The company fears the rating of Moody's and deals with the government The hypothesis of an entry into the capital Cdp or Invitalia to dilute the risk
Between table topics, labor costs and factory rental rates. Compared to the fee, the contract sets at 180 million euros a year, Mittal calls for a strong discount, which the government could recognize in the form of equity entry into the capital of ArcelorMittal Italy, which today is 95% Am and 5% Intesa Sanpaolo. The hypothesis is that of collecting shares, rather than fees, while lightening the exposure of the multinational to Ilva risk. The quota, still to be defined, should be taken from one of the operational branches of the State, CDP or Invitalia or another vehicle. Considering that just yesterday Moody's, confirming the rating of the group to Baa3 for long-term debt, emphasized the risks for the judgment if the contract with Ilva was not resolved in a timely manner as announced, giving the Italian State a company share would allow the investor to lighten his financial position.
Instead of a nationalization, a hypothesis that the government does not exclude, the government and Mittal could mend the rift by becoming partners and therefore sharing the project to reorganize and revitalize the Italian steel industry.
On the employment front, the picture is delicate. According to the reconstruction, the hypothesis of the 5,000 redundancies would not have been proposed by Mittal but would instead be the result of a response given by the group to the Italian government which, during the first meeting with the shareholders, asked what the need for workers would have been if the investor had only managed the facilities of the cold cycle. The President of the Council Giuseppe Conte has already declared that that number is inadmissible, but in the end even the hypothesis of separating the management of the hot cycle from the cold one seems more theoretical than anything else.
According to some, the point of fall on the employment theme could be around 2,500 units, with a massive recourse to layoffs. The point is to understand if it will be a conjunctural measure, aimed at overcoming the difficulties of the next two years, or structural and therefore more difficult to absorb.
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