Source: AFP
ArcelorMittal has again offered to sell its stake in a giant Italian steelmaker after Rome moved to place it under state supervision, according to a letter cited by the ANSA news agency on Saturday.
The letter was sent by global steel giant CEO Aditya Mittal to Italian Prime Minister Giorgia Meloni two days ago, ANSA reported.
When asked by AFP, ArcelorMittal declined to comment.
Meloni’s hard-right government said on Thursday it had taken the first step to put struggling former steelmaker Ilva — one of Europe’s biggest — under state supervision.
Talks with majority owner ArcelorMittal had broken down over how to resume production and secure thousands of jobs at the plant in the southern city of Taranto.
In the letter, according to ANSA, Mittal said he wished to find an “amicable solution” and avoid “unilateral and extreme” moves.
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“We have offered to sell our entire stake to (the Italian sovereign wealth fund) Invitalia, for a price that reflects only a fraction of our cash investment,” he wrote – and that offer “remains on the table.”
But if the government doesn’t want that, “we are prepared to remain as a strategic minority partner… while the government decides on a permanent solution.”
Debt problems
The site is operated as a joint venture between ArcelorMittal, the world’s second-largest steelmaker, which owns 62 percent, and the Italian state, which owns 38 percent from 2021.
Rome considers the site a strategic asset, but the operator — Acciaierie d’Italia — is heavily in debt.
It is no longer able to pay many of its suppliers or utility bills, and the plant is at risk of shutting off its natural gas.
![](https://images.yen.com.gh/images/ee25f1235e0355ca.jpg?impolicy=cropped-image&imwidth=256)
![](https://images.yen.com.gh/images/ee25f1235e0355ca.jpg?impolicy=cropped-image&imwidth=256)
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Italian Business Minister Adolfo Urso told reporters earlier that “we can’t waste time.”
“We have activated the process that could lead to special management in a few weeks,” he said.
“On the other hand, if ArcelorMittal makes proposals that are consistent with what the government considers absolutely necessary, to protect the plant and restart production, shareholders can obviously discuss that among themselves,” he said.
Special administration would involve the appointment of trustees to manage the company and draw up a rescue plan, pending the arrival of a new investor.
Source: AFP