11 nov. 2021
Italian steelmaker Acciaierie d'Italia, which owns former Ilva assets, is looking to speed up its takeover by the Italian government, and Luxembourg-based steelmaker ArcelorMittal's subsequent exit from the venture.
Under the investment agreement between ArcelorMittal and the Italian government, the government will invest €680mn ($780mn) by May 2022, which would increase its share in the venture to 60pc. ArcelorMittal will inject €70mn and reduce its share to 40pc from 62pc.
But Acciaierie d'Italia management is pushing for the government to become majority shareholder quicker than planned, and to potentially drive out ArcelorMittal, market participants said.
Under the current ownership structure, investments in Acciaierie d'Italia assets have stalled and day-to-day business is in a state of limbo, with output being at a low level of around 3mn t/yr, or around 280,000-290,000 t/month. The company targets production of around 5mn t/yr, which in order to be reached would require the start-up of blast furnace No 5.