Constitution rejects war, and in 1946, women voted for the first time—not as a concession, but as a fundamental act in the creation of a new state.
“For Italians in 1946, freedom was not a gift—it was an achievement won at the cost of sacrifice,” the diplomat noted.
According to him, today’s Ukraine reminds Italy of its own historical experience.
“Like our grandfathers and fathers, you are going through a moment when freedom ceases to be just a word and becomes a choice. A daily, concrete, and costly choice. A choice that is reaffirmed day after day, under bombs, with a sense of dignity that those who are not here can hardly even imagine,” the ambassador said.
He emphasized that Ukraine is defending not only itself but also principles that are important for all of Europe.
“Ukraine is not only defending itself; it is fighting for what concerns us all: for the principle that brute force cannot be an argument. For the fact that sovereignty is not up for debate. For the fact that a people has the right to choose its own future,” the diplomat stated.
The ambassador emphasized that these very principles form the foundation of the Italian Republic, which is why Italy has supported Ukraine from the very first day of Russian aggression.
“Italy has stood by you from the very first day of Russian aggression—not out of generosity, but out of consistency and deep commitment to our values,” he said.
The diplomat assured that Italy will continue to support Ukraine on the political, economic, military, and humanitarian levels, and will also make efforts to ensure that Ukraine takes its rightful place in the European Union.
He thanked Ukrainian partners for their cooperation and friendship, the Italian community in Ukraine for representing Italy with dignity, Italian government officials in Ukraine for their work, and the sponsors who made the celebrations possible.
The ambassador also noted that in the evening, the Independence Monument on Independence Square in Kyiv is illuminated in the colors of the Italian tricolor.
“That column, reminiscent of the columns the ancient Romans erected in memory of great feats, is illuminated tonight in our colors. As a sign of great respect, but above all as a recognition of the deep commonality of our values,” he said.
The diplomat dedicated a separate part of his speech to Leon Ginzburg, who was born in Odesa and became one of the most prominent intellectuals of anti-fascist Italy.
“In one person, he was both Ukrainian and Italian. In one person, he embodied everything we are talking about tonight,” the ambassador noted.
He quoted Ginzburg’s words: “You have your wings. I don’t know exactly how big they are, but you have them. Try to take flight. You won’t fall. And even if you do fall, you will learn to fly as you fall.”
“Ukraine has already spread its wings. The world knows this. Italy is and will remain by its side as Ukraine flies toward the peaceful and prosperous future it deserves,” the ambassador said.
Italy recognized Ukraine’s independence on December 28, 1991, and diplomatic relations between the two countries were established on January 29, 1992. According to the Italian Embassy, the Italian Embassy in Kyiv was opened that same year, and since the early 2000s has been located on Yaroslaviv Val Street. The Embassy of Ukraine in the Italian Republic was established in Rome in 1993.
Kyiv hosted celebrations marking the 80th anniversary of the proclamation of the Italian Republic. On this occasion, the Independence Monument on Maidan was illuminated for the first time in history in honor of a foreign country—in the colors of the Italian tricolor, according to the Italian Embassy in Ukraine.
The events in Kyiv were hosted by Italian Ambassador to Ukraine Carlo Formosa. In his speech, he emphasized the connection between Italy’s historical experience after World War II and Ukraine’s current struggle for freedom and independence.
“Looking at today’s Ukraine and its resilience, memories come to mind of the sacrifices Italians made after the tragedy of fascism and the war to build a democratic state together. Just like our country eighty years ago, the courageous and unbreakable people of Ukraine are experiencing a moment when freedom ceases to be an abstract concept and becomes a daily, concrete, and precious choice,” the ambassador stated.
Formosa noted that Ukraine is defending not only itself but also principles vital to all of Europe: sovereignty, the right of a people to choose their own future, and the inadmissibility of using force as an argument in international relations.
“It is precisely thanks to its deep commitment to these values that Italy has stood unwaveringly by Ukraine’s side from the very first day of the Russian invasion. We continue to work together for a just and lasting peace,” the ambassador added.
The celebrations were attended by representatives of Ukraine’s state bodies, the Office of the President, the government, central and local authorities, as well as representatives of business, culture, science, the media, civil society, and the Italian community in Ukraine.
A separate part of the program was the exhibition “Renato Balestra. Codes of Haute Couture,” opened in Kyiv to mark the anniversary of the Italian Republic. The exhibition features eleven evening gowns from the fashion house, founded in Rome in 1959. The exhibition traces the over 60-year history of the Made in Italy brand, the legacy of its founder, and the fashion house’s contemporary development.
The Italian Embassy also provided photo and video materials showing the Independence Monument illuminated in the colors of the Italian flag. The materials are available for free use.
The Italian Republic was proclaimed following a referendum on June 2, 1946, as a result of which Italy abandoned the monarchy and became a republic. Republic Day is Italy’s main national holiday.
