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The State thus returns fully to the management of the old Ilva after leaving it in 1995 with the sale to the private group Riva.
by Paolo Bricco and Domenico Palmiotti
The State thus returns fully to the management of the old Ilva after leaving it in 1995 with the sale to the private group Riva.
3 ‘reading
It is signed this afternoon. ArcelorMittal and Invitalia join forces and the State, through the company Mef, enters the capital of the steel company that has the largest plant in Europe in Taranto.
The State thus returns fully to the management of the old Ilva after leaving it in 1995 with the sale to the private group Riva. That was then replaced again by the State in 2013 with the management of commissioners and in 2015 with the extraordinary administration, always headed by government commissioners, until the award to ArcelorMittal in 2017, then officially entered the field in 2018.
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The state roadmap
With the agreement, Invitalia signs a capital increase of 400 million euros in AmInvestco Italia, ArcelorMittal’s vehicle company. Probably in February. In a later phase, in 2022, there will be a second capital increase of 800 million euros, which should be 90% by Invitalia. At that time, Invitalia will have a majority of the order of 60%. The shares, when the State has returned the majority shareholder of the former Ilva, will be determined by the value of the plants and by the liabilities at that time.
The profile of the company is destined to change in the space of five years, as long as the new industrial plan that has as a horizon 2025 is developed. Once the operation is fully operational, the Taranto steel mill will have a production of 8 millions of tons. steel per year, partly derived from a blast furnace (it will remain in operation on the 4th and will be rebuilt on the 5th, stopped since 2015) and partly from an electric furnace. Type of plant, the latter, completely new for Taranto.
Outside of the factory and headed by another company, there will be two pre-downsized plants. The production mix will also serve to reduce polluting emissions, which today, especially in the hot zone, which includes blast furnaces and steel mills, are a major problem.
