Adolfo Urso, Giancarlo Giorgetti and Lucia Morselli
Ex-Ilva, time is running out
The latest Acciaierie d’Italia shareholders’ meeting, postponed to December 22, has raised concerns about the future of the steel company. In this uncertain context, the hypothesis of a possible new extraordinary administration emerges, which could guarantee the protection of employment but put the related industries at risk, already compromised by the problems that emerged after the 2015 bankruptcy. Acciaierie d’Italia is located in a critical situation, with delays in payments affecting subcontractor companies. The management of the contract by the current management has generated difficulties even for the most solid companies. The hypothesis of a new extraordinary administration is on the table, and the employment future of hundreds of workers hangs in the balance.
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The private partner Arcelor Mittal (62%) and the public partner Invitalia (38%) have not yet reached an agreement, complicating the situation. Arcelor Mittal’s proposals to acquire the Ilva plants have been rejected, generating tensions. Meanwhile, the management of the company is up in the air, with a meeting that could decide the fate of the steel industry. Arcelor Mittal has presented a shareholder financing proposal to address urgent cash needs and a subsequent capital increase. However, Invitalia rejected this proposal, raising questions about the electronic conditionsto company governance. The metalworkers’ unions are calling for a change of management and urgent government intervention to guarantee production and employment continuity.
Read also: Ex-Ilva, Gozzi: “It’s all Europe’s fault, the company is now insolvent”
The government is called to intervene to avoid the liquidation of the former Ilva. The conversion of the 680 million bond loan could bring Invitalia to 62%, anticipating contractual agreements. Subsequently, a capital increase of 320 million may be necessary to address immediate needs, followed by a second, larger increase of 750 million. However, the government must tread carefully, considering that the injection of public funds may only be a temporary fix. December 22 promises to be a crucial date, where the government may have to make fundamental decisions to save the steel industry and avoid the worst. The company, meanwhile, must resist and try to keep production going, even if the mining parks are almost empty, complicating the situation. The future of Acciaierie d’Italia is shrouded in uncertainty, with crucial decisions to be made. The government, glshareholders and trade unions are called upon to collaborate to avoid liquidation and find sustainable solutions to guarantee production continuity and employment protection. The road is still long, and time is running out.
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