LONDON Dec 21 Troubled steelmaker Lucchini,
Italy's second-largest producer, has requested to be placed
under receivership procedures to save it from bankruptcy.
The measure, which involve the appointment of an
administrator chosen by the government, aims at saving large
"The board hope it will be possible to find a solution for
the company's crisis which can value the efforts so far borne by
the firm," the steelmaker said in a statement on Friday.
Russian steel producer Severstal acquired
Lucchini, previously owned by the family of the same name, in
2005, but has since sold a majority stake to its owner, Russian
businessman Alexei Mordashov, to facilitate its sale.
The disposal of the heavily indebted steelmaker however has
proved impossible in the context of falling steel prices and
Last month Swiss industrial group Klesch expressed interest
in acquiring Lucchini, but Italy's biggest trade union voiced
doubt that the purchase would take place.
(Reporting by Silvia Antonioli; Editing by David Holmes)