Statement re Acciaierie d'Italia

Core Viewpoint - ArcelorMittal is facing legal claims from Acciaierie d'Italia S.p.A. regarding alleged mismanagement and damages amounting to approximately €7 billion, which the company categorically rejects and plans to defend vigorously [1][3][2]. Group 1: Legal Claims and Defense - ArcelorMittal has been summoned to appear before the Court of Milan by the Extraordinary Commissioners of Acciaierie d'Italia S.p.A. [1] - The company sees no factual or legal basis for the claims and intends to defend its position in all competent venues [2]. - Allegations include claims that ArcelorMittal induced mismanagement at ADI, which the company firmly denies [3]. Group 2: Investment and Operations - Since 2021, ADI has been under joint control with Invitalia, a government entity aimed at relaunching Ilva's business [4]. - ArcelorMittal has invested approximately €2 billion to rehabilitate the struggling business and has complied with environmental regulations set by the Italian Government [5]. - The company faced challenges due to adverse actions from Invitalia and the Italian Government, including the removal of legal protections necessary for implementing its environmental plan [6]. Group 3: Claims for Damages - ArcelorMittal holds multiple claims for damages, including an international arbitration initiated against the Republic of Italy for unlawful expropriation of its investment, with claims exceeding €1.8 billion [8]. - The actions taken by the Italian Government and Invitalia have significantly impacted ADI's production capacity and cash flows, frustrating the implementation of obligations within the public-private partnership [7]. Group 4: Company Overview - ArcelorMittal is a leading integrated steel and mining company with operations in 60 countries, generating revenues of $62.4 billion in 2024 and producing 57.9 million metric tonnes of crude steel [10]. - The company aims to produce innovative steels that are cleaner, stronger, and reusable, supporting the transition to renewable energy infrastructure [10].