Italy 24 News reported that Italian Minister of Labor Mr Andrea Orlando and Minister of Economic Development Mr Giancarlo Giorgetti while meeting with the representatives of Acciaierie d'Italia, the former ILVA, the trade unions, Confindustria and the regions have promised financial aid to the steel company so that it can overcome the liquidity crisis, which will be defined by a specific rule of the Aid bis decree. While the financial aid was not specified, it is estimated to be between EUR 500- million & EUR 1 billion euros as EUR 1 billion was mentioned by Mr Giorgetti during another meeting with the company and the unions on 23 June.Mr Orlando said “The conditions exist to carry out an intervention. It will be an intervention that determines the necessary liquidity. It will not be subject to third party approvals but substantial and solid. I say this having knowledge of the hypotheses on the table being discussed.”From the Ministry of Economic Development they said that the support provision for Acciaierie d'Italia envisaged by the Aid bis decree will contain measures aimed at supporting the company's operations: both as regards liquidity, in order to relaunch steel production and protect the workers, both in relation to the procurement costs of raw materials and energy.Acciaierie d'Italia is the company that manages, among others, the ILVA plant in Taranto in Puglia. It is set up by ArcelorMittal’s Am InvestCo Italy and Ministry of Economy & Finance’s investment arm Invitalia.
Italy 24 News reported that Italian Minister of Labor Mr Andrea Orlando and Minister of Economic Development Mr Giancarlo Giorgetti while meeting with the representatives of Acciaierie d'Italia, the former ILVA, the trade unions, Confindustria and the regions have promised financial aid to the steel company so that it can overcome the liquidity crisis, which will be defined by a specific rule of the Aid bis decree. While the financial aid was not specified, it is estimated to be between EUR 500- million & EUR 1 billion euros as EUR 1 billion was mentioned by Mr Giorgetti during another meeting with the company and the unions on 23 June.Mr Orlando said “The conditions exist to carry out an intervention. It will be an intervention that determines the necessary liquidity. It will not be subject to third party approvals but substantial and solid. I say this having knowledge of the hypotheses on the table being discussed.”From the Ministry of Economic Development they said that the support provision for Acciaierie d'Italia envisaged by the Aid bis decree will contain measures aimed at supporting the company's operations: both as regards liquidity, in order to relaunch steel production and protect the workers, both in relation to the procurement costs of raw materials and energy.Acciaierie d'Italia is the company that manages, among others, the ILVA plant in Taranto in Puglia. It is set up by ArcelorMittal’s Am InvestCo Italy and Ministry of Economy & Finance’s investment arm Invitalia.
