Multinational steel manufacturerArcelorMittal is "surprised and disappointed" at the decision to begin the procedure for placing the struggling former Ilvasteelworks in Taranto now known as Accaierie d'Italia (AdI)under special administration, according to a letter sent by the private stakeholder to its public counterpart Invitalia onSunday evening.
"We are surprised and disappointed to read in the Italian media that Invitalia has asked the Italian government to start the process of placing Acciaierie d'Italia under extraordinary administration," begins the letter seen by ANSA.
The Franco-Indian steel giant accuses the state investment agency of failing to "share this intention at the AdI Holdingboard meeting that took place today" and of not subsequently informing "either AdI or ArcelorMittal that it had taken this action".
"This is a serious breach of the investment agreement," reads the letter.
Earlier on Sunday Invitalia, which owns a 38% stake in AdI, said it had sent a formal request to the business and Made in Italy ministry for the steelworks to be placed under special administration after ArcelorMittal, which owns the other 62%, refused to put up more money to guarantee continuity at the plant or dissolve the joint venture.
AdI subsequently announced that it had filed for so-called'conditional composition' (agreed with reservations) and asked for"protective measures" pending submission of a request for'composition with creditors' (agreed with creditors) within thenext 60-120 days.
The 'preventive agreement' is a tool introduced under reforms of the Italian insolvency system to deal with a company crisis in a different way from the special administration requested by Invitalia.
ALL RIGHTS RESERVED © Copyright ANSA