The world’s leading steel producer ArcelorMittal has announced the completion of an investment agreement with the Italian state-owned company Invitalia. Both parties entered into a public-private partnership.
As part of the deal, Invitalia has invested 400 million euros in new capital for AM InvestCo Italy, a subsidiary of ArcelorMittal that manages Ilva’s steel assets in the country. As a result of the injection, Invitalia will receive 38% of the company’s shares. In addition, he will have equal voting rights and joint control over the company. The agreement provides for the renaming of the joint company AM InvestCo Italy into Acciaierie d’Italia Holding. In addition, ArcelorMittal Italia will be renamed Acciaierie d’Italia.
The agreement mentions a second injection of Invitalia of up to 680 million euros by May next year, subject to certain conditions. This amount will be used to finance the completion of the purchase of the Ilva business by Acciaierie d’Italia. This will increase Invitalia’s stake in Acciaierie d’Italia to 60%. Accordingly, ArcelorMittal will invest up to 70 million euros to retain 40% of the shares and joint control over the company.
In the future, Acciaierie d’Italia Holding will operate independently. In addition, it will have its own funding plans.