Flacks Group reached an agreement alongside the Italian government to acquire the former ILVA steel group, committing up to €5 billion ($5.2 billion) for facility modernization. The transaction preserves employment for approximately 8,500 skilled workers at Europe's largest integrated steel plant in Taranto, addressing decades of environmental concerns linked to elevated pollution & cancer rates. Italy retains 40% ownership while Flacks holds options for additional equity acquisition. The modernization program emphasizes electrification & furnace upgrades, transitioning from blast furnace to electric arc furnace technology to reduce CO₂ emissions by 70-80%. Michael Flacks, Founder & Chairman, stated the objective is making a long-term investment to ensure the historic facility's sustainable future.