Sources to “Nova”: Acciaierie d’Italia presses the government for cash problems

With the suspension of the activities of 145 related companies, Steelworks of Italy he is exercising “a very brutal form of pressure on the Italian executive”. To affirm it, in a conversation with “Nova Agency”, is a source currently very close to the dossier, asking to remain anonymous. The company, 60 percent owned by the French-Indian group ArcelorMittal and 40 percent by the public subsidiary Invitaliais in a deep financial crisis and could risk closure, despite the expected passage under public control, which has however been postponed to May 2024. To try to speed up the recovery of a company – the former Ilva – of strategic importance for the country, last August the government Dragons had allocated a billion under the aid decree bis: an amount sufficient to take control of the company, or to give new breath to its coffers, but with the risk of burning more money in inefficient management.

According to a calculation by the unions, it will be around 2,000 workers in 145 companies related industries that will be affected by the decision of Acciaierie d’Italia (AdI). Therefore, the immediate reaction of the executive is not surprising which, through the Minister of Enterprise and Made in Italy, Adolfo Urso, he retorted: “The government cannot be in check, we cannot be blackmailed by anyone. This is true for anyone dealing with Italy. I expect short-term decisions by the company that can bring the confrontation between the company, the shareholder, the public and certainly the government back into the right track”.

For AdI, the urgency of sending the letter to related companies, according to one of the sources of “Nova Agency”, was also motivated by the need to repay the due debts contracted with suppliers. A situation that pushed Confindustria Puglia and Taranto, last September, to ask to ensure resources to Acciaierie d’Italia, so that it settles receivables from related companies, estimated at over 100 million euros. To these resources, then, we must add at least the debts contracted with Eni. “The fact that Eni alone boasts a credit of 300 million euros for unpaid bills”, says the source close to the dossier, “suggests that the company’s liquidity situation is now on its last legs”. Faced with this situation, the State should “be very careful where it puts its money”, also because “in many ways, from an industrial point of view, this company is an empty box”, not having “real industrial assets” . The government’s strategy should therefore be that of “going to change the governance and the corporate structure”, turning to “reliable subjects who are able to relaunch” the steel mill also through the necessary investments and restructuring.

Basically, according to the same source, “a way must be found to regain control of society” by the state, but without wasting taxpayer resources. “If with the resources” requested by Acciaierie d’Italia “we do not achieve control of the company and we are not even able to cover commercial debts, we do not see what is the usefulness” of such an operation for Italian citizens and for the state. More generally, the former Ilva dossier is intertwined with a complex geopolitical match between Italy and France, adding to the other industrial and financial matches between the two countries: from the single telecommunications network to the company Ita Airwayswhere is it Air France-Klm is part of the consortium led by Certares fund. According to one of the sources consulted by “Nova“in fact, the basic mistake was “the sale of the company to ArcelorMittal”, which also controls a plant in Dunkerque in France, a competitor of the former Ilva “with a strong presence in Europe, and which therefore in itself he had no interest in developing the plant”.

Read also other news about Nova News
Follow us on the Nova News social channels on Facebook, Twitter, LinkedIn, Instagram, Telegram



Sources to “Nova”: Acciaierie d’Italia presses the government for cash problems