Italy's Acciaierie d'Italia returns to profit, says CEO Morselli

Thursday, 01 July 2021 16:44:14 (GMT+3)   |   Brescia
       

Italian steelmaker Acciaierie d'Italia, formerly known as Ilva, returned to profit in the first half of this year "after a long time”, company CEO Lucia Morselli has said in an interview given to Italian business newspaper Il Sole 24 Ore. "We still have some financial difficulties due to the pandemic, but nothing near comparable to before,” she added. She went to say, "In the first quarter this year, the group earned a few million [euro] per month, which doubled in the second quarter. All with no financial debts, including debts with banks."

“We trust that Invitalia, the public shareholder, by entering the board, will implement its contractual commitments. In all, a little over €2 billion: €400 million of capital increase have already been paid, while about €700 million are missing in guarantees for the SACE [Italian export credit agency] loan, plus €900 million in reimbursements and support for investments, variously assorted. ArcelorMittal has so far supported the company with a capital payment of €1.8 billion. Now it is up to the Italian State through Invitalia to do what was agreed, based on the contract that was signed in December 2020," the Acciaierie d’Italia CEO stated. She added, "The market is favorable and the company is working hard. However, until August 2023 we must comply with environmental constraints that prevent us from accelerating production even more."

 


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