The 2020 accounts for the former Italian steelmaker Ilva have been approved by the board of directors of the new entity Acciaierie d’Italia and will allow the investors, namely, Am InvestCo Italy and Invitalia to proceed on budget approvals. Am InvestCo and Invitalia hold 62pc and 38pc stakes, respectively but each has half the voting rights.
H1 2021 marked the first net profit in years for the entity with no financial debt, according to Lucia Morselli, chief executive of Acciaierie d’Italia. The company’s management is awaiting further financial backing promised by the Italian government which should be facilitated by the clearing of accounts.
The company also noted that it was unable to accelerate its production until August 2023 due to environmental constraints and mandatory maintenance.