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Acciaierie d'Italia

The government does not seek to nationalize the enterprise, the authorities are looking closely at private investors

Italian Prime Minister Giorgia Meloni has explained her attitude to the nationalization of Acciaierie d’Italia (ADI, formerly Ilva), a joint venture between ArcelorMittal and state-owned Invitalia. There will be no state takeover, on the contrary, the government is looking at several private investors who have expressed interest in the project. Meloni said this in an interview with RAI TV channel, Virgilio Notizie writes.

As the Prime Minister explained, the emergency administration in this case was the only possible choice. According to Meloni, it is not correct to say that the former Ilva is doomed, as there is a market for quality steel in Europe and the Italian government is committed to ensuring the company’s production continuity.

«I don’t want to nationalize Ilva. I think there are opportunities to find private investors who are really interested in making the enterprise work. There are several such investors who have already volunteered,» she explained.

This position is contrary to the wishes of ADI employees, who last year called for the nationalization and recapitalization of Acciaierie d’Italia by Invitalia.

Earlier this week, the Italian government introduced an emergency administration at Acciaierie d’Italia, thus transferring control of the company to government-appointed commissioners headed by Giancarlo Quaranta. As reported by Kallanish, Quaranta has extensive experience with the Ilva group – the company was known by this name before it was taken over by ArcelorMittal. Since 2022, he has also been leading a consortium of Italian steelmakers to explore and develop new opportunities related to the production and supply of direct reduced iron.

ArcelorMittal said that Rome’s decision put an end to its participation in ADI, but the corporation’s statement did not mention any plans to take any legal action.

As GMK Center reported earlier, Acciaierie d’Italia produced 3 million tons of steel in 2023. According to ADI CEO Lucia Morselli, the company’s warehouse stocks reach 1 million tons of raw materials and finished products. In addition, the company sold 2.5 million tons, but the period during which sales were secured is not specified.