ArcelorMittal, the former owner of Italian steel firm Acciaieri d’Italia (ADI) has filed a $2.2 billion claim against the Italian government, over losses linked to its investments in ADI’s plants.
This follows a claim from the state-appointed administrators, seeking around $8.37 billion in damages from ArcelorMittal, alleging it had mismanaged ADI’s steelworks.
ArcelorMittal has rejected all allegations, including claims that it has pursued a strategy of running down the plants, destroying ADI’s business and extracting profits from Italy.
The company said it had invested about 2 billion euros "to turn around a structurally challenged business," much of which was devoted to meeting environmental standards set by the government.
The future of ADI has become a major political issue for Prime Minister Giorgio Meloni, as a shutdown would have serious implications for Italy’s manufacturing sector.
Source: Reuters
