Acciaierie d'Italia
The state-appointed administrators of Acciaierie d’Italia steelworks are demanding €7 billion in damages from the former owner of the assets, ArcelorMittal, according to the Financial Times.
They have filed a lawsuit in a Milan court alleging “mismanagement” by the former owner of the steel plant in Taranto, formerly known as Ilva.
According to the complaint, quoted by the FT, “the commissioners’ investigation showed that the company’s financial imbalances were the result of a deliberate and precise strategy, applied over a long period of time, aimed at the systematic and unilateral transfer of financial resources from the [Italian] company to its parent company.”
The government took over management of the Taranto plant in early 2024. In December 2025, Italian Industry Minister Adolfo Urso said that the plant’s administrators would file a lawsuit against ArcelorMittal for €5 billion in damages.
At the end of last month, two US investment funds, Bedrock Industries and Flacks Group, submitted binding offers for Acciaierie d’Italia, which is in dire straits.
The Italian government is trying to save the business, which it considers a strategic asset. At a press conference in January 2026, Italian Prime Minister Giorgia Meloni said that negotiations on the former Ilva had begun, but that the government would not make any commitments until it had received clear and verified answers regarding the industrial plan, employment levels, and environmental safety.
“Negotiations are ongoing, but this government cannot approve any proposal with predatory or opportunistic intentions,” she explained.
In December, Flacks Group offered a symbolic €1 for the former Ilva assets with the aim of developing an industrial project aimed at restoring steel production to 4 million tons per year and employing 8,500 workers. The Italian government will initially retain 40% of the shares, which Flacks will acquire in the future for between €500 million and €1 billion.
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