Acciaierie d’Italia, Invitalia’s attack on management
Lack of information, elements that affect the agreements between the partners never brought to the attention of Invitalia representativesneed for periodic updates on management performance which so far they have been missing. And, more generally, the failure to comply with the agreements that regulate the governance of Acciaierie d’Italia between the public shareholder Invitalia and ArcelorMittal. The assembly of Acciaierie d’Italia holding, which controls Accieieri d’Italia and where Invitalia is present in the capital. In the minutes of the meeting, just deposited, there is what is perhaps the formal first step of the clash that is taking place over the main Italian steel producer.
The lack of information
While voting in favor of approving the 2022 accounts, Invitalia – represented by Pasquale Ambrosedirector of legal affairs of the public company – has what is in all respects a tough guy put on the record indictment against the management of the former Ilva. The budget, reads the report, “incorporates economic and financial projections never previously submitted to the shareholders and which the Invitalia shareholder reserves the right to evaluate in all their elements“. These projections “actually affect the industrial plan attached to the investment agreement without being communicated to the signatories of the agreement itself”.
“Update us on the industrial plan”
The agreements signed, most recently the loan agreement with which Invitalia has injected another 680 million last February, “require a significant effort of information and visibility by the company towards the shareholders and in particular of Invitalia”. The public shareholder therefore requests “that the company periodically provide the shareholders any appropriate information and update on the implementation of the business plan”. Also in order to be able to evaluate the “potential and ability of the company to reach the agreed production levels and to generate sufficient financial resources to make it possible to continue the activities“.
The knot of 680 million
“Fundamental” information in terms of guarantee of business continuity having a direct impact on the commitments assumed by the company with Ilva spa under extraordinary administration”. The reference is to the purchase of the plants, now rented, “if the conditions set out in the contract are met”. Useful information “for both shareholders”, continues the minutes. Also for the “need to know if the recent cash injection (the 680 million in February, ed.) either meeting the needs of society, as it would seem from the economic and financial projections which would highlight a cash flow to break even in 2024. Or whether further interventions are needed.
In 2022 revenues go up, profits go down
The consolidated accounts for 2022 closed with 3.887 billion in revenues and 84.65 million euros of profit. in 2021 revenues had been 3.386 billion with a profit of 310 million. The 2022 financial statements, the Invitalia representative explains, were prepared on the assumption of business continuity thanks to a impairment test drawn up on the basis of those economic and financial projections never shared with partners. The auditor (Ey) and the board of statutory auditors have expressed their favorable assessment of the financial statements.
The clash with Dri of Italy
After the meeting, the internal conflict within Acciaierie d’Italia moved to the level of industrial agreements. With the exchange of accusations between the CEO Lucia Morselli and the president Franco Bernabè, in his capacity as president of Dri d’Italia, for the construction of the pre-reducer plants revealed by The truth.
Integration fund
On June 13th, the joint examination of the request for extraordinary redundancy fund in derogation made by Acciaierie d’Italia is scheduled to start starting from June 20th for a maximum number of 2,500 workers of the Taranto plant and for a period of one year.