Italian coil service centre Magona faces bankruptcy by mid-June 2026 as Greensill Bank's administrator stays silent on a €45 million ($52.93 million) lease offer from Trasteel. The Piombino facility has been closed since August 2025, leaving workers in prolonged uncertainty. Italy's Ministry of Enterprises & Made in Italy calls the situation unacceptable. The crisis stems from the 2021 collapse of Greensill Bank, which pushed parent company Liberty Steel to the brink of insolvency.