Currently, the company's warehouse stocks reach 1 million tons of raw materials and finished products
Italian steelmaker Acciaierie d'Italia (ADI), a joint venture between ArcelorMittal and state-owned Invitalia, produced 3 million tons of steel in 2023. This was announced by ADI CEO Lúcia Morselli reports Kallanish.
According to her, the company's warehouse stocks currently reach 1 million tons of raw materials and finished products. Additionally, ADI sold 2.5 million tons, but the period during which sales were guaranteed is not specified.
Acciaierie d'Italia is at risk of closing due to liquidity problems. According to Morselli, the company's net debt is around 700 million euros, while the total debt is 3.1 billion euros.
«This debt is mostly internal, to the holding company, around one billion euros. We will have to pay another billion euros if we decide to complete the purchase of equipment. The production units at the Taranto steel plant belong to Ilva. The rent that ADI pays for the use of the equipment expires in May this year, and approximately 700 million euros are an outstanding debt», added the CEO of ADI.
Lucia Morselli highlights that the company continues to produce steel and pay salaries. However, lack of credit and liquidity problems, the economic crisis during COVID-19 and rising energy costs have severely affected productivity.
It was recently reported that Acciaierie d'Italia may have closed some of its facilities. In particular, according to Rocco Palombella, secretary of the Uilm union, the closure of several facilities in Taranto has been going on for some time, with blast furnace No. 2 already closed and the coke oven batteries in preparation for closure.
As Centro GMK previously reported, Acciaierie d'Italia is close to stopping gas supplies due to debts – an Italian court allowed energy companies to cut off gas supplies to ADI. The company appealed this decision to the Council of State, the highest court. This means a freeze on measures, and any decision on gas supply can only be taken after discussions between regulator Arera and Snam, the supplier of last resort for the former Ilva.
Furthermore, in early January 2024, ArcelorMittal rejected the Italian government's plan to acquire a controlling stake in ADI. A government statement said Invitalia was ready to invest around 320 million euros ($351.10 million) in ADI to increase its stake to 66%. However, the steel company refused to provide guarantees for the additional investments that the company will need, even as a minority shareholder.
