The Italian government is considering rescuing the Ilva plant with a bridging loan if ArcelorMittal steel group abandons the takeover of the gigantic steel plant in southern Italy. The Italian newspaper Il Messaggero writes that, without mentioning where it got that information.
The loan would amount to 700 million to 800 million euros. This should keep the bankrupt factory up and running while the receivers take over control again. In this ‘plan B’, Rome would also start a new tendering procedure for the acquisition of Ilva.
Italian Prime Minister Giuseppe Conte says he is increasingly pessimistic about attempts to convince ArcelorMittal to continue with the takeover of Ilva. Earlier this month, ArcelorMittal announced its intention to return the factory in Taranto to Italy. The reason for this was the withdrawal of protection against environmental claims around the Ilva plant, the company said.
In Rome, since then, there has been a reproach that withdrawal of legal immunity is just an excuse and that ArcelorMittal has long wanted to get rid of the Italian factory. In order to remain in Taranto, ArcelorMittal asked in previous negotiations to be able to dismiss 5,000 employees. That is about half of all the factory staff. This goes too far for Conte, but he would like to accept 2,000 to 2,500 layoffs to keep the steel group on board.
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