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Up to 150m to be transferred to ex ILVA for continuity

Up to 150m to be transferred to ex ILVA for continuity

At the request of the special commissioner

ROME, 01 March 2024, 19:53

ANSA English Desk

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-     ALL RIGHTS RESERVED
- ALL RIGHTS RESERVED

- ALL RIGHTS RESERVED

Up to 150 million euro are to be transferred to the special commissioners of the ex ILVA Taranto steelworks now known as Acciaierie d'Italia (AdI) to guarantee operational continuity at the plant recently placed under special administration according to a provision in the draft decree on implementation of the EU-funded national recovery and resilience plan (NRRP) made public on Friday.
    The provision states that Ilva in special administration shall transfer to AdI "at the request of the commissioner, sums up to a maximum of 150,000,000 euro" to "ensure the operational continuity of industrial plants of strategic national interest and the protection of the environment, health and safety of workers".
    On Thursday a Milan bankruptcy court declared AdI insolvent, the necessary premise for the installation of special commissioner Giancarlo Quaranta to run the plant pending the identification of possible new foreign partners after multinational ArcelorMittal's term as the majority stakeholder ended acrimoniously.
    Quaranta is an engineer with long experience in the steel industry including a long stint at ILVA.
    The steelworks, which currently employs some 10,000 workers, have racked up over three billion euros in debts amid an inability to pay its bills and suppliers.
    According to the Italian media, Ukrainian group Metinvest is interested in Taranto, as are Italian company Arvedi and Vulcan Green Steel, a unit of Indian group Jindal Steel and Power.
   
   

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