Flacks Group has agreed to acquire Italy's former Ilva steelworks, securing the future of the historic industrial site and its approximately 8,500 workers while strengthening European supply chains for automotive, construction, and infrastructure sectors. 

The US company plans to invest up to EUR 5 billion to modernize operations through electrification and furnace upgrades aimed at decarbonization, efficiency, and sustainable growth. Under the agreement, the Italian government will maintain a 40% stake, while Flacks Group has an option to acquire an additional 40% in the future. 

Founder and chairman Michael Flacks emphasized that the operation prioritizes people and focuses on long-term investment and responsible modernization. The acquisition represents a commitment to ensuring a lasting future for the historic steelworks through a strategic industrial partnership.