Prospects for the future of Acciaierie d'Italia (ADI) will be shaped by the ongoing meetings of the venture partners between state-owned Invitalia and ArcelorMittal, which have been postponed to December 11. Sources reported that this decision was taken after ArcelorMittal presented Invitalia with a 12-page document to which Invitalia had to respond and which contained disagreements between the parties.
There is a dispute between the government and the private partner over €1 billion ($1.08 billion), a significant fund needed for the steelmaker Acciaierie d'Italia to release its assets. These assets were seized for legal reasons by the former Ilva plant's administrator. An additional €320 million is reportedly needed to meet the company's immediate needs.
According to sources, ArcelorMittal, currently the majority shareholder, is not willing to cover the costs due to heavy bureaucratic and legal challenges over the future of the plant. It was emphasized that Invitalia is expected to become the majority shareholder in 2024, while ArcelorMittal will preserve its 40% ownership.
The President of ADI Holding, Franco Bernabè, had called on state and private sector partners to take quick decisions to save Acciaierie d'Italia from insolvency. However, it was stated that banks would not finance ADI due to financial and legal problems.
There is a slowdown in production due to maintenance work at the plant in Taranto. The authorities are reported to be considering a future without ArcelorMittal, possibly a partnership with local steel producers ready to take over the plant despite the legal problems.
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