The implementation of the agreement between Invitalia, ArcelorMittal and the commissioners of Ilva in Extraordinary Administration, which by May 31 should have seen the public holding in Acciaierie d'Italia rise from the current 38 percent to 60 percent will be postponed to 2024. The news had been anticipated as the commissioners of Ilva in Extraordinary Administration had said during a hearing of the Italian parliament last week, and was then confirmed a few days ago by the Italian economic development minister Giancarlo Giorgetti. "The contract between the government and Mittal will be extended, in some parts there will be changes made necessary by the new circumstances, but the scheme is the same," said Giorgetti on the sidelines of a meeting with trade unionists. "Regarding the Taranto plants, unfortunately there is a very complex judicial situation, for which the judiciary has decreed their seizure. The reasons for this provision are still awaited." The reference is to the end of the court seizure of the polluting plants in Taranto, which is one of the conditions precedent of the investment agreement that was signed in December 2020. The Taranto Public Prosecutor's Office in mid-May this year expressed a negative opinion on the request for release from seizure presented on March 30 by the lawyers of the commissioners of Ilva in Extraordinary Administration. The opinion of the Court of Assizes on the matter is still awaited.
Together with the increase in Invitalia's stake to 60 percent of Acciaierie d'Italia, the deadline for the payment of €680 million by Invitalia will be extended. This will allow Invitalia to purchase the assets which are currently leased because they are owned by Ilva in Extraordinary Administration. The industrial terms of the agreement will probably remain unchanged, but the greater time available will be used for any adjustments needed for the industrial plan. The signing of the postponement agreement is expected to take place today, May 31.