The situation at Acciaierie d’Italia is becoming increasingly tense, as the company moves towards extraordinary administration. However, a clash with Arcelor Mittal looms on the horizon, as the latter claims that this move constitutes a serious violation of the investment agreement. The government is working to define the timing and methods of the operation, under constant pressure from unions and support industries. The Ministry will appoint commissioners for Acciaierie d’Italia in the coming hours or days to ensure continuity and facilitate a relaunch, as stated by the Undersecretary of the Presidency of the Council, Alfredo Mantovano.
The plan is to start with a single commissioner, Minister of Enterprises Adolfo Urso assured, with a quick tender process to attract potential Italian and foreign investors. The government aims for the commissioner’s role to serve as a bridge for the entry of new private investors, effectively sidelining Arcelor Mittal. Minister Urso referenced recent agreements regarding the industrial site of Piombino as a successful example, highlighting a protocol signed with Ukrainian, Italian, and Officine Meccaniche companies for the revitalization of the Tuscan site. Despite the outlined path forward, concerns remain among stakeholders, with some fearing further setbacks for the company.
Fears extend to the supplier industries as well, with representatives expressing worries about the lack of transparency in Acciaierie d’Italia’s operations. A representative from Confindustria Taranto highlighted the challenges faced due to the company’s reluctance to disclose essential financial and operational information, hindering the government’s ability to understand the full extent of the situation. This lack of clarity poses challenges for potential investors, emphasizing the need for the appointed commissioners to thoroughly assess the company and its circumstances.
As the situation unfolds, indications of a potential legal battle between the government and Arcelor Mittal emerge. Acciaierie d’Italia’s request for “concordato con riserva” that could lead to a “concordato preventivo” within 60-120 days represents a preemptive move to protect the company’s interests. In response, Arcelor Mittal expressed disappointment and surprise, claiming that the decision to place Acciaierie d’Italia under extraordinary administration constitutes a breach of the investment agreement. The private partner also criticized the handling of negotiations, accusing the government of deflecting responsibility for the partnership’s failure.
Despite Arcelor Mittal’s impending exit from Acciaierie d’Italia, its market position remains strong, as indicated by Moody’s improved outlook to ‘positive’ from ‘stable’, with a long-term rating of Baa3. The company’s resilience on the markets suggests that the fallout from the dispute may not significantly impact its broader operations. The ongoing developments point towards a challenging road ahead for Acciaierie d’Italia, with uncertainties regarding the company’s future direction and the potential impacts on the broader steel industry. As the government proceeds with its plans for extraordinary administration, navigating the complexities of the situation will require careful consideration and strategic decision-making to safeguard the interests of all stakeholders involved.
