New black smoke for the former Ilva. As expected, no concrete decisions emerged and no agreement was found, either on the recapitalization or on the acquisition of company assets, among the shareholders involved - ArcelorMittal e Invitalia – and everything was postponed to 2024. It was decided to wait for a meeting between the top shareholders, which should be held in early January. On this occasion, according to what sources close to the matter report, an attempt will be made to find a solution in view of a reconvening of the Board of Directors and a new shareholders' meeting. The situation, already complicated, promises to be even more difficult with the production of the steelworks at the gas pipe.
Former Ilva, the future of the steelworks hangs in the balance
We need money and now. Yet, an agreement to save the country's largest steel mill from liquidity crisis continues to be far away. ArcelorMittal proposed a capital increase of 320 million, rejected by Invitalia, which considers the sum insufficient for the relaunch of the company. According to the industrial plan presented by CEO Lucia Morselli, an additional billion would be needed to start a real recovery.
In addition, the possibility for Acciaierie to acquire the company branches (i.e. the impianti) of Ilva, currently under extraordinary administration. These plants have been managed by the company since 2015, although under judicial seizure. The Ilva Law Decree - concerning "plants of national strategic interest" of February 2023 - authorizes the transfer of plants, even if subject to judicial seizure.
Everything postponed until January
The ball passes to the meeting between the top management of the shareholders, government, Invitalia and ArcelorMittal, scheduled for early January 2024, yet another attempt to find a solution. A possible "temporary nationalisation" of the former Ilva is hypothesized, with Invitalia rising to over 60% control, using regulations contained in the decree of 29 December 2022. This move could involve a new private partner, diluting the participation of the French-Indian giant.
There could be alternatives for the new member Goodbye o Marcegaglia, but ArcelorMittal's reaction worries the relevant ministers. The French-Indian giant could take legal action, contesting the dilution and challenging previous agreements. Meanwhile, the unions are calling for a quick solution to avoid risks for territories, workers and supply chains connected to Acciaierie d'Italia. The critical deadline of May 31, when the rental contract for the facilities expires with the extraordinary commissioners, adds further tension to the future of the former Ilva.
Pressure from the unions
In the meantime, tomorrow at 16pm general secretaries of Fiom, Fim, Uilm and Ugl were summoned to Palazzo Chigi to discuss the dispute. The meeting, which promises to be tense, had been scheduled after the last postponement which took place on 20 last December. On that occasion, the Government had reiterated its intention to play its role and had ensured that business continuity would be preserved.
The declarations of the Fim Cisl general secretaries were strong Robert Benaglia e Valerio D'Alo. According to him, the critical situation threatens the future of the steel industry. The union underlines the urgency of immediate decisions, proposing the entry of the State into company capital as part of the solution. They also ask for a clear plan: "It is the time for choices not postponements and with this approach tomorrow we will present ourselves to the Government".
