The Italian government has announced that it has placed Italian steel producer Acciaierie d’Italia (ADI) into extraordinary administration subsequent to the request of state-owned investment agency Invitalia. Accordingly, the control of the company has passed from its current shareholders, Luxembourg-based steelmaker ArcelorMittal and Invitalia, to the government-appointed commissioners.
As a result, ArcelorMittal’s involvement in ADI, which started in 2018, has ended. In recent discussions, the company had put forward proposals to address the significant discrepancy in capital investment in ADI by the two shareholders. When the parties were not able to agree on acceptable terms, ArcelorMittal also offered to sell its shareholding in ADI to Invitalia, but was not successful.
