THEformer Ilva, now renamed Steelworks of Italy, the iron and steel giant that manages the largest steel plant in Europe in Taranto, it will not change ownership or governance in May, as originally planned, and for now will remain in the hands of giant ArcelorMittal, which currently holds 62% of the capital against 38% of Invitalia (controlled by the Italian State through the Mef).
The reason for postponing the change of control and governance is simple and, as he recounted in detail The Sun 20 hours in recent days, it depends on whether the three conditions that should have brought the Italian flag back are missing on the Taranto plant and on the other factories that are part of Acciaierie d'Italia. The agreements negotiated by the Conte government in 2020 with ArcelorMittal – the multinational based in Luxembourg whose key man is the Indian Lakshmi Mittal, who holds 37,5% of the capital – are proving to be a trap for the Italians, to the point that, within the ranks of the Government, there it's who says they should be renegotiated. And it is not excluded that an attempt in this direction will be made.
Ex Ilva will not pass under the control of Invitalia for three reasons
But why in May the capital increase will not take place through which Invitalia, i.e. the Italian State, should have gone up to 60% taking control of the former Ilva and also changing the governance, which currently assigns the leadership of the group to Lucia Morselli, CEO representing ArcelorMittal? Why the presuppositions are missing, namely the respect of the three conditions which, according to the agreements badly negotiated in 2020 by the Conte government, strictly provided for:
- modification of the environmental plan existing to take into account the innovations of the new business plan;
- the absence of restrictive measures against ArcelorMittal in the context of the criminal proceedings in which Ilva is accused;
- the lifting of all criminal seizures relating to the Taranto plant.
Secondo The Sun 24 hours, the third condition is above all the critical point, because, barring surprises, it is very unlikely that the plants in the hot area of the Taranto plant will be released not only by May, but even before the expiry of the environmental plan, scheduled for August 2023.
More production but also layoffs on the way
Despite the endless hardships that have tormented its navigation, the former Ilva is starting to close the 2021 budget positively and reach 6 million tons of steel production in the next 12 months, but it is also preparing to resort to a cash year integration, which – always is The Sun 24 hours to support it – could affect around 3.500 workers and which will certainly not make the unions happy.
Written in the newspaper on February 20th