What will the government do to save Acciaierie d’Italia (formerly Ilva)
The Aid bis decree provides for interventions to support the liquidity of Acciaierie d'Italia (ex-Ilva) up to 1 billion euros. All the details
The Aid bis decree , approved yesterday by the government and containing measures to support consumers and businesses for 17 billion euros, provides for a regulation in favor of Acciaierie d'Italia, the steel company once called ILVA.
THE ROLE OF INVITALIA
Invitalia, the Italian investment attraction agency wholly owned by the Ministry of Economy and Finance, which owns a stake in the company, will be able to support Acciaierie d'Italia with financial measures with a maximum total value of 1 billion euros.
The provision of the Aid bis decree in fact states that Invitalia “is authorized to subscribe to capital increases or various instruments, in any case suitable for capital strengthening, even in the form of shareholder loans for a capital increase, up to a total amount not exceeding 1,000. 000,000 euros ".
The largest shareholder of Acciaierie d'Italia is the Luxembourg steel group ArcelorMittal.
THE MEETINGS OF GIORGETTI AND ORLANDO
The figure was mentioned by the Minister of Economic Development Giancarlo Giorgetti during a meeting with the company and trade unionists in June. Just this week Giorgetti and the Minister of Labor, Andrea Orlando, met with representatives of Acciaierie d'Italia, the trade unions, Confindustria and the regions , anticipating financial aid . The company has in fact been in a liquidity crisis for several months which affects the production and purchase of raw materials (the cost of which has also increased).
Giorgetti had spoken of "a significant financial commitment" and with a state guarantee until conditions on the commodity market return to "relative normality".
THE REQUESTS OF MORSELLI AND BERNABÉ
The CEO of Acciaierie d'Italia, Lucia Morselli, traced the company's financial difficulties to the fact that it "has allocated all the resources and wealth generated to investments, which we have never stopped making and which we continue to do. ". As a result, he explained, "we are limited in purchasing raw materials and upstream to downstream production."
Even the chairman of the board of directors of Acciaierie d'Italia, Franco Bernabé, had asked the government to quickly define aid for the company.
ACCIAIERIE D'ITALIA IS A "STRATEGIC ASSET OF INTEREST"
As reported Domani , Minister Giorgetti justified the inclusion of aid to Acciaierie d'Italia in the decree because the company represents an "asset of national strategic interest".
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/acciaierie-d-italia-decreto-aiuti-bis/ on Fri, 05 Aug 2022 08:03:36 +0000.