New session today of the shareholders’ meeting of Acciaierie d’Italia, formerly Ilva. It follows that of 2 December. The assembly had already been convened in the first place on 25 November, but in that meeting the shareholders, by mutual agreement, decided to adjourn it to 2 December. There was a confrontation last Friday but it was not conclusive. Hence today’s continuation: however, it is not certain that today Mittal and Invitalia will be able to find an agreement on this point because the negotiation is complex.
Today’s meeting could therefore constitute another stalemate and remain open. The three distinct passages – November 25th and December 2nd and 6th – mean that we are negotiating closely to reach a clear point. Which is, as the president of Acciaierie d’Italia, Franco Bernabè said, to find an agreement between the private ArcelorMittal and the public company Invitalia (headed by the Ministry of the Economy) on the continuation or otherwise of the alliance in Acciaierie d’Italia ‘Italy.
Now the issue on the table is the rebalancing of corporate governance which currently sees Mittal in the majority, with the expression of the managing director Lucia Morselli, and Invitalia, on behalf of the State, in the minority which has the presidency of the company with Franco Bernabè. It has been almost a month since the Government, with the Minister of Enterprise, Adolfo Urso, has been insistently pressing the button to rebalance. The road would pass from a reversal of the current roles, bringing the State to 60 percent of the capital of Acciaierie d’Italia and Mittal to 40. Also today, the Environmental Observatory is meeting called to take stock of the state of implementation of the rehabilitation measures of the former Ilva eight months from the deadline (August 2023) for the fulfillment of the AIA (Integrated Environmental Authorization) requirements.
Ispra has recently established that the interventions foreseen for the adaptation of the systems have almost all been completed and certified and that the execution of the remaining interventions is in line with the foreseen times. The latest data, updated last June, of Ilva in extraordinary administration, owner of the plants, indicate that the total spent is almost one billion. In particular, it is 936.533 million, divided into 844.010 million for the environmental part and 92.523 for waste. The major expense items include 281.802 million for raw material storage facilities, 130.710 for conveyor belts, connection towers and buildings, 186.258 for coking plants, 32.351 for the ferrous scrap management area. In detail, compared to the total, in the period 1 November 2018-30 June 2022 and therefore to the management of AM InvestCo Italy (Mittal) and Acciaierie d’Italia, there was an expense of 732.593 million for environmental requirements in Taranto.