According to Italian media reports II Corriere del Giorno, the former Ilva management team appointed by ArcelorMittal has been redesigned. The report said: “ArcelorMittal CEO Ms. Lucia Morselli has officially filed for the new management committee, which will take effect on Monday, January 27th. Loris Pascucci, currently director of blast furnaces, has been appointed chief operating officer.
Market participants interpret this step as a step closer to the company's exit from the Italian market, as the employees appointed by ArcelorMittal after taking control of Ilva in 2018 are leaving to return to other operations. Earlier, the government and ArcelorMittal were supposed to reach an agreement by the end of January, but sources say this is unlikely to happen. The deadline is currently being postponed to February 7, but the meeting scheduled between Italian Prime Minister and ArcelorMittal owner Laxmi Mittal at the World Economic Forum on January 24-25 in Davos has been canceled. It is expected that the manufacturer will fulfill its plan to stop investing in Italy, which, as market participants suggest, will lead to a drop in production at Ilva, as the government regains control of operations.
