The Italian government has issued a decree clearing the way for the implementation in future of an “extraordinary administration” to prepare for the departure of its private partner in Acciaierie d’Italia (ADI), ArcelorMittal.
According to sources close to the matter, this follows a meeting between Italian Prime Minister Giorgia Meloni and the ministers involved in saving the troubled steelmaker.
The decree also guarantees production continuity and employment at Acciaierie d’Italia, a joint venture between state company Invitalia and ArcelorMittal, formerly known as Ilva.
“The Council of Ministers has approved a law decree which strengthens some measures already present in the legal system, to protect the production and employment continuity of companies in crisis, including the former Ilva, and provides guarantees of extraordinary layoffs during any extraordinary administration,” states the decree document obtained by Kallanish.
The government is looking for a partner to replace ArcelorMittal in the ADI JV, after the steelmaking group refused to inject any more cash into the troubled steelmaker. Authorities have solicited Italian steel companies.
Natalia Capra France