A court in Milan has decided to reject steelmaker ArcelorMittal’s appeal against external administration of Italian steelmaker Acciaierie d’Italia (ADI), according to local media reports. The Acciaierie d’Italia plant in Taranto is going under external administration after ArcelorMittal's decided to divest its stake in the project, as SteelOrbis previously reported.
The appeal came after ArcelorMittal had later reversed its decision to become a minority shareholder in the partnership or to sell its shares to another investor. However, the Italian government continued the procedure towards external administration. The court decision does not prevent the partners from finding an internal agreement regarding the company’s ownership.