Erdemir takes step back from ILVA bid (2)

(ANSA) - Rome, June 23 - Turkish steel producer Erdemir said Thursday it is taking a step back in its bid on Italy's troubled ILVA steelworks. Managing Director Ali Pandir told BloombergHT "there's not enough solid information" to make a bid at the moment, Siderweb steel industry site reported. Erdemir is still interested, but will wait until an expert assessment of ILVA's environmental cleanup plan comes out in November, the executive said.
    Arvedi Group President Giovanni Arvedi told the Senate industry committee Wednesday his company plans to move ahead on a bid to take over the ILVA steelworks even if its partner in the deal Erdemir backs out.
    Arvedi told the Senate committee that Erdemir signed a governance agreement and a memorandum with the Arvedi Group that were supposed to be ratified by the company's board of directors by last September.
    Erdemir, which was also scheduled to appear before the Senate committee, didn't show up. Arvedi said Erdemir told him on Tuesday evening that it planned to convene an emergency board meeting to ratify the agreement as soon as possible.
    Extraordinary commissioners are managing ILVA as the troubled firm goes through a massive environmental cleanup and financial turnaround project.
    Last month, the commissioners extended from May 30 to June 23 the deadline for bids to be presented to buy the steelmaker.