The government is looking for a partner for the former Ilva
The government is oriented to look for a new one partner industriale for the relaunch of the former Ilva plants after the constant frictions with the partner ArcelorMittal. A central passage took place today, with approval in the Senate of a government amendment favoring the closure of the EU infringement procedure on the Taranto plant. The closure of the procedure, according to what has been reconstructed, removes the obstacles to the rise in the capital of Italian steelworks by Invitalia before the expiry of the 2024. Assessments on how to exit the agreement with ArcelorMittal “are underway”, explains one of the sources questioned. At the moment, however, it is explained, there is no new partner ready even if contacts are underway with various operators in the sector.
The postponement to 2024
In May 2022, the agreement for the rise of Invitalia to 60% of Acciaierie d’Italia holding was extended by two years to May 2024. In the meantime, however, last February, Invitalia itself injected 680 million euros in capital increase account to meet the needs of the plant.
The clash with ArcelorMittal
The climate between Invitalia and ArcelorMittal is tense for months. At the budget meeting of Adi holding, while voting in favor of approving the 2022 accounts, Invitalia has what is in effect a hard 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”.
The node of financial resources
Information, according to the Invitalia representative, “fundamental 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.
The amendment to close EU infringements
The amendment approved in the Senate facilitates the closure of the infringement procedure pending on the Ilva plant in Taranto. Regarding the failure by the competent Italian Authorities to adopt the measures necessary to reduce the environmental impact of the plant, in violation of the directive on industrial emissions.
“In detail, the regulatory intervention – he explains Palazzo Chigi – allows for the continuation of the modernization and decarbonisation of the Taranto steel plantunlike what instrumentally supported by some opposition, in implementation of Environmental recovery plan and the provisions contained in the integrated environmental authorisation. By decree of the President of the Council of Ministers, the criteria for implementing decarbonisation projects will be defined, with an indication of the maximum terms of realization. Furthermore, further decarbonisation projects may be presented by the operator with charges to be borne exclusively by it”.
Cessation of risks
“The new discipline – continues Palazzo Chigi – provides that all obligations foreseen for the first purchaser of the plant must also be respected by the subsequent buyers, until the cessation of the risks associated with production is ascertained. In this way, the amendment ensures that the activity management takes place in compliance with environmental legislation. In this sense, the amendment approved today in the Senate combines the need to guarantee the continuity of the production activitythe safeguarding ofoccupation and the environmental Protection and the health of citizens and workers. Finally, in line with the recent orientation of the State Councilthe regulations relating to the integrated environmental authorization and that contained in the Consolidated Law on Local Authorities relating to contingent and urgent ordinances are coordinated, avoiding overlapping of competences and evaluations”.