250 million from the government for the operational continuity of the former Ilva

The Government’s decision last night to intervene with a new decree which ensures the operational continuity of the company is causing mixed reactions in the city of Taranto, which hosts the main production center of Acciaierie d’Italia, the former Ilva. 250 million.

Important resources, the latter, which are added to the many others that Ilva first under extraordinary administration, which took over from the Riva management, and Acciaierie d’Italia later under extraordinary administration, which took the place of the ArcelorMittal-Invitalia management, have obtained over the years. The account of how much the steel group has weighed was done today in the Chamber, responding to a question by the AVS deputy, Angelo Bonelli, the undersecretary of Mimit, Fausta Bergamotto.

As mentioned, the Government came to AdI’s rescue yesterday with a decree extending a previous intervention by Ilva under extraordinary administration towards AdI itself under extraordinary administration from 150 to 400 million. All things considered, AdI in as is the recipient of the allocated assets of Ilva in as aimed at the reclamation of non-operational and productive areas, of 550 million divided as follows: a first tranche of 150 and a second of 150, the latter now extended by another 250 for a total of 400. Which added to the first 150 makes 550 from Ilva under administration to AdI under administration.

Added to these are the 320 million of the MEF bridge loan authorized by the EU in July, a loan extended by another 100 million with the latest Milleproroghe decree. Finally there are the 200 million loan that AdI requested in the USA from Morgan Stanley, of which around fifty were disbursed. A significant portion of these resources is put into the 300 million restart plan wanted by the commissioners in May to allow the factory to recover through the most urgent restoration works (in the Chamber the Government spoke of “plants left in disarray by the Arcelor Mittal management” but also of waste, of which 3.5 million for communication).

Furthermore, undersecretary Bergamotto reconstructed, Ilva in extraordinary administration benefited from 600 million between 2012 and 2015 – 300 in 2012 and the same in 2015 – “to meet financial needs”, plus another 400 million in financing provided by the banks in 2015 for guarantees to the Mef.

Added to these are 400 million put in by Invitalia in 2021 to enter the share capital of AM Investco CO (until then only in the hands of ArcelorMittal) and another 680 million paid by Invitalia to AdI in 2023 as shareholder financing. The Government’s latest intervention, comments Salvatore Toma, president of Confindustria Taranto, “is yet another demonstration of the Government’s desire to continue the process that it began with the extraordinary administration of AdI. This company must be helped because we must maintain production and also respect payments. This is therefore a demonstration of seriousness towards the territory.”

But Davide Sperti, secretary of Uilm Taranto, asks himself: “But let me understand, what is positive? What project is there? Three hundred million that flowed to AdI from Ilva’s destined assets have already been burned, now we will give another 250, we don’t know what it will be affected by the reclamations that Ilva under administration should have made with the money from the allocated assets which, however, has been reduced, and the payments to the contracting companies have not yet been made”.

“It is clear that there is the disaster inherited from the previous management – comments Biagio Prisciano, secretary of Fim Cisl Taranto -, but now these resources must be used not only for production continuity but also and above all for environmental restoration”. Thumbs down, however, from the environmentalist world for the new funds arriving at AdI.

Legambiente “considers it serious and unacceptable that the Government continues to draw resources from the funds seized from the Riva family, initially equal to 1.157 billion euros, intended for the reclamation of the former Ilva, to deal with the liquidity shortages of Acciaierie d’Italia in AS”.

And Justice for Taranto, regarding the latest extension from 150 to 400 million, observes that “these resources are taken away from the real priority of our territory: environmental restoration, which should have received these funds to remedy years of damage”. Finally, the M5S was rejected without appeal. Vice President Mario Turco comments: the former Ilva “is now an ATM on the citizens’ skin”.