Global steel manufacturer
ArcelorMittal is in favour of increasing the share capital of
the Italian government in the ex-ILVA steelworks in the southern
Puglia port city of Taranto, now known as Acciaierie d'Italia
(ADI), to 66% through the economy ministry's National Agency for
Inward Investment and Economic Development (Invitalia), sources
close to the company said on Tuesday.
"ArcelorMittal is in favour of Invitalia's payment of a further
320 million euro of fresh capital to support ADI operations,
with its own consequent dilution to 34%", the sources said.
The steel giant is also allegedly in favour of "the acquisition
of the plants from ILVA in Special Administration".
The purchase was originally scheduled for May 2022 and later
postponed to May 2024, the sources added.
"Invitalia's funding proposal and (the resulting) dilution to
34% of (the stake held by) ArcelorMittal also provides for the
termination of the existing joint 50% control between the two
shareholders", despite the fact that Invitalia currently holds a
similar share of 38%, continued the sources.
"The cessation of joint control goes in the opposite direction
to all the talks that have taken place," they said, adding that
"ArcelorMittal would have instead expected to be able to
continue to exercise the role of Invitalia's industrial partner
with the same status of 50% control even with reversed share
quotas".
On Monday ArcelorMittal appeared to reject the offer by the
Italian government to increase to 66% its share capital in the
former ILVA steelworks in a bid to ensure production continuity
at the struggling plant.
"The government delegation proposed to the company's top
management to underwrite a share capital increase, amounting to
320 million euro, in order to increase to 66% the participation
of the public partner Invitalia, together with what is necessary
to ensure production continuity," said a statement issued after
a meeting between the parties in Rome.
"The government has taken note of ArcelorMittal's unwillingness
to take on financial and investment commitments, even as a
minority shareholder, and has instructed Invitalia to take the
consequent decisions through its legal team," the statement
added.
The steelworks have been beleaguered by long-running technical,
environmental and financial problems but remain the biggest
single employer in southern Italy.
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