Marcegaglia, the Italian corporation, has made a significant move into the Baltic and Northern European market with its recent acquisition of the Latvian unit of Russian steel producer Severstal. Following approvals from the Latvian government and the European Union competition authorities, Marcegaglia plans to establish a state-of-the-art processing and distribution center in Latvia, creating 300 new job opportunities.

Antonio Marcegaglia, President and CEO of Marcegaglia Steel, expressed enthusiasm about the deal, stating, "We are delighted to strengthen our commercial presence in Northern Europe and the Baltic states, regions where we previously had no presence. This acquisition revitalizes our European operations, particularly in Latvia, Poland, and Ukraine. We extend our gratitude to the Latvian government for recognizing the revitalization potential of the company and for their support. We are confident that our investment in Latvia will yield great results in the future."

The complex deal involved multiple institutions, including the Investment and Development Agency of Latvia (LIAA), and serves as an example of successful collaboration toward a common goal. Kaspars RoĹžkalns, Director General at LIAA, commended the involvement of Latvian state institutions and the EU, stating, "We are pleased with their active engagement in resolving such issues, which otherwise could have resulted in frozen assets and unclear legal status for an extended period."

The implementation of the project required prompt action and cooperation from various Latvian state institutions, such as the Ministry of Economics, the Ministry of Foreign Affairs, the Embassy of Latvia in Rome, the Financial and Capital Market Commission, Latvian security authorities, and the Prime Minister's Office. Guntis RubÄŤns, head of the LIAA office in Italy, emphasized the cooperative efforts that made the deal possible, including the assistance provided by the Italian government, its Delegation to the European Commission, and the office of Valdis Dombrovskis in navigating the necessary procedures and agendas of Brussels institutions.

The successful collaboration among all parties involved, including the Italian Embassy in Latvia, has been celebrated as a milestone in the economic relations between Latvia and Italy. The LIAA office in Italy sees this project as a catalyst for increased Italian interest in Latvia, given Marcegaglia's prominent position in Italian business and political circles. Moreover, it signifies Latvia's deepening integration into the Western world and demonstrates its determination to reduce reliance on Russian influence amid regional challenges.

The acquisition of the Latvian unit marks a promising chapter in Marcegaglia's expansion strategy, with plans to grow the turnover of the newly established company, Marcegaglia Baltics SIA, to EUR 300 million within three years.