By Mauro Orru

The Italian government placed Acciaierie d'Italia into extraordinary administration, transferring control of the Italian steel company to government-appointed commissioners from shareholders ArcelorMittal and Invitalia.

ArcelorMittal said Tuesday that the decision effectively ended its involvement in Acciaierie d'Italia, formerly known as Ilva. The Luxembourg-based steelmaker has invested more than 2 billion euros ($2.16 billion) into Acciaierie d'Italia since 2018.

"Had ADI been able after April 2021 to access traditional debt financing and been able to raise the working capital required to fund its ongoing needs, rather than relying on equity injections from its shareholders as its sole source of capital, this situation could have been avoided," ArcelorMittal said in a statement.

Write to Mauro Orru at

(END) Dow Jones Newswires

02-20-24 1230ET