According to the online The Local publication, the Economic Development Minister Federica Guidi issued an order to initiate the sale earlier this week, setting a 10 February deadline for potential buyers to submit a proposal. The debt-plagued steel works has been under special administration since 2013, the publication said.

Ilva’s steelworks in Taranto is among Europe’s largest and at one time produced 9 million tons annually, about one-third of Italy’s total production, it said.

ANSA, the Italian news agency, said the tender is open to individual companies or alliances of all nationalities that are able to "ensure production continuity" and maintain "adequate employment levels" at ILVA.

Italy's Marcegaglia, Arvedi and Amenduni; Switzerland-based Duferco; and ArcelorMittal, the world's largest steel producer, are all said to be interested in the steel works, The Local reported.

The steel works in Taranto is at the center of ongoing environmental controversy – in July, 44 people, including members of the Riva family, which owned the steel works, politicians and administrative officials, were indicted on charges of “environmental disaster,” according to ANSA.