Multinational steel manufacturer
ArcelorMittal is "surprised and disappointed" at the decision to
begin the procedure for placing the struggling ex Ilva
steelworks in Taranto now known as Accaierie d'Italia (AdI)
under special administration, according to a letter sent by the
private stakeholder to its public counterpart Invitalia on
Sunday evening.
"We are surprised and disappointed to read in the Italian media
that Invitalia has asked the Italian government to start the
process of placing Acciaierie d'Italia under extraordinary
administration," begins the letter seen by ANSA.
The Franco-Indian steel giant accuses the state investment
agency of failing to "share this intention at the AdI Holding
board meeting that took place today" and of not subsequently
informing "either AdI or ArcelorMittal that it had taken this
action".
"This is a serious breach of the investment agreement," reads
the letter.
Earlier on Sunday Invitalia, which owns a 38% stake in AdI, said
it had sent a formal request to the business and Made in Italy
ministry for the steelworks to be placed under special
administration after ArcelorMittal, which owns the other 62%,
refused to put up more money to guarantee continuity at the
plant or dissolve the joint venture.
AdI subsequently announced that it had filed for so-called
'conditional composition' (concordato con riserva) and asked for
"protective measures" pending submission of a request for
'composition with creditors' (concordato preventivo) within the
next 60-120 days.
The 'concordato preventivo' is a tool introduced under reforms
of the Italian insolvency system to deal with a company crisis
in a different way from the special administration requested by
Invitalia.
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