Market Segment
December 16, 2025
Kestenbaum is still in running for Italy's Ilva assets
Written by Ethan Bernard
Two bids remain for Italy’s Ilva steel assets, one from a firm headed by steel veteran Alan Kestenbaum, Bloomberg reported on Dec. 11.
Kestenbaum is the founder of Bedrock Industries, a privately held metals‑and‑mining investment and operating company. He notably served as executive chairman and CEO of Canadian steelmaker Stelco until Cleveland‑Cliffs completed its acquisition in December 2024.
The other Ilva Bid belongs to Flacks Group, a Miami-based investment company headed by Michael Flacks.
SMU’s parent company, CRU, reported in October that the Italian government had received 10 offers for Ilva, including those from Flacks and Bedrock.
Including one of Europe’s largest steel plants in Taranto, Ilva now operates far below capacity after years of operational, managerial, and financial problems.
Requests for comment from Kestenbaum and Flacks Group were not returned by time of publication.
Recall that during the process of Japanese steelmaker Nippon Steel’s eventual acquisition of U.S. Steel, investment firm Ancora Holdings Group sought to unseat U.S. Steel CEO David Burritt and replace him with Kestenbaum. That plan was abandoned.
