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Will talk to EC about bridge loan for for ex-Ilva - Urso

Will talk to EC about bridge loan for for ex-Ilva - Urso

Green light to 320-million-euro loan needed says minister

ROME, 23 February 2024, 16:46

ANSA English Desk

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Business and Made in Italy Minister Adolfo Urso said Friday that he will have talks with European Competition Commissioner Margrethe Vestager about getting the green light from the EU for a 320-million-euro bridge loan to keep the troubled ex Ilva steelworks in Taranto operational.
    On Tuesday the government put ex Ilva, now called Accaierie d'Italia (AdI), under extraordinary administration after talks with the majority stakeholder broke down.
    It also appointed Giancarlo Quaranta, an engineer with long experience in the steel industry, as the extraordinary commissioner to run it.
    The steelworks, once Europe's biggest and which currently employs almost 10,000 workers, has racked up over three billion euros in debts amid an inability to pay its bills and suppliers.
    "Tomorrow I will be in Copenhagen, where I will also meet with EU Commission Vice-President Vestager, because we have to be authorized to give the 320-million bridge loan, which will have to be repaid, so as not to be subject to the state aid constraints," Urso said.
    "We must therefore document how it will be repaid and, to do this, the plant must be relaunched".
    He said he expected to have the plant back in private hands by the end of the year.
   

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