Invitalia, an Italian government agency for inward investment promotion and enterprise development, which has a minority stake of 38 percent in Italian steelmaker Acciaierie d’Italia, has accused its partner Luxembourg-based steelmaker ArcelorMittal, which has a 62 percent share, of not complying with the agreements between the parties, and of a lack of information and transparency regarding the economic, equity and financial situation of the company, recent corporate decisions, and missed payments, according to local media reports.
The company has also complained about the lack of updates on the steel production plan and on the cash necessary to meet the commitment for four million mt of steel production. Given the troubled situation of Acciaierie d’Italia, which faces liquidity problems, Invitalia is asking to at least know the updated financial situation of the company.