Ilva, the theft of Fitto from Giorgetti in the government papers

Milan – “In fully confirming that our interlocution still responds to the government’s decisions connected to the relaunch of the former Ilva plant in Taranto…, I am asking for the transmission of the 2024-2030 strategic plan presented by the board of directors of Acciaierie d’Italia holding (Adih) last November 16th…”. Thus the Minister for European Affairs Raffaele Fitto wrote on the letterhead of the Presidency of the Council on 20 November to Ondra Otradovec, representative of the French-Indian group ArcelorMittal, to reassure him of his full investiture by the Meloni government regarding the former Ilva dossier. The doubts among Mittal’s top management arose following letters received from the shareholder Invitalia (38%), an agency owned by the MEF, when it discovered that on 11 September a first agreement (MoU) had been signed by Fitto and Mittal. on future investments to be made on the Taranto site.

Ex Ilva, it’s still a question, the Indians are asking for 100 million from Invitalia

by Giovanni Pons

November 30, 2023

In fact, the last letter sent by Bernardo Mattarella, CEO of Invitalia, to the top management of the French-Indian giant, dated 14 November, insinuates some doubts about the validity of the agreement signed by Fitto. «It should be noted that the signing of the MoU with the Italian government – writes Invitalia – resulted in the violation of specific clauses and provisions contained in the agreements also signed by Acciaierie d’Italia spa (Adi) and ArcelorMittal Sa”. The MoU, according to Invitalia, “should have also involved Adih’s board of directors and the Invitalia shareholder in advance”.

Therefore Fitto did not inform Invitalia and the Mef, which are the direct owners of the shareholding in the former Ilva, and Mittal did not inform his partner and the board of directors. A rebound of responsibility that created friction but did not stop Fitto. Who reiterated his central role to the Indians with the letter of 20 November as ministers Giorgetti and Urso had done in question times in Parliament. So everything resolved? No, because in the meantime the relations between Adih’s partners have deteriorated further following the meeting which opened on November 23rd and which closed on Tuesday 28th with a stalemate on the money to be paid for the relaunch of the company . According to Repubblica’s reconstruction, the discussions in the assembly concerned two points: the purchase of the former Ilva plants from the extraordinary commissioners for 1 billion and the payment of at least 320 million into the company for short-term needs.

Yellow at the former Ilva: the government covers up the secret pact between Fitto and Mittal

by Giovanni Pons

October 25, 2023

Invitalia was of the opinion of paying the money in the form of shareholder financing (provided that its shareholder Treasury provides it) while Mittal’s advisors preferred to instruct the board of directors to negotiate a better price for the plants without immediately committing to the figure of 1 billion, probing also banks for possible financing. The meeting ended on this divergence of views but immediately afterwards the president Franco Bernabè opened a board of directors to sanction the state of crisis.

On that occasion the idea of ​​calling a new meeting with a different agenda was initially rejected but then, at the request of shareholder Mittal, who intended to put forward a new proposal, it was set for 6 December. The discussions that Fitto and Mittal are continuing to have, even in recent days with the support of Palazzo Chigi, are unlikely to reach a goal by that date. But new opportunities could open up.

Meanwhile, the company resists with its own strength and the CEO of Adi Lucia Morselli, in an attempt to recover liquidity, he made a complaint to the Rome prosecutor’s office against Invitalia regarding the 100 million requested in 2021 on the basis of the “Fund for support of large businesses in difficulty” and never paid. But Invitalia maintains that funds cannot be provided to companies whose business continuity is at risk.

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