The public shareholder of Italian steel producer Acciaierie d’Italia, Invitalia, has officially forwarded a request for the extraordinary administration of the company to the Italian Ministry of Business and Made in Italy, as reported by local Italian media on February 18.
The decision came after a long debate at the end of which the foreign investor ArcelorMittal decided it was no longer interested in investing in the company.
The only way to avoid extraordinary administration would have been to sell ArcelorMittal’s shares to another investor - rumors had mentioned the Ukrainian company Metinvest - and dissolve the joint venture.