Pressing on ArcelorMittal but many indicate the Cdp for 'Plan B' – Economy


While some members of the Government and the majority remain firm on the idea that it is ArcelorMittal to continue the rehabilitation and development of the former Ilva, there are many who are faced with the intransigence of the French-Indian giant they begin to ventilate the need for a Plan B for Taranto.

An intervention that in the various possibilities of realization, from nationalization to the opening of a new tender after the return of the helm to the commissioners, from the split between productive activities to be entrusted part to the current management and part to the State, shows several obstacles.

First, there are not many alternative private investors: Jindal, at the time interested, said he now focuses on activities in Piombino, any Chinese players, the most steel-hungry for the galloping development of the economy.

Assuming a passage or stay in the public many are pressing on CDP for a role in the project. At the moment there is nothing concrete and the natural limits contained in the statute make it seem unlikely without at least identifying an industrial partner.

The pressing for a 'white knight' intervention of the Cdp in a sort of 'Plan B' after ArcelorMittal's step back appears therefore still all and exclusively political. As far as we know, there would have been no confrontation between the Government and the Bank.

If there were contacts, on the knot of the future of steel in Italy and on the minefield of the future of the steel mill in Taranto, everything seems to remain confined to a strictly private and informal environment.

Headlights on CDP are lit, also due to the investment power it has as a public 'safe', a script that is repeated frequently when an industrial emergency ends up on the Government's table.

For every possible role of the Cassa, however, it remains to overcome the obstacle of article three of the statute that blocks the way to 'rescue' investments, forbids to intervene with a capital injection in companies that do not have a "stable situation" financial, equity and economic balance "and" adequate prospects for profitability ".

It is a bulwark that has always been strenuously defended (starting, for example, from all the times in which Cdp has been called in the political debate to the aid of Alitalia) by the Foundations of banking origin (the second shareholder of the Cassa with the portfolio on 15 , 93% of the capital. The Treasury has 82.77%). To complicate matters there is also the deteriorated picture of the market that makes the industrial sustainability of the former Ilva even more fragile; and it is difficult to outline the legal framework in which we must move, between a tender procedure closed with a formal adjudication and the controversy that arises on the right of withdrawal for ArcelorMittal.

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