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Ilva gets commissioner, temporary mandate.  Breakup with ArcelorMittal.  Employees' Relief Fund

Ilva gets commissioner, temporary mandate. Breakup with ArcelorMittal. Employees' Relief Fund

Ex Ilva To the commissioner's terminus through extraordinary management, which is a shocking solution that has appeared several times in recent months, but Invitalia, the government behind it, tried to avoid it. But they faced a situation where it was not available Arcelor To find a viable and consensus path, The Government He decided to go straight to action.
CTM last night, after the preliminary meeting Georgia MeloneyIn the presence of Undersecretary Alfredo Mantovano and competent ministers (Giancarlo Giorgetti, Adolfo Urso, Rafael Fito, Elvira Calderon) and Bernardo, CEO of the Development Agency. Mattarella, approved a draft temporary decree law that strengthens certain measures already in the legal system to protect the production and job continuity of companies in crisis, including the former Ilva: it provides specific guarantees for extraordinary layoffs during extraordinary management. The previous CIG expired on 31 December 2023. Workers involved in the safety and maintenance of plants are excluded from the new redundancy fund and are therefore responsible for operating plants. These are 1,500 employees in Taranto. The arrangement of the Council of Ministers still provides that the provisions already included in the legal framework for the protection of small and medium-sized lending institutions remain unchanged: these related institutions are privileged creditors. The draft must now be passed in the Assembly Palazzo Sigi.

The government has noted that it is impossible to define a consensual divorce managed by the lawyers of the shareholders of Acciaierie d'Italia (Invitalia 38% and ArcelorMittal 62%) after the Aditya Mittal refusal on Monday 8th at the Palazzo Sigi to continue the joint venture. Although the deadline is set for today.

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Ex Ilva, now gas supply to blast furnaces will not be cut (Arera ordered to stop)

The government intervened to settle differences between partners in consensual divorce proceedings. Attorneys at Chiomenti for Invitalia and Cleary Gottlieb for Mittal spent a week trying to find a solution to Arcelor's dismissal. The end point is a capital increase of 1 billion to buy the plants by May to keep the former Ilva afloat and ensure its restart. This increase should be followed by capitalization Finance Invitalia shareholders fund emergency payments of 680 million and 320 million increase. Attempts were made to maneuver Mittal to prevent the government from setting up a government-aided firm at the agency's expense, even at a lower cost, as the stake he would have retained in AdI could have been bought later. Time. Instead, the Indians shut down completely and last night, just before the cabinet approved the draft order, they spilled their own version of the beans.

Next moves

“Since the government has expressed its desire to exit ArcelorMittal from Acciaierie d'Italia, ArcelorMittal has also proposed to sell its remaining stake directly to Invitalia or another investor approved by the government. However, Invitalia is not ready to acquire this stake,” sources close to Mittal said, “regarding the proposals put forward by Invitalia in the negotiations. Even in its position, it explained, “we want to pursue a constructive solution. through ArcelorMittal”.

The French-Indian group was a pioneer in the game, and although it had long ago removed itself as the majority shareholder, it was unwilling to put up the money for a relaunch, citing arguments rejected by the sender. It is known: ArcelorMittal's aim is to “find a negotiated settlement as an alternative to extraordinary management”, a settlement deemed “harmful to Acciaierie d'Italia's business and all its stakeholders”. Mittal will probably start a lawsuit seeking damages.
However, even if the draft decree is ready, it is not certain that the negotiations between Invitalia and Arcelor will not resume today: while waiting for the draft of this arrangement, the parties can continue to negotiate. And until the commissioner is appointed, the solution will be found. In short, the soap opera continues. The government will meet unions tomorrow at 3pm to continue discussions on the future of steel in Italy.