Taranto-based Italian steel producer Ilva has been granted the green light by local magistrates to ship 63,700 meters of steel pipes for an order worth $45 million totaling 136,200 meters placed by Iraq Oil Project Company.
On April 24, the Italian steelmaker had filed its latest request at the Court of Taranto seeking the cancellation of the seizure order affecting 1.7 million metric tons of its semi-finished and finished steel products, worth between €800 million and €1 billion.
As reported by Italian newspapers, Ilva supplied documentation to local magistrates relating to the Iraqi order, which was placed back in 2011. If the first batch of the overall order was not delivered by May 5, Ilva would reportedly have to pay $27 million in compensation to the buyer.
Meanwhile, the seizure order still remains in effect for the other impounded steel products. The local magistrates in Taranto are still waiting for Italy's Constitutional Court to clarify the reasons why it dismissed claims of unconstitutionality against the government decree passed later last year which aimed at ensuring the continuation of production at Ilva's Taranto steel plant.