BRUSSELS (BELGIUM) (ITALPRESS) – The European Commission has approved, pursuant to EU rules on State aid, “a rescue loan of up to 390 million euros for Acciaierie d’Italia (“AdI”, ex Ilva)”. This is what we read in a note from the Commission, specifying how the measure aims to ensure that AdI can cover its operating costs until the transfer of activity to a new operator. The latter will in turn be selected through a current tender. The Brussels communiqué recalls that AdI is the leading iron and steel producer integrated in Italy, with eight different production and service sites. The largest of these is the integrated steelworks of Taranto. The company employs about 10,000 people. The plant in Taranto occupies an area of 15 million square meters, employs approximately 8,000 employees and has a production capacity limited to 6 million tons of crude carbon steel per year.
The Taranto plant supplies automotive and components, household appliances, building and infrastructure, packaging, mechanical engineering and energy industry. AdI is currently in financial difficulties, recalls the communiqué of the European Commission, and is subject to insolvency proceedings since February 2024. The activity is the subject of an ongoing tender. Italy plans to complete the sales procedure and to transfer the activity to the selected provider shortly. Until then, the Commission points out, AdI must face a serious liquidity requirement to cover operating costs, such as the payment of suppliers and salaries. The rescue loan authorized by the Commission therefore aims to cover these operating costs for the coming months.
Since the steel industry is currently excluded from the 2014 guidelines on rescue and restructuring aid (“R&R guidelines”), the Commission assessed the measure in the light of EU rules on State aid. In view of the new and substantial developments in the steel markets within the EU and worldwide since 2014, the Commission has proposed, in the context of the ongoing review, to extend the scope of the guidelines to include the steel industry.
– photo IPA Agency –
(ITALPRESS).
