The Italian state is increasing its investment in local steelmaker Acciaierie d’Italia, formerly known as ArcelorMittal Italia.
The government’s investment agency, Invitalia, has been authorised by the Italian Parliament, Camera dei Deputati, to invest further equity and issue funds of up to €705 million ($830m). This follows the approval of the “Grandi navi a Venezia” decree, which relates mainly to shipping in Venice but also touches on Taranto.
The further capital injection means to ensure production continuity for the Taranto steelmaking plant, considered a strategic national interest, the text of the decree says.
This further investment adds to over €1 billion of funds that Invitalia will gradually inject into the steelmaker over the next three years. In May 2022 it will become the majority shareholder of Acciaierie d’Italia with a 60% share. ArcelorMittal Italia will hold 40% of the company (see Kallanish passim).
The Grandi Navi a Venezia decree also authorises Invitalia to implement a feasibility study through a new company with the objective to build in Taranto a direct reduced iron plant. This will feed future electric arc furnaces and reduce the plant’s carbon emissions.
Natalia Capra France
