ArcelorMittal meest logische koper voor ILVA

455 Posts, Pagina: « 1 2 3 4 5 6 ... 18 19 20 21 22 23 | Laatste
voda
0
ArcelorMittal Italia Reiterates Commitment to Ilva

ArcelorMittal Italia chief executive Ms Lucia Morselli said last week that the company intends to comply with the agreement signed on 4 March with the Italian government for the relaunch of former Italian steelmaker Ilva. In a television interview Ms Morselli said “There is a good climate at the meeting between the company and authorities earlier this week. The government becoming a shareholder in the steelmaker could be done in the presence of ArcelorMittal and it would support the plant’s relaunch.”

This is in response to the latest declarations by Prime Minister Giuseppe Conte and economic development minister Stefano Patuanelli that ArcelorMittal’s latest industrial plan for Ilva is unacceptable. These comments triggered speculation that the steelworks could be nationalised through state financial body Invitalia.

Source : Strategic Research Institute
voda
0
ArcelorMittal Italia Appoints Eni Rewind for Soil & Aquifer Reclamation at Taranto

Eni's environmental company and centre of excellence for environmental recovery and circular use of natural resources Eni Rewind has expanded the scope of its activities beyond the group with the appointment by ArcelorMittal Italia to assist in the design of reclamation works at the former Ilva site in Taranto in Italy. ArcelorMittal Italia will harness the skills and experience of Eni Rewind to set up new environmental initiatives around the steelworks. The contract also covers specialist assistance with the process for the authorities’ approval of the plan for mitigation works at the ArcelorMittal Italia plant in Taranto.

ArcelorMittal has already started carrying out environmental tests, which will include further soil characterisations on the land where the plants are located, using 3D conceptual and hydrogeological models. The aim is to collect further information to update ongoing containment works and to plan the mitigation works in the area, minimising the impact on the operation of the steelworks.

Eni Rewind’s role has gradually expanded from being Eni's global contractor for environmental activities to a company that also operates on behalf of third parties. In doing so, it now offers the market access to the skills and technologies it has developed in complex and diversified projects, both in Italy and internationally, in line with local sustainable development goals. Since 2019, that mission has been explicit in the very name of the company, where Rewind stands for “REmediation and Waste INto Development”.

Source : STRATEGIC RESEARCH INSTITUTE
voda
0
ArcelorMittal: Accretive Ilva Deal Accelerates The Bull Case

Summary
ArcelorMittal is reportedly moving closer to a deal with the Italian government for Ilva/AM InvestCo Italy.
Considering the challenging economics at Ilva, the proposed deal is likely to prove accretive.
Should the deal go through, ArcelorMittal's deleveraging and capital return prospects look set to improve considerably.

According to a recent Bloomberg report, a deal between ArcelorMittal (MT) and the Italian government for its Italian steelmaking asset, Ilva, is currently in the works. Under the proposed terms, the government will be receiving a 60% stake in the asset, while MT benefits from the cash payments and a likely accretive outcome. I view the news as a positive, considering it adds to the deleveraging and capital return potential at MT. Overall, as the leading global steelmaker, MT remains my preferred play in the steel market.

A Glance at the Updated Deal Terms
ArcelorMittal and the Italian government have reportedly agreed to a new framework governing Ilva's ownership and operating outlook. Under the new terms, the Italian government investment agency (Invitalia) will take on a 60% stake in ArcelorMittal InvestCo Italy (also known as Ilva) in return for c. €1.2 billion in total payments.

Initially, Invitalia will assume a 50% stake in ArcelorMittal InvestCo in fiscal 2021 through a €400 million capital increase, after which it will lift its stake to 60% with a payment of €800 million in fiscal 2022 when the ArcelorMittal InvestCo's lease & purchase agreement ends. The JV's Board will consist of three members from Invitalia and three from MT. Invitalia will choose the Chairman, and MT will choose the CEO. The deal is expected to be finalized in the upcoming weeks.

Ilva Remains a Financial Challenge
According to recent reports, Ilva's current production run-rate stands at c. 7,000tpd or the equivalent of 2-2.5mtpa. This is below the revised production target of 8mt outlined at MT's new industrial plan presentation in FQ1 '20. However, considering AM Italia is planning to restart a third blast furnace with c. 2-2.5mtpa of design capacity, Ilva appears to be on track to hit its targets in the medium to longer term.

Source: ArcelorMittal FQ1 Presentation Slides

Considering current EBITDA/t targets stand at US$50/t (the equivalent of a c. $400 million uplift assuming 8mt capacity) at the group level, Ilva remains a drag at the current "much more neutral rather than negative" EBITDA. Note that this also includes benefits from the government furlough scheme, without which EBITDA would likely have been negative. This follows from the fiscal 2019 results when Ilva generated an EBITDA loss of c. $0.6 billion. Nonetheless, Ilva could still see profit generation in fiscal 2021, assuming current prices remain intact, and it benefits from a volume uplift.

From a balance sheet perspective, Ilva remains a considerable cash drain – MT is spending c. $250-300 million in capex/year and incurs quarterly rental payments of c. €23 million (following a 50% reduction). Combined, this equates to cash burn at Ilva at over $400 million/year. Added to this is the remaining lease liability of c. $1 billion, which also detracts from the balance sheet strength.

A Likely Accretive Outcome
At first glance, I think the Ilva deal will benefit MT. The deal, if confirmed, would not only enable the company to deconsolidate a significant amount of liabilities (AM InvestCo's $1 billion) but also reduce c. $250-300 million in capex per year. The net effect is likely to be accretive, considering Ilva's current EBITDA breakeven status, and should, in turn, also boost equity value going forward. Additionally, the deal also accelerates deleveraging – the potential receipt of c. €400 million in cash payments and the deconsolidation of c. $400 million in negative free cash flow should strengthen the balance sheet. As MT also maintains control of production/marketing of ILVA's steel, the retention of c. €300 million in synergies should also prove beneficial.

Finally, locking in the support of the Italian government, with the furlough scheme also likely to be extended, should benefit the competitive positioning. The risk of new entrants will be neutralized, and the prospects for disruption will also be significantly reduced going forward. This should allow MT to maintain a foothold in the Southern European steel market. Nonetheless, pending further details around the funding for Ilva's new industrial plan, including investments in low-carbon steelmaking and the construction of an EAF, it is hard to gauge the extent of the potential accretion.

Encouraging Deleveraging and Capital Returns Prospects
Assuming MT delivers in accordance with the Aperam (OTC:APEMY) playbook (as highlighted by management on the FQ3 conference call excerpt below), I think MT could see its dividend yield rise considerably. Recall that Aperam has returned c. 90% of its FCF since its leverage ratio (net debt/EBITDA) moved below 1.0x. However, I would point out that the payout would have been even higher if the fiscal 2020 buyback of €100 million, which was canceled due to COVID-19, had materialized.

"And as you heard, we will be announcing our full policy in February. Clearly, we have flagged this in the past, that we want to be on a path to delever and then return cash to shareholders. If you look at Aperam, a sister company, we have a good record in terms of demonstrating how we are returning cash to shareholders."

In line with the Aperam case, I see MT driving a staggered increase in its payout ratio to c. 80% by fiscal 2024, which would imply c. $1.5 billion in annual dividends and a c. 7% yield based on the current share price. Assuming the Ilva deal goes through, I think MT should also benefit from a stronger enough sheet, with net debt-to-EBITDA also likely to move below c. 1.0x.

In sum, MT remains my preferred play on a steel recovery, considering its status as the leading global steelmaker with operations in most major regions. A sustained focus on deleveraging and an accretive outcome from the Ilva deal should drive higher capital returns, along with a transition toward an FCF-based payout policy going forward.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

seekingalpha.com/article/4393568-arce...
voda
0
ArcelorMittal maakt afspraken over Ilva

FONDS KOERS VERSCHIL VERSCHIL % BEURS
ArcelorMittal
17,446 0,00 0,00 % Euronext Amsterdam

(ABM FN-Dow Jones) ArcelorMittal heeft een overeenkomst gesloten met een Italiaanse staatsbedrijf en daarmee ook over de aankoop van de noodlijdende staalfabriek Ilva. Dit maakte de staalreus vannacht bekend.

Als onderdeel van de aankoop wordt een samenwerkingsovereenkomst gesloten met het Italiaanse staatsbedrijf Invitalia, hetgeen zal leiden tot een herkapitalisering van dochter AM InvestCo.

AM InvestCo is een dochter van ArcelorMittal die de koopovereenkomst heeft gesloten voor Ilva.

Invitalia zal een eerste investering doen in AM InvestCo van 400 miljoen euro tegen eind januari, waardoor Invitalia samen met ArcelorMittal volledige controle krijgt over de dochter.

Een tweede betaling tot 680 miljoen euro zal plaatsvinden bij afronding van de overname van Ilva door AM InvestCo tegen mei 2022. Tegen die tijd zal Invitalia een belang van 60 procent in de dochter hebben. Ook ArcelorMittal investeert, namelijk 70 miljoen euro, om tot een belang van 40 procent te behouden in AM Invest Co.

De investeringen worden onder meer gedaan in technologieën voor koolstofarme staalproductie.

De afspraken met Invitalia moeten nog worden goedgekeurd door de toezichthouders.

Door: ABM Financial News.
info@abmfn.nl
Redactie: +31(0)20 26 28 999

© Copyright ABM Financial News B.V. All rights reserved.
voda
0
Italië neemt meerderheidsbelang in Ilva-fabriek ArcelorMittal

Gepubliceerd op 11 december 2020 08:25 | Views: 130

ArcelorMittal 10 dec
17,45 0,00 (0,00%)

TARENTE (AFN) - De deal tussen Italiaanse overheid en staalconcern ArcelorMittal over staalfabriek Ilva in het Zuid-Italiaanse Tarente is beklonken. Invitalia, het Italiaanse staatsinvesteringsfonds van de overheid, betaalt bijna 1,1 miljard euro voor een groot belang in de grootste staalfabriek in de Europese Unie, meldt ArcelorMittal.

De betaling volgt in delen. Voor eind januari 2021 betaalt Invitalia de eerste 400 miljoen euro in ruil voor de helft van de aandelen. Tegen mei 2022 staat een kapitaalinjectie gepland van 680 miljoen euro. Als de transactie is afgerond, is de Italiaanse overheid voor 60 procent eigenaar van AM Investco, de Italiaanse tak van ArcelorMittal die de Ilva-fabriek runt.

Met de koop van de noodlijdende en vervuilende Ilva-fabriek wil de Italiaanse overheid de productiemethoden opschonen. Ook wordt een nieuwe productielijn opgezet en komt er een vlamboogoven, die jaarlijks 2,6 miljoen ton staal moet produceren, aldus de Italiaanse minister van Financiën. De Italiaanse regering wil alle 10.700 medewerkers behouden.

ArcelorMittal won enkele jaren geleden de biedingenstrijd om de Ilva-fabriek. Toen Italië besloot een maatregel te beëindigen die voorkwam dat het bedrijf kon worden aangeklaagd voor vervuiling, wilde ArcelorMittal van het contract af. In de nieuwe overeenkomst was afgesproken dat als die niet voor 10 december was goedgekeurd, dat ArcelorMittal alsnog onder de deal uit kon. Het bedrijf zou dan alleen een boete hoeven te betalen, maar dat zou wel betekenen dat duizenden mensen op straat zouden komen te staan.
voda
0
'ArcelorMittal rondt lastige zaak af'

Gepubliceerd op 11 december 2020 11:19 | Views: 831

ArcelorMittal 11:47
17,39 -0,06 (-0,33%)

AMSTERDAM (AFN) - Met de verkoop van een meerderheidsbelang in de Italiaanse Ilva-fabriek komt een einde aan een sage die in 2017 begon toen ArcelorMittal die fabriek kocht, zeggen analisten van ING. Zij wijzen erop dat met het instappen van de Italiaanse overheid het staalbedrijf wel kan profiteren van de voordelen van de oorspronkelijke deal zoals consolidatie, maar dat de risico's nu beter verdeeld zijn.

Zo betaalt Italië nu mee aan de modernisering van de fabriek. Ook voorziet de overeenkomst in doorlopende steun voor het in stand houden van de werkgelegenheid.

ING heeft een buy-advies met een koersdoel van 16,50 euro voor ArcelorMittal. Aandelen in het staalbedrijf stonden vrijdag rond 11.10 uur 0,1 procent in de plus op 17,46 euro.
voda
0
ArcelorMittal Signs Ilva Investment Agreement with Invitalia

ArcelorMittal announces last week that it has signed a binding agreement with Invitalia, a company controlled by the Italian State, forming a public-private partnership between the parties. The Investment Agreement will entail the recapitalization of AM InvestCo, the subsidiary of ArcelorMittal which signed the rental agreement with the obligation to purchase the Ilva business units. Invitalia will invest in AM InvestCo in two tranches

The first investment of EUR 400 million will be made by January 31, 2021, subject to the antitrust authorization of the European Union, assigning joint control over AM InvestCo to Invitalia

The second investment up to EUR 680 million will be due at the closing of the purchase by AM InvestCo of the Ilva business units, which is subject to the fulfillment of various conditions precedent, by May 2022. At that point, the participation of Invitalia in AM InvestCo will reach 60%. Furthermore, ArcelorMittal will invest up to Euro 70 million, to the extent necessary to maintain a 40% stake and joint control of the company.

The updated industrial plan agreed between AM InvestCo and Invitalia provides for investments in technologies for the production of low-carbon steel, including the construction of a 2.5 million tonne electric arc furnace. The business plan, which aims to reach 8 million tonneas of production in 2025, includes a series of public support measures, including government-funded employment financing.

The governance of AM InvestCo would be based on the principle of joint control starting with Invitalia's first investment.

Source - Strategic Research Institute
voda
0
ArcelorMittal Italia to Restart Some Facilities at Taranto Report

Italian media reported that ArcelorMittal Italia has announced on January 7 to local unions that its plate mill at its Taranto facilities will be restarted by mid January, while a converter and a continuous caster, along with blast furnace No 2 will be restarted by the end of the month in Taranto after being stopped last spring. As a result, daily steel production will thus rise from 10,000 tonne to 14,000 tonnes. However, media reports said that the reactions of trade unions were not positive with Unione Sindacale di Base fearing that production numbers will soon fall again. USB believes that with the restart of blast furnace No 2, blast furnace No 4 will be halted as it presents absolutely precarious structural conditions and therefore previous situation will return.

According to media reports ArcelorMittal Italia closed 2020 with an annual production of 3.3 million tonnes, it’s lowest ever.

In the meantime, temporary layoffs due to Covid-19 started on January 4 for another twelve weeks for all employees at the Taranto plant, which may affect up to a maximum of the entire workforce, or 8,132 direct employees. The company has communicated to the workers trade unions that due to the persistence of the reduction in work activity attributable to the epidemiological emergency situation from the COVID 19 virus in place at national level, it is forced, in spite of a further twelve weeks for the recourse to the CIGO with the reason for COVID 19 EMERGENCY. The suspension will affect the personnel specified by category and related units for 12 weeks, starting from 4.01.2021.

Source - Strategic Research Institute
voda
0
ArcelorMittal Italia to Restart Blast Furnace No 2 at Ilva

ArcelorMittal Italia's management represented by the CEO Lucia Morselli and the Human Resources Director Arturo Ferrucci at a meeting held in Taranto told FIM, FIOM, UILM and USB trade unions that blast furnace No 2 at llva plant will be restarted in the coming days. Specifically, the company stated that the delay in the restart of BF2, scheduled for 26 January, resulted from a technical problem of the boring machine. However, the kiln preheating procedure was started .With the restart of BF No 2, which has been idle since last spring, daily steel production at the plant in Taranto should rise from 10,000 tonnes to 14,000 tonnes. As a result, total production at the plant is expected to be around 5 million tonnes with BFs Nos 1, 2 and 4 operating. ArcelorMittal Italia had ended 2020 with an annual production of around 3.4 million tonnes, it’s lowest ever.

With regard to the extension of the deadlines for the execution of prescription n.6 of the Environmental Plan, the General Management of the Ministry of the Environment has sent a communication to ArcelorMittal which contains the reasons that prevent the request for extension of the aforementioned requirement of the Integrated Environmental Authorization and which could determine the shutdown of Blast Furnace 4. However, procedures for stopping BF 4, as reported by ArcelorMittal, could start from January 31st, the deadline for the implementation of the Prime Ministerial Decree of September 29th 2017.

Temporary layoffs due to Covid-19 started on January 4 for another 12 weeks for all employees at the Taranto plant, which may affect up to 8,132 direct employees. According to the company, this is due to the persistence of the reduction in work activity attributable to the pandemic.

Source - Strategic Research Institute
Bijlage:
voda
0
EC Approves Joint Control of llva by ArcelorMittal & Invitalla

The European Commission recently announced that it has approved the acquisition of joint control of AM InvestCo Italy, formally the tenant of the former llva plants, by ArcelorMittal and Italian state owned agency Invitalla. EC Antitrust gave its green light for Invitalia, Italy's agency for investment promotion and enterprise development, to form a public-private partnership for the former Ilva steel operations. EC said that the operation does not raise competition problems, given the absence of overlaps and vertical links between the activities of the companies in the European Economic Area.

Some good news for ArcelorMittal Italia arrived Jan. 29, as the

ArcelorMittal announced December 10 that it had signed a binding agreement with Invitalia for the public-private partnership. The agreement will result in a recapitalization of AM InvestCo, an ArcelorMittal subsidiary that signed the lease and obligation to purchase Ilva's business in 2018. According to the agreement signed last December, the Italian state will ass ume a 50% share In the management of the llva facilities through an Investment of EUR 400 million. During a second phase, starting from 2022, when Invitalla will Inject another EUR 680 million Into the company, the agency's stake will rise to 60%. ArcelorMittal will also invest up to EUR 70 million, to retain a 40% shareholding.

Source - Strategic Research Institute
voda
0
Lecce Court Directs ArcelorMittal to Shut Hot End at Taranto


La Republica reported that Lecce Regional Administrative Court directed Italy's largest domestic flat producer ArcelorMittal Italia on February 13 that it should shut within 60 days all hot end operations at its Taranto plant to curb emissions. . The decision was made in order to prevent emissions from the plants and to protect the health of local citizens. The hot area includes the plant's blast furnaces, mineral storage areas, the coke plant, the steel mill, the area for managing steel materials, and the agglomeration area.The decision was a surprise and to which the company, backed by the plants' unions and by industry associations, has said it quickly appealed to Italy's Council of State. Sources said it is possible the Council of State in the next couple of days temporarily suspend the court order.

The national unions of metalworkers Fim, Fiom and Uilm have expressed extreme concerns "The start of the stop will result in the gradual and irreversible destruction of the plants involved, the blocking of all rolling production due to lack of steel, the suspension of all remediation operations and planned environmental reconversion investments. There would also be safety risks for the company and the total blocking of production at the plant, would result in a fatal blow to the steel industry.”

This ruing if not overturned, coud derail implementation of an agreement signed last December, under which the Italian state will assume a 50% share in the management of the llva facilities through an investment of EUR 400 million. During a second phase, starting from 2022, when Invitalia will inject another EUR 680 million into the company, the agency's stake will rise to 60%. ArcelorMittal will also invest up to EUR 70 million, to retain a 40% shareholding. Production should increase from last year's 3.3 million tonnes to 5 million tonnes in 2021 and to 8 million tonnes in 2025

With limited existing availability of coils in the European market, this crisis could aggravate HR shortages in Italy.

Source - Strategic Research Institute
voda
0
Court Allows ArcelorMittal Italia to Continue Activity at Taranto

Italy's highest administrative court the Council of State on Friday upheld ArcelorMittal's appeal against the Lecce Regional Administrative Court TAR's recent order to comply with Taranto Mayor Mr Rinaldo Melucci's emissions ban and shut down the blast furnaces in the Puglia city by April 14. The closure has been suspended pending a definitive ruling on May 13. ArcelorMittal Italia announced “The State Council, following the Council session of March 11th, has ordered the suspension of the sentence of the Region Administrative Court of Lecce no. 249/2021, meaning that ArcelorMittal Italia has no obligation to start the shutdown of the Taranto hot area installations. The production activity can continue regularly.”

In its ruling, the TAR had said the danger to the local population from the emissions from Europe's biggest steel plant is permanent. TAR ordered the halting of activities in the hot area within 60 days, ie by April 14, in order to prevent emissions from the plant. The hot area includes the plant's blast furnaces, mineral storage areas, the coke plant, the steel mill, the area for managing steel materials, and the agglomeration area.

The plant's trade union leaders had met Industry Minister Giancarlo Giorgetti after industrial employers group Confindustria issued an urgent appeal against the shutdown.

Source - Strategic Research Institute
Bijlage:
voda
0
www.ruetir.com/2021/04/05/explosion-a...

First an explosion, then a fire. An incandescent jet of molten steel, sprayed upwards. Accident in the «continuous casting 2» of the ArceorMittal plant in Taranto.

At the time of the explosion, a dozen workers were at work who were not involved “but only because fortunately they were in the waiting booths” and were not affected by the explosion. The roar inside a so-called «tundish», a large container that carries the liquid metal alloy.

Taranto, accident at ArceorMittal: the fire after the explosion in the Steelworks department 2



To denounce what happened this morning the Union of the base that has released videos and photos taken in the steel plant 2. The fact around 7:30 and are “saved by a miracle all operators on the line. For some time, the metalworkers’ acronyms have been denouncing the lack of maintenance on obsolete systems that require urgent interventions. «The plant safety condition is strongly compromised and has clearly worsened with the AMI-Morselli management» writes Usb again.

The provincial secretary Franco Rizzo speaks of a near tragedy, because “a few seconds would have been enough and now we would find ourselves talking about something irreparable”. The intervention of the fire brigade on duty at the steel mill avoided worse consequences. «We are commenting on yet another ‘near miss’, that is, a serious accident without injury, and we have had too many since Mittal took over the factory».

And on this episode comes the comment of the multinational that specifies “no interruption of the production cycle, nor damage to personnel and plant operators have occurred today” says ArcelorMittal Italia. In the short press release, the company writes that «the employees and the system managed in safety, according to consolidated procedures, a reaction event in the basket during the casting phase in Steel Plant 2».

However, a few lines are not enough for the unions and they asked for an urgent meeting to “verify and analyze the dynamics that generated the event and identify the necessary countermeasures” sign the representatives of the Taranto factory of Fim, Fiom, Uilm and Usb. What happened, according to the Rls “highlights the urgent need for more accurate checks and maintenance” and if no concrete answers are received, “we will not hesitate to contact the relevant external bodies in compliance with the protection of workers”.

An episode that comes in the days when the echo of the company’s disciplinary measures against two workers who according to the multinational would have damaged the corporate image on social media is still strong. According to the Usb, however, the workers were punished for having promoted the viewing of the TV series “Wake up my love”. Issue that was recalled by the secretary Rizzo himself after the explosion in Steel Plant 2 “the government must intervene immediately by removing those who, with an unfortunate and superficial management, are concerned with punishing those who share the broadcast of the fiction, instead of guaranteeing maintenance of the plants now collapsing ».

A case, the one related to TV production, which is making the rounds of the web. One of the authors, Ricky Tognazzi, spread the hashtag #vietatocondedere on Twitter. In the last few hours, Rita Dalla Chiesa also wrote on Facebook: «Nobody from production and direction had pointed the finger at a particular company. However, we are all pointing the finger now against the management’s decision to suspend these workers ».

Met video:

www.ruetir.com/2021/04/05/explosion-a...
voda
0
UPDATE 1-Italy judge hands Riva brothers prison terms over Ilva pollution
15:52 31/05/2021
ArcelorMittal SA

27,01 +0,51 +1,94%

Court hands down jail terms after 5-year Ilva trial
Judge says defendants allowed environmental disaster
Taranto mayor says pollution caused a 'massacre'
(Adds comment from Riva lawyers)

By Crispian Balmer

ROME, May 31 (Reuters) - An Italian court on Monday sentenced the former owners of the Ilva steelworks, Fabio and Nicola Riva, to 22 and 20 years in jail respectively for allowing it to spew out deadly pollution.

Once the largest steel producer in Europe, the factory emitted a lethal cocktail of carcinogenic dioxins and mineral particles for more than half a century, that medics say caused a surge in cancer in the adjacent city of Taranto.

Wrapping up a trial that lasted five years, a Taranto court also handed prison terms to 24 ex-managers at Ilva, consultants and local politicians, including the former head of the Puglia region, Nichi Vendola, who received a 3-1/2 year sentence.

All the defendants have the automatic right to two appeals before a sentence becomes definitive.
voda
0
Acciaierie Italia to Present Green Steel Plan for ILVA

Acciaierie d’Italia announced that it is ready to present, together with its industrial partners Fincantieri and Paul Wurth former Italimpianti, the plan proposal for the ecological transition of the whole hot area of the Taranto Plant through the implementation of innovative and environmentally friendly technologies, with the objective of a progressive and constant reduction of emissions, even beyond the current requirements. The plan is a multiyear project in line with the targets of ecological compatibility as established by the European Union on climate change and energy impact, and is sub dived into several phases in order to allow an accurate measurement of the results being reached. The goal is the production of Green Steel in Italy. Acciaierie d’Italia is available to verify the plan proposal of ecological transition and industrial transformation with all the stakeholders, from Authorities to local community, the Unions and contractors.

The announcement came after the Council of State, Italy's highest administrative court, quashed a regional administrative court's ruling to shut down the plant. The State Council, upon the outcome of the hearing held on 13th May 2021, has published the decision to cancel the sentence of TAR Lecce no 249/2021. Therefore, the possibility to shut down the hot area of the Taranto plant of Acciaierie d’Italia and stop the related installations has come to an end, and their production activity will continue regularly. The Council of State court said in that the Taranto city order calling on the plant to be shut down due to high air pollution levels was illegitimate in the absence of the conditions of necessity and urgency. The administrative judges added that the city order overlapped the ways in which, ordinarily, situations of environmental pollution and health risk are managed.

Industry Minister Giancarlo Giorgetti welcomed the ruling saying an industrial project to clean up and boost production, saving jobs, could now move forward.

Once the largest steel producer in Europe, the factory emitted a lethal cocktail of carcinogenic dioxins and mineral particles for more than half a century that doctors say has caused a surge in cancer rates in the adjacent city of Taranto. The government took control in 2015 to safeguard jobs and reached a deal to sell the plant to ArcelorMittal in 2018. However, this is being renegotiated, with the state likely to become the main shareholder as environmental concerns remain.

Source - Strategic Research Institute
455 Posts, Pagina: « 1 2 3 4 5 6 ... 18 19 20 21 22 23 | Laatste
Aantal posts per pagina:  20 50 100 | Omhoog ↑

Meedoen aan de discussie?

Word nu gratis lid of log in met uw e-mailadres en wachtwoord.

Direct naar Forum

Detail

Vertraagd 30 jul 2021 17:35
Koers 29,375
Verschil -0,270 (-0,91%)
Hoog 29,785
Laag 29,010
Volume 5.590.921
Volume gemiddeld 5.444.833
Volume gisteren 9.748.931