ArcelorMittal on Tuesday blamed the government for the end to its stint at the helm of the troubled former ILVA steelworks at Taranto saying Rome had put in less than a third of the two billion euros of investment pledged when the multinational took a majority stake in 2018 alongside government investment vehicle Invitalia which had a minority stake.
Speaking after the government put the mill, now called Acciaierie d'Italia (AdI), into extraordinary administration under new commissioner and former longtime manager GiancarloQuaranta, the Franco-Spanish-Luxembouregois-Indian group said:"Today, the Italian government put Acciaierie d'Italia SpA into extraordinary administration after Invitalia's request, transferring control of the company from its current shareholders, ArcelorMittal and Invitalia, to government-appointed commissioners.
"This concludes ArcelorMittal's involvement in AdI, which began in 2018.
"AdI's financial situation has been further affected by the fact that the Italian government has disbursed less than a third of the 2 billion support measures offered when the partnership with Invitalia was created".
The works, once Europe's biggest, has racked up over three billion euros in debts amid an inability to pay its bills and suppliers.
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