ArcelorMittal protests the Italian government's decision to introduce emergency management
Acciaierie d'Italia, a joint venture between ArcelorMittal and state-owned Invitalia, is entering special administration. The government is working on defining the terms and conditions of the procedure, RaiNews reports .
During a meeting with unions and companies involved in the supply chain, Italian authorities stated that the government would appoint emergency commissioners for ADI as quickly as possible and that a takeover would take place to ensure the continuity and resumption of operations at Acciierie d'Italia . plants.
According to the Minister of Companies and Production, Adolfo Urso, the procedure will begin with a commissioner, who, according to the government, should become a “bridge” for new private investors after the suspension of Arcelor Mittal. According to Urso, Italian and foreign investors are interested in bidding for the former Ilva.
Meanwhile, according to Bloomberg, ArcelorMittal is protesting the Italian government's decision to introduce special administration at the country's largest steelmaker, claiming that this could be a violation of the investment agreement.
According to a letter from the corporation obtained by the publication, the company was not informed of Invitalia's decision to request special administration for the Taranto factory. It is noted that in recent weeks ArcelorMittal has been working with the government to try to reach an agreement on an orderly exit from the plant.
Rome argues that the Acciaierie d'Italia is a vital national asset, which subjects the factory to state powers that allow the government to take precedence over private investors and introduce special management into the company.
As previously reported by , Acciaierie d'Italia (ADI) produced 3 million tons of steel in 2023. According to ADI CEO Lucia Morselli, the company's inventories currently reach 1 million tons of raw materials and finished products . Furthermore, the company sold 2.5 million tons, but the period in which sales were guaranteed is not specified.
