The essay reconstructs the history of the Ilva in Bagnoli, from its creation in 1905 until its dismantlement, and of subsequent restructuring projects. Along the industrial parabola, the crisis of the first modern factory of southern Italy, and of the steel sector in Naples, was due to the confluence between an adventurous national policy and the traditional extractive strategies (towards urban speculation) of the local ruling classes. In light of the historical analysis, some considerations are drawn about the re-launch of Bagnoli’s area: the role of national policy will still be crucial, in order to mobilize resources and to provide the operational tools; however, the action from above should properly consider what has recently emerged fr...