Ex Ilva, State joins A.Mittal: Acciaierie d’Italia is born

by time news

The State officially returns to steel: Invitalia announced today that it has completed the co-investment agreement with A.Mittal, envisaged by the agreement of last December, and paid out the first tranche of 400 million with which to participate for the 38 % to the share capital and acquire 50% of the voting rights of the newco that will guide the future of the former Ilva group: the new company will be called Acciaierie d’Italia Holding Spa and its main operating subsidiary ArcelorMittal Italia will be renamed Acciaierie d’Italia .


To finance the operation, capital contributions assigned for this by the Ministry of the Economy for the purchase of ordinary shares. The formalization of the entry into A.Mittal comes from a note from Invitalia preceded shortly by the announcement of the Minister of Development, Giancarlo Giorgetti during the question time in the Chamber: “this is the perspective on which we have started, we intend to pursue it and finalize it as part of a national steel strategy ‘, he said, explaining that he had also indicated “the new administrators” who will lead the newco.

The entry of the State into the former Ilva in fact also provides for a corporate reorganization: the board of directors of the newco will be composed of 6 members, 3 appointed by the public shareholder and 3 by the private one. For now, however, the appointments have not been formalized even if in recent days some indiscretions gave Franco Bernabè the closest candidate for the presidency of the Board of Directors. A.Mittal, on the other hand, will appoint the CEO. The purpose of the operation, Invitalia reiterates, “to a value of strategic initiative in support of businesses and employment in the South, in order to relaunch and reconvert, in a green key, the Ilva steel site, consistent with the strategy , governed by the European Commission, to guarantee Europe “zero emissions” by 2050 “.

But the completion of the passage to the state of the former Ilva group will only take place in 2022 against a further investment that will raise Invitalia’s stake to 60% against an investment by ArcelorMittal up to approximately 70 million euros that will allow the multinational to maintain a 40% stake and joint control over the company. But it is A.Mittal who wants to remember how the completion of the co-investment can only take place upon the occurrence of certain conditions precedent “.

And among these, he lists the steel multinational: “the modification of the environmental plan in force to take into account the modifications of the new industrial plan; the lifting of all criminal seizures concerning the Taranto plant; and the absence of restrictive measures, as part of the criminal proceedings in which Ilva is charged against Acciaierie d’Italia Holding or its subsidiaries “. Therefore, in the event that the conditions precedent do not occur, it continues, “Acciaierie d’Italia Holding would not be obliged to complete the purchase of the Ilva business branches and the capital invested in them would be returned”.

The unions are satisfied, however, for which concerns remain about the “unresolved issues” of a stalled dispute, which has been dragging on for years, and for which the workers of Taranto will return to cross their arms on 23 April. “The formal conclusion of the first phase of the path of entry of public capital into ArcelorMittal through Invitalia, represents a step in the direction traced by the agreement with the Government ”, says Fiom leader, Francesca Re David, who speaks of” heavy inheritance “on Acciaierie d’Italia’s shoulders not only in financial terms, but in terms of “lack of technological innovation, environmental and safety conditions, employment uncertainty also weighed down by recent unacceptable and surreal decisions in the management of trade union and industrial relations ”. ( follows)

For this reason today’s decision must be “part of a more general choice that places the prospects of Acciaierie d’Italia within the national plan for the steel industry and the use of the resources of the Recovery Fund”. Also good for the Fim: ” finally after months we register a concrete act that must unblock the stalemate of the dispute. Now we need to make up for too much time lost. For this reason, we immediately ask the company to give life to the production enhancement and maintenance plan to reactivate the plants and to reabsorb too many workers on layoffs as soon as possible “, comments the leader Roberto Benaglia.

And Uilm hopes to start a new phase. “A bankruptcy experience ended with today. From tomorrow a new phase must begin which sees the direct participation of the State in the management of the former Ilva. At this point it is essential to abandon unilateral and authoritarian management of the factories ”, he says, asking for“ a solid and lasting industrial perspective that also responds to the economic needs of the territories and of the whole country ”. Meanwhile, the Senate continued to discuss the Fdi motion requesting the restoration of criminal immunity in relation to the management of the former Ilva Group.

You may also like

Leave a Comment